Latin America is a place where numerous American immigrants from the region send back money to help their families as the better themselves in the country. To that end, Wells Fargo (NYSE:WFC) has expanded its ExpressSend service to a number of new countries in South America to meet that growing demand.
In addition to the Philippines, Mexico, Guatemala, El Salvador, China, India and Vietnam, which Wells Fargo already has remittance service to, countries added in South America where Wells Fargo customers can send money to are Dominican Republic, Honduras, Nicaragua, Colombia, Bolivia, Ecuador, Peru, and Argentina.
Also as part of their growth south of the border, Wells has added Telecomunicaciones de Mexico as a new paying agent whereby customers can now send money to 1,560 new location across Mexico itself, making the total number of places immigrants and others can send money to 5,500 in the country.
The ExpressSend initiative was launched in 2007.
Concerning other Wells Fargo news, it announced the branches in Texas it took over from Wachovia when they acquired the company will be rebranded to the Wells Fargo name, which will increase the number of branches in Texas by 161, bringing the total to over 700 in the Lone Star state.
Some of the branches which serve the same areas like Dallas-Fort Worth will be shuttered, with 79 former Wachovia branches being closed after the consolidation is over.
The company stated that in spite of the effort they aren’t looking to lay off anyone at the retail banking level as a result of the consolidation.
