After seeing record growth in remittances last year, Wells Fargo (WFC) has doubled its remittance network payout locations in India through an agreement with HDFC Bank.
With the addition of HDFC Bank's more than 2,500 branches and over 8,900 ATMs, Wells Fargo's remittance network now includes over 5,200 branches and 16,000 ATMs in India, the San Francisco company said Thursday.
Wells Fargo customers can send up to $5,000 a day to an HDFC Bank account using the ExpressSend service for a $5 fee. The fee for account-based transfers to HDFC Bank will be waived through the end of August.
"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, said in a news release. "This is evident from high customer demand as well."
Banks in general have started focusing more on remittances as a source of revenue and Wells Fargo is widely viewed as leader in this business. The company's transaction volume grew at a record pace of 27% in 2011 over 2010, partly because of its growth on the East Coast, where it has mostly finalized its conversions of former Wachovia branches.
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