Wells Fargo & Co. is expanding its ExpressSend remittance payout network in India to include Axis Bank and, beginning next month, expanding its free-transfer offer previously available only for those sending at least $500.
With the Axis deal, Wells Fargo is adding more than 2,500 locations to its ExpressSend service in India, bringing the total to about 8,300 where consumers can receive funds sent by any Wells Fargo customer to India for free beginning April 8, Wells Fargo said in a March 30 press release.
Consumers may send up to $5,000 per day to a beneficiary in India, who receives the funds in their account at a participating bank, according to the release. Previously, senders paid $5 on transactions up to $500. ExpressSend users also may send funds to beneficiaries at ICICI Bank and HDFC Bank, the release noted.
“We know that our ExpressSend customers have a choice of remittance providers, and they choose our service because it is economical, dependable and convenient for both the customer and their family and friends back home,” said Daniel Ayala, Wells Fargo’s executive vice president and head of global remittance services, in the release.
More than 2 million households, representing the third largest migrant population in the U.S., send funds from the U.S. to India, added Manuel Orozco, senior director at nonprofit policy think tank Inter-American Dialogue, in the release. “This expansion will also financially empower millions of women-headed households in India.”