MANILA, Philippines - US-based financial services provider Wells Fargo & Co. has partnered with the Philippine National Bank (PNB) to provide Filipinos in the US a new way of sending remittances to the Philippines.
Wells Fargo Bank N.A. executive vice president for global remittances services Daniel Ayala said through Wells Fargo ExpressSend, US-based customers could conveniently send up to $3,000 per day to friends and family in the Philippines.
From July 16 to Sept. 30, 2014, the services will be offered free of charge. After the promo period, each transaction would cost at least $5.
Wells Fargo has similar remittance deals with other Philippine banks such as BDO Unibank Inc., Metrobank and Bank of Philippine Islands. But the waived fees, Ayala said, would be exclusive for PNB transactions.
Both banks have extensive exposure in the US. Wells Fargo has more than 9,000 branches and 12,400 ATMs across 39 states in the US while PNB has 23 branches in several states.
PNB executive vice president for retail banking group Joven Hernandez said with the Wells Fargo tieup, they expect an initial increase in their remittances level from the US to grow from five to 10 percent.
More than 30 percent of PNB‘s remittance is coming from the US market.
PNB first senior vice president for global Filipino banking Benjamin Oliva said over the past years, their remittance volume has been increasing at an average of 14 percent, more than double the 6.4 percent recorded by the industry.
Conservatively, Oliva said PNB aims to sustain a six-to seven-percent growth in remittance volume in the near term.
“The Wells Fargo-PNB arrangement solidifies PNB’s remittance business strategy of shifting from the traditional brick-and-mortar presence to a more efficient business model. As a trusted banking partner of global Filipinos, we are committed to answering our clients’ call for innovative solutions to their diverse banking needs,” Oliva said.
Under the arrangement, the funds will be paid in pesos and can be received by beneficiaries in any PNB branch or credited to their PNB bank account.
Funds can be sent from the US by signing on to wellsfargo.com, by calling 1-800-TO-WELLS or by visiting a Wells Fargo store.