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Still unable to wire their money to family back home, many Somali-Americans in Minnesota recently lined up to withdraw their deposits from U.S. Bancorp (USB) and Wells Fargo (WFC) or have vowed to do so soon.
May 16 -
Remittances sent to Latin America from the U.S. in 2011 exceeded pre-recession levels and more money was remitted through banks than other methods, according to a new report from Inter-American Dialogue.
May 8 -
Wells Fargo says its remittance transaction volume grew at a record pace of 27% in 2011 over the prior year, thanks in part to substantial growth on the East Coast where the bank has largely finalized conversions of former Wachovia branches.
February 16
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
