Wells Fargo & Co. (WFC: Quote) said Thursday it has doubled its ExpressSend remittance network payout locations in India through an agreement with HDFC Bank (HDB).
By adding HDFC Bank's more than 2,500 branches and over 8,900 ATMs, Wells Fargo said beneficiaries of its customers can now choose from a network in India of over 5,200 branches and more than 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 now by expanding our remittance payout network in India with HDFC Bank."
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.
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by RTT Staff Writer
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