Wells Fargo Adds Axis Bank to ExpressSend Remittance Network in India
Expansion brings total remittance payout locations in India to 8,300;
company will also extend $0 transfer fee to all transactions sent to
India
SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) announced today that it has added more
than 2,500 Axis Bank locations to its ExpressSend®
remittance payout network in India, bringing the total number of
locations in that country to more than 8,300, in addition to nearly
35,000 ATMs. Wells Fargo also announced that beginning April 8, 2017, it
will offer a $0 transfer fee for all ExpressSend transactions
sent to India, extending pricing that was previously available for
transactions larger than $500.
“We know that our ExpressSend customers have a choice of
remittance providers, and they choose our service because it is
economical, dependable, and convenient for both the customer and their
family and friends back home,” said Daniel Ayala, executive vice
president and head of Wells Fargo’s Global Remittance Services. “By
adding Axis Bank to our network in India, this expansion will make it
even more convenient for beneficiaries in India to receive their money,
and give our customers another reason to feel good about sending money
back home.”
ExpressSend customers can send up to $5,000 per day to a
beneficiary in India receiving the funds to their account. Beginning
April 8, 2017, all transactions sent to any ExpressSend location
in India from an eligible account pay no transfer fee (previously,
customers sending up to $500 paid a transaction fee of $5). In addition
to Axis Bank, beneficiaries in India may receive remittances at more
than 5,700 locations and more than 22,000 ATMs operated by ICICI Bank
and HDFC Bank.
“Wells Fargo’s integration of Axis Bank into its ExpressSend
network provides a valuable opportunity to Indian transnational
families,” said Manuel Orozco, Senior Director at Inter-American
Dialogue. “This initiative will enhance financial asset building
opportunities for the more than 2 million households – representing the
third largest migrant community in the U.S. – that send funds from the
U.S. to India. This expansion will also financially empower millions of
women-headed households in India.”
According to the World Bank Group, remittance volume from the U.S. to
India totaled $11.5 billion in 2015, making India the third largest
recipient of U.S. remittances. Additionally, according to a 2016
WealthInsight report, more than 133,000 non-resident Indian (NRI)
millionaires live in the United States, representing more than half of
all NRI millionaires worldwide.
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 branch, making Wells Fargo the only
U.S. commercial bank to offer all three channels for remitting funds.
The first remittance sent under each ExpressSend Service
Agreement must be initiated in person at a Wells Fargo branch. Customers
with an existing checking or savings account may be able to initiate
their first remittance by calling the Wells Fargo Phone Bank℠.
Wells Fargo Bank, N.A. All rights reserved. Member FDIC. In addition to
the transfer fee, Wells Fargo makes money if converting U.S. dollars to
a foreign currency.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 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 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 269,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank
offers the entire spectrum of services to customer segments covering
Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With
its 3,211 domestic branches (including extension counters) and 13,726
ATMs across the country, as of 31st December 2016, the network of Axis
Bank spreads across 1,946 cities and towns, enabling the Bank to reach
out to a large cross-section of customers with an array of products and
services. The Bank also has nine overseas offices with branches at
Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo;
representative offices at Dubai, Abu Dhabi and Dhaka and an overseas
subsidiary at London, UK. The Bank’s website, www.axisbank.com,
offers comprehensive details about its products and services.
Contacts
Wells Fargo & Company
Wells Fargo Media
Kris Dahl
612-667-7271
kristopher.a.dahl@wellsfargo.com
Axis Bank Media
Anand H. Mugad 977 33 99 244 Anand.mugad@axisbank.com
