Expanding remittance payout network
Banco Azteca is a Mexican financial services company owned by Grupo Elektra. The agreement will see Wells Fargo expand its consumer remittance payout network to Banco Azteca and Grupo Elektra’s 2,461 locations in Mexico, Guatemala, Honduras and Peru (view press release). The deal will increase the number of Wells Fargo ExpressSend remittance payout locations to 40,200, covering 15 countries in Latin America and Asia. Over the course of last year the bank increased payout locations by 46% with 12,600 new locations and remitted a total of $1.8 billion. Wells Fargo claims to offer one of the most amount of payout locations for a US bank managed remittance service.
Daniel Ayala, executive vice president and head of Wells Fargo’s Global Remittance Service says the partnership provides customers with “one of the largest number of payout locations in Mexico and offers added convenience in Guatemala, Honduras and Peru… In Mexico, Banco Azteca has the third largest branch network and Elektra is the speciality retailer leader in Latin America, making it easier and more convenient for customers to send money to their family and friends in their home country.”
As an initial offer, Wells Fargo is offering a free waiver to customers who open and ExpressSend account and send money through Banco Azteca or Elektra until April 31st 2012.
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