Additionally, Wells Fargo has added Telecomunicaciones de Mexico (Telecomm Telegrafos), a telecommunications company in Mexico, as a new paying agent. Customers can now remit to an additional 1,560 new payout locations in Mexico, bringing the total payout locations in Mexico to more than 5,500 locations.
Through Wells Fargo remittance customers can send money directly to their beneficiaries by signing on to Wells Fargo Online, by calling or by visiting its store location.
The new network member banks and countries are BBVA Banco Frances in Argentina, Banco Mercantil Santa Cruz in Bolivia, BBVA Colombia in Colombia, Banco Hipotecario Dominicano (Banco BHD) in Dominican Republic, Banco de Guayaquil in Ecuador, Banco Financiero Comercial Hondurena (Banco Ficohsa) in Honduras, Telecomunicaciones de Mexico (Telecomm Telegrafos) in Mexico, Banpro in Nicaragua, and BBVA Banco Continental in Peru.
Daniel Ayala, executive vice president and head of global remittance services at Wells Fargo, said: “The expansion of our consumer remittance network in Latin America reflects on our long-standing commitment to satisfying all of our customers financial services needs. Our Hispanic customer base is made of immigrants from a number of Latin American countries.
“Mexico is one of the largest remittance corridors and a key driver for our remittance business. Our remittance network expansion with Telecomm Telegrafos will provide our customers with an alternative remittance distribution network that reaches a more diverse set of remittance locations in the Mexican territory.”
Manuel Orozco, remittances and development Programme, inter-American dialogue, said: “This expansion strengthens competition in Latin America and the Caribbean as the bank’s presence links up with important financial institutions, expands and extends payment networks, offers more competitive fees, and facilitates the opportunity to remittance recipients to use other financial services provided by its partners.”
