Wells Fargo & Company (NYSE:WFC) announced today that it has added SCOTIABANK and Remesas BAC Credomatic to its network of ExpressSend® payout locations in El Salvador. The new remittance network members will bring the total number of payout locations in El Salvador to more than 500, along with more than 1,200 ATMs. To celebrate the expansion, Wells Fargo will waive all transfer fees for remittances sent from an eligible account by new and existing ExpressSend customers to SCOTIABANK EL SALVADOR and Remesas BAC Credomatic through September 30, 2014.
Remittances like those provided by Wells Fargos ExpressSend service are a vital part of El Salvadors economy they account for 16.5% of the countrys GDP and many families rely on them as a source of income, said Daniel Ayala, executive vice president and head of Wells Fargo’s Global Remittance Services. Our customers want to make it as convenient as possible for their friends and family to receive the money they send, and this expansion will make it even easier for those beneficiaries to receive their money.
ExpressSend customers can send up to $1,500 per day to their beneficiary in El Salvador for a low transaction fee of $7. Those funds will be paid in U.S. Dollars, and can be made available for cash-pick up or deposited to a beneficiarys account. In addition to SCOTIABANK EL SALVADOR and BAC Credomatic, beneficiaries in El Salvador may receive remittances at Banco Agricola, Banco Davivienda Salvadoreño and Sistema Fedecrédito.
By adding Remesas BAC Credomatic and Scotiabank to its payout network in El Salvador, Wells Fargo has further invested in its remittance network and added opportunities for recipients to access other financial services, said Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue.
ExpressSend transactions can be initiated 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
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 9,000 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 Fortunes 2014 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. Wells Fargo perspectives and stories are also available at blogs.wellsfargo.com and at wellsfargo.com/stories.
Scotiabank is a leading financial services provider in over 55 countries and Canadas most international bank. Through our team of more than 86,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. Scotiabank El Salvador has been operating in El Salvador for more than 16 years, where it is positioned as the leader in the mortgages market, with 56 branches nationwide, over 1,600 employees and more than 430,000 customers. As part of its contribution to the community, Scotiabank El Salvador has donated more than US $3 million during this time and contributed with more than 150,000 hours of volunteer work, benefitting more than 100,000 Salvadoran children through its Corporate Social Responsibility program Bright Future. For more information, please visit www.scotiabank.com and www.scotiabank.com.sv.
About Remesas BAC Credomatic
Remesas BAC Credomatic is part of BAC Credomatic network. BAC Credomatic was founded more than 50 years ago, and employs more than 16,000 people. Its principal activities are commercial, corporate and consumer banking, including important credit card operations, making BAC | CREDOMATIC a solid institution and a leader in El Salvador and in the Central American region. In 2010, Banco de Bogotá acquired BAC CREDOMATIC, providing additional backing to the group while becoming part of Grupo AVAL, the leading financial group in Colombia.