Wells Fargo issued the following announcement on June 13.
Wells Fargo & Company (NYSE: WFC) announced today that it will waive all transfer fees for ExpressSend remittances from June 14 through June 17 in celebration of International Day of Family Remittances (June 16).
The United Nations General Assembly adopted a resolution in 2018 endorsing the day to highlight the financial contributions migrant workers make to help their families back home, including funds for essential daily needs and the education of their children and support for economic development in their country of origin. According to the World Bank1, remittances to low- and middle-income countries reached a record high in 2018 of $529 billion, an increase of 9.6 percent from 2017. In 2019, remittances to low- and middle-income countries are expected to become the largest source of external financing, reaching $550 billion.
“The International Day of Family Remittances gives us a great opportunity each year to raise awareness of the transformative impact of remittance services in the lives of our customers’ families and friends. The money our customers send provides essential support for family and friends in their home countries,” said Daniel Ayala, head of Wells Fargo’s Global Remittance Services. “Wells Fargo is honored to support a day that recognizes the importance of convenient and safe services to transfer funds and encourages public and private sectors to work together to maximize the impact of these funds in developing countries.”
Wells Fargo has aligned with the United Nations and the International Fund for Agricultural Development to enhance innovative financial technology, and provide safe, secure and accessible remittance services abroad.
Today, Wells Fargo customers can send money to family and friends at more than 49,000 ExpressSend remittance payout locations and more than 158,000 ATMs in 13 countries, including Mexico, Guatemala, El Salvador, Honduras, Nicaragua, the Dominican Republic, Colombia, Ecuador, Peru, China, India, the Philippines, and Vietnam.
After enrolling in the ExpressSend service and initiating the first remittance at a Wells Fargo branch, customers can send subsequent remittances by calling Wells Fargo Global Remittance Services at 1-800-556-0605, through Wells Fargo Online® at wellsfargo.com, or by visiting a Wells Fargo retail banking branch. Customers with an existing checking or savings account may be able to complete their first remittance by calling the Wells Fargo Phone BankSM, subject to caller authentication requirements and additional fraud prevention controls. All ExpressSend transfer fees initiated from 12:00 midnight Central Time, Friday June 14, through 11:59 p.m. Central Time on Monday, June 17 will automatically be waived.
1The World Bank. (2019) Record High Remittances Sent Globally in 2018. https://www.worldbank.org/en/news/press-release/2019/04/08/record-high-remittances-sent-globally-in-2018
2The credit to account or the cash pick-up delivery methods for Remittances may not be available at all Remittance Network Members or locations. When sending money to an account, we will need the beneficiary’s qualifying deposit account number at the Remittance Network Member. The beneficiary’s name on cash pick-up delivery transactions must exactly match the beneficiary’s name on their state issued identification card.
3In addition to the transfer fee, Wells Fargo makes money if converting U.S. dollars to a foreign currency.
Original source can be found here.
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