Wells Fargo & Company (WFC) announced the expansion of its money transfer program to the Internet, making it easier for customers to send money to family members living in Mexico, India and other South Asian countries.
The ExpressSend remittance service was introduced in 2007 at the bank’s branches and over the phone.
The transferred money can be collected from the branches of specified overseas banks and at their automated teller machines. Customers using the service online will continue to receive detailed information on how and where the money is being sent including the associated fee, the foreign exchange rate and the foreign exchange margin. The margin is the estimated revenue the bank earns on the conversion.
Wells Fargo said transaction fees will be discounted or even waived for customers sending money from eligible Wells Fargo checking and savings accounts. Money through the new service will arrive in Mexico, El Salvador and Guatemala on the same day it is sent and on the next business day in China, India, Vietnam and the Philippines.
The expansion will fulfill customers’ desire for anytime, anywhere banking, providing them with the flexibility and convenience of conducting their financial transactions whenever they want.
Wells Fargo reported second quarter net income of 57 cents per share. The company reported that the Wachovia merger is on track and expects to realize $5 billion of annual merger-related savings upon completion of the integration. During the latest reported quarter, 39% of the combined revenue came from Wachovia. With the combined resources, Wells Fargo will be in an even better position to satisfy its customers’ financial needs.
We maintain a Neutral recommendation on the shares of Wells Fargo.
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