Wells Fargo Celebrates a Decade in Consumer Remittances with Fee Waiver Offer

  Wells Fargo Celebrates a Decade in Consumer Remittances with Fee Waiver

Business Wire

SAN FRANCISCO -- February 13, 2013

Wells Fargo & Company (NYSE:WFC) is celebrating the 10 year anniversary of its
Global Remittance Services unit by offering new Wells Fargo ExpressSend
customers a fee waiver on their first transfer if they enroll in the service
and make their first transfer from a Wells Fargo linked account between
February 1 and June 30, 2013. Ten years ago, Wells Fargo revamped its legacy
remittance service to the Philippines (service originated in 1994) by creating
a new business unit in 2003 that focused on serving the needs of a growing
diverse population. Today, Wells Fargo offers remittance services to 14
countries, including Mexico, Guatemala, El Salvador, Honduras, Nicaragua,
Dominican Republic, Bolivia, Colombia, Ecuador, Peru, the Philippines, India,
Vietnam, and China and has more than 39,500 payout locations.

Daniel Ayala, head of Wells Fargo Global Remittance Services (Photo: Business

Daniel Ayala, head of Wells Fargo Global Remittance Services (Photo: Business

“A decade ago, our leadership team recognized that with the changing
demographics of our nation, there was a need to differentiate ourselves from
other major banking institutions by offering relevant and useful financial
services products to our diverse customers,” said Daniel Ayala, head of Wells
Fargo Global Remittance Services. “Many of our competitors also entered this
business in 2003, yet today we are one of the few major banks in the U.S. that
remains focused on this business. We are pleased with our success and the
continued demand we’ve seen from our diverse communities who have benefited
from the economical, convenient and dependable way to send money to their home
countries in Latin America, the Caribbean and Asia with Wells Fargo.”

Wells Fargo remains committed to offering remittance services despite pending
regulations that are causing some large banking institutions and traditional
remittance companies to exit the business or reevaluate their strategy.

Concurrently, the Inter-American Dialogue named Wells Fargo a top ranking
consumer remittance services provider. Wells Fargo tied for first place with
two other companies, out of a field of 37. This is the only industry study
focused on evaluating remittance services providers based on price, foreign
exchange rates, convenience, distribution and quality of service.

“Wells Fargo has demonstrated a strong commitment in the remittance market and
in delivering affordable and inclusive products to migrants,” said Dr. Manuel
Orozco, Remittances and Development Program, Inter-American Dialogue. “At ten
years in the industry, it has demonstrated that offering financial services to
migrants offers valuable returns.”

Wells Fargo  ExpressSend customers can send funds to their beneficiaries in
most countries through their choice of four remittance alternatives– account
to account, account to cash, cash to cash, or cash to account. The Wells Fargo
ExpressSend service is available via most key customer channels including all
Wells Fargo Bank store locations,
https://www.wellsfargo.com/per/intl_remittance/ and the Wells Fargo Phone
Bank^SM at 1-800-TO-WELLS (1-800-556-0605).

About The Inter-American Dialogue

The Inter-American Dialogue is the leading U.S. center for policy analysis,
communication and exchange on Western Hemisphere affairs. The study was
prepared by Dr. Manuel Orozco, Remittances and Development Program,
Inter-American Dialogue, and the research was conducted between April 2012 and
October 2012. Dr. Orozco is the senior associate and director of remittances
and development at the Dialogue.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 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 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com),
and has offices in more than 35 countries to support the bank’s customers who
conduct business in the global economy. With more than 265,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo &
Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy all our customers’ financial
needs and help them succeed financially.

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Wells Fargo & Company
Lisa Westerman, 415-222-6236
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