Wells Fargo offers, through its ExpressSend service, international person-to-person money transfers: you can send money from your Wells Fargo checking or savings account and you can also choose how your beneficiary will receive the funds. It features an extensive remittance network of more than 50 members and over 49,000 payout locations.
With more than a century of banking operations, Wells Fargo provides this service that you will add to your bank account and then you can make money transfers in several ways: Wells Fargo Online Banking, Wells Fargo Phone Bank, or at a Wells Fargo branch. You can also send money for cash pickup or to be credited to a bank account.
How to enroll
- The first step is to sign up for the Wells Fargo ExpressSend service, either by calling 1-800-556-0605 or directly with a bank representative at a branch.
- Then you must provide all the beneficiary’s information: whether the money will be picked up in cash or credited to a bank account.
- From the beneficiary you will need: name, address, phone number, the remittance network member (RNM) to which the funds should be sent; and if they will be credited to a bank account you must provide all bank details. This requires account verification and will take about 5 days.
- To receive the money, the beneficiary must present official identification and the data must match exactly what the sender provided. Some banks may request fingerprints.
The service has daily limits that depend on the agreement you establish with ExpressSend, however there is a minimum amount of $25 and if you have multiple ExpressSend agreements you can send up to $5,000 per day and up to $12,500 in 30 days.
Each service agreement is designated to a single user; you can have multiple ExpressSend agreements and just as limits are set by agreement, limits are also determined by the Remittance Network (banks, stores, operators, etc.) used by the beneficiary.
Costs
Enrollment in the ExpressSend service carries no fee, nor is there any monthly or annual maintenance charge, and the beneficiary does not pay a cost for the service.
However, there are fixed sending fees and these depend on the receiving country; for example, a low sending fee will allow you to send up to the country’s daily limit. You should review the cost calculator.
One advantage is that you can cancel your transfer within the next 30 minutes directly from your account, but if more than 30 minutes pass after the transaction, the bank will attempt to cancel the service.
On the other hand, it’s important to note that this is strictly for “peer to peer” transfers; in other words, you cannot use it for commercial payments or business-related transfers.
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