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Wells offers free remittances

By Marcie Geffner · Bankrate.com
Saturday, March 16, 2013
Posted: 6 am ET

Wells Fargo & Co. is offering a fee waiver for new customers who sign up for money transfer services and make their first transfer from a linked Wells Fargo account.

Electronic money transfers to people outside of the U.S. are known as remittances. A wire transfer to a foreign country would be an example of a remittance.

Wells Fargo offers remittance services to 14 countries, including Bolivia, China and Colombia. The service has more than 39,500 payout locations at local banks in those countries.

Wells Fargo customers have four options to send funds, though not all options are available to all countries. The options are: account to account, account to cash, cash to cash or cash to account.

The promotion started Feb. 1 and will continue until June 30.

Daniel Ayala, head of Wells Fargo Global Remittance Services, said in a statement that the bank has seen continued demand for its remittance services from diverse communities.

Transfers to Colombia, Dominican Republic, Honduras, Guatemala, India, Mexico and the Philippines are made in the currencies of those countries and are subject to currency exchange rates. Transfers to Bolivia, China, Ecuador, El Salvador, Nicaragua, Peru, Vietnam are made in U.S. dollars.

Transfers are not insured by the Federal Deposit Insurance Corp., according to FAQs on Wells Fargo's website.

The service has no enrollment or monthly or annual maintenance fees, but does involve a transaction fee, which is being waived for the first transfer as part of the promotion.

Transaction fees vary by country. Consumers can use a cost estimator on the website to estimate the fee for a transfer.

Would you use this service? Have you had an occasion to transfer money overseas?

Follow me on Twitter: @marciegeff

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