Company News »

Wells Fargo Celebrates 20 Years of Remittances to the Philippines

Business Wire
Share on StockTwits
Published on

Wells Fargo & Company (NYSE:WFC) is celebrating 20 years of serving the remittance needs of the Filipino community in the U.S. Wells Fargo is also offering new ExpressSend(R) customers with an eligible Wells Fargo account a $0 transfer fee on their first transfer when they sign up and send money from their account by December 31, 2014.

“At Wells Fargo, we know that remittances are important to families all over the world, and we know that our customers depend on our ExpressSend service for its affordability, its convenience and its reliability,” said Daniel Ayala, head of Global Remittance Services at Wells Fargo. “As we celebrate 20 years of remittance service to the Philippines, we’re excited about how far we’ve come, and we’re excited to look forward as we offer new customers a $0 transfer fee for their first transfer from an eligible account.”

In 1994, Wells Fargo launched its first international remittance product, which allowed customers to use the company’s ATM network to send money to family and friends in the Philippines. Since then, Wells Fargo has expanded its remittance network to 12 other countries in Asia, Central America and South America. The company has also expanded its payout network in the Philippines, from approximately 300 ATMs in 1994, to more than 5,700 payout locations and 6,600 ATMs today. In the Philippines, ExpressSend beneficiaries can receive their funds at any of six remittance network members, including:

  • Bank of the Philippine Islands
  • BDO Unibank
  • Metrobank
  • Philippine National Bank
  • M Lhuillier
  • Cebuana Lhuillier

In addition to expanding its network, Wells Fargo has also added a number of convenient options for ExpressSend customers to initiate remittance transactions. The ExpressSend service allows customers to send money by calling Wells Fargo Global Remittance Services at 1-800-556-0605, going online at wellsfargo.com, or visiting a Wells Fargo banking store, making Wells Fargo the only U.S. commercial bank to offer all three channels for remitting funds. The first remittance for a service agreement must be completed in person at a store.

About Wells Fargo’s Long History with the Philippines

Wells Fargo opened an office in the Philippines in 1901 to handle money, valuables, and goods by sea. In 1918, Wells Fargo’s worldwide express business ended, but banking services continued with foreign correspondent connections to Asia. In 1976, Wells Fargo’s Global Financial Institution (GFI) business began providing trade, payments, deposits, credit, and other banking solutions to customers in the country. In September, 2014, Philippine President Benigno S. Aquino III met with Wells Fargo Chairman and CEO John Stumpf in San Francisco to review the long history and discuss future opportunities between the company and the Philippines, including the search for additional office space in Manila. Today, in addition to the GFI business, Wells Fargo has 1,500 team members providing global customer service and other activities from the Philippines.

About Wells Fargo

Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.

Share on StockTwits