Wells Fargo is to expand its wire transfer service to Mexico by linking with Bancomer. The move comes ahead of the launch by Bank of America of a new ATM-based funds transfer service for the Hispanic community.
Under the Wells Fargo/Bancomer tie-up, customers who open an account with the US west coast bank can send up to $1000 daily directly to their beneficiary's bank account at Bancomer for a fee of $10. Customers can deposit funds in their InterCuenta Express account at Wells Fargo by visiting their nearest branch or by telephone, ATM or online transfer. The transfer requires the beneficiary to have a debit card account at Bancomer. The money is available for drawdown in Mexican pesos the following business day from any of the bank's 1600 branches and 3700 ATMs in Mexico.
Wells' move pre-empts an initiative by Bank of America, which is to host a press conference tomorrow with representatives of the government of Mexico to announce its Hispanic branch marketing campaign and introduce SafeSend, an international ATM remittance service initially aimed at people sending money to their families and friends in Mexico.
SafeSend is being launched in nearly 600 participating Los Angeles/Southern California Bank of America banking centres and will be followed by introductions in nine additional markets by early August.
Bank of America says its ATM-based program will reduce from upwards of 24-hours-plus to minutes (10 minutes or less for average transactions) the time it takes to send and for family members to access funds in Mexico.
Both Wells Fargo and Bank of America have their sights set on a growing market. In America, there are 21.7 million Mexican immigrants with more than six million residing in California. United States Treasurer Rosario Marin recently stated that Mexico citizens paid an exorbitant $2 billion, or 20%, to send $10 billion to Mexico during 2001.