international remittances
international remittances
History
November 14, 2016

A long history of moving money around the world

Today’s online tool for sending cash to family members outside the U.S. is the latest incarnation of international service Wells Fargo has offered since the 19th Century.

The Wells Fargo ExpressSend® service is a trusted and affordable way to send money to family and friends in Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Philippines, India, Vietnam, or China. Convenient and reliable, ExpressSend® is online, at any Wells Fargo store location, or through the Wells Fargo Phone BankSM. Recipients access the money by just picking up the cash or by having the funds deposited into an account at the receiving institution.

ExpressSend® is the present incarnation of services Wells Fargo has offered since the very beginning. When Wells Fargo opened for business in 1852, there were correspondent offices in Europe and Canada, and in Panama as well. The company opened a subsidiary in Mexico in 1860. Throughout the rest of the 19th century, Wells Fargo helped customers with “foreign remittances” to dozens of cities outside the United States. Wells Fargo introduced Travelers Money Orders and Foreign Money Orders as the 20th century opened, with gold standard conversion rates conveniently printed on the documents.

For years, money orders remained the chief instrument for moving money quickly around the world. A Global Funds Transfer System was completed in 1984 that allowed customers to wire funds from around the world for same-day deposit. InterCuenta Express was launched in 1995, a service for customers to securely send money to Mexico; India, the Philippines, El Salvador and Guatemala were soon added.

With the 21st century, Wells Fargo’s international remittances became faster, more digital and more convenient. The several services that preceded and pioneered ExpressSend® joined under that name in 2007.

There’s another international milestone to note that demonstrates Wells Fargo’s commitment to international convenience. In 1997, the company installed it first ATM outside of the U.S. It was at the South Pole.


Note: This story was originally published on April 29, 2013.

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