Wells Fargo in Mexico
Wells Fargo in Mexico
History
October 31, 2016

Wells Fargo in Mexico

Wells Fargo’s presence in Mexico dates to 1860, starting with express-related services and transitioning to financial services today.

In 1995, Wells Fargo joined with Banamex, Mexico’s largest bank, to inaugurate a program of sending money between people in the United States and Mexico. It became enormously popular quickly — in 2004, Wells Fargo’s remittances could be cashed at 4,000 branches and 10,700 ATMs.

Wells Fargo in Mexico
Wells Fargo office in Monterrey, Mexico, ca. 1948.

This program, while innovative in itself, merely continued Wells Fargo’s 20th-century presence in Mexico. In 1924, following the Revolution, the express business still operated in Mexico, shipping produce to the United States and selling farm equipment. Wells Fargo also ran the largest tourist and travel agency. Wells Fargo’s services included Gray Line bus tours and elegant hotels, such as the Rancho Telva in the silver mining town of Taxco.

Wells Fargo in Mexico
Wells Fargo office in Mexico City, 1910s.

These express-related services ended in the early 1960s, to be followed by Wells Fargo Bank’s financial services in later decades. On November 9, 2001, Wells Fargo became the first financial services company to accept Mexican Government-issued identification cards and consular-issued Matricula cards as primary forms of identification to open accounts in the United States.


Note: This story was originally published on Dec. 4, 2008.

Topics: