July 3, 2012 > Wells Fargo, HDFC Bank partner for US-India remittance service
Wells Fargo, HDFC Bank partner for US-India remittance service
Doubles ExpressSend remittance payout locations in India
Submitted By Ruben Pulido
Wells Fargo & Company has doubled its ExpressSend remittance network payout locations in India through an agreement with HDFC Bank. With the addition of more than 2,500 branches and 8,900 ATMs belonging to HDFC Bank, Wells Fargo customers' beneficiaries can now choose from a network in India of more than 5,200 branches and 16,000 ATMs for remittances to India.
"India has one of the highest remittance volumes in the world according to the World Bank," said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. "This is evident from high customer demand as well. We are glad we can make payout locations even more convenient by expanding our remittance payout network in India with HDFC Bank."
"While we're a major player in the Gulf-India remittance market, this alliance with Wells Fargo will help us expand in the US-India sector, which has been growing exponentially. Given our reach and the web-based nature of the service, this will allow people to send money back home in one of the safest and fastest possible ways. HDFC Bank places great emphasis on use of technology to provide faster and better service and this remittance alliance is testament to the leadership position in technology the Bank is striving towards," said Harish Engineer, executive director, HDFC Bank.
"Wells Fargo's expansion of its remittance service over the years has been remarkable for its steadiness and success," said Gwenn Bezard, Aite Group research director. "When other U.S. banks were distracted from money transfers, Wells Fargo invested in improving the product. When private equity firms with grandiose plans to roll up the market threw in the towel, Wells Fargo continued to expand its network. The deal with HDFC Bank highlights once more the value of time and commitment over fast and furious in this market."
"This agreement demonstrates Wells Fargo's commitment to the growing South Asian community in Silicon Valley, the New York tri-state area, Houston and in all the communities across the United States," said Micky Randhawa, President of Wells Fargo East Bay, which encompasses Silicon Valley. "By deeply understanding each of our diverse customer segments, we can continue to provide new services that meet their financial needs."
Wells Fargo ExpressSend customers can send up to $5,000 per day to their beneficiary's HDFC Bank account using the account-based ExpressSend service for a $5 fee. The fee for account-based transfers to HDFC Bank will be waived through August 31, 2012.
Remittances to HDFC Bank are denominated in Indian Rupees. Once a customer has set up the ExpressSend agreement and the beneficiary account information is verified with HDFC Bank, the customer needs to conduct their first transaction in a store. Subsequent account-based transactions can be conducted online through Wells Fargo.com, at a Wells Fargo banking location or through Wells Fargo Phone Bank. Funds are sent to HDFC Bank quickly for credit during HDFC Bank's local processing hours, Monday - Saturday, excluding India holidays.
Wells Fargo provides multiple channels for transferring money, including by Wells Fargo Phone Bank (800-556-0605 or 1-800-TO-WELLS), at one of Wells Fargo's more than 6,000 banking locations and online at WellsFargo.com- more channels to serve customers than most competitors. The Wells Fargo ExpressSend customer experience is consistent among all channels.