PNB and Wells Fargo to offer U.S. remittances to customers in Philippines
The Philippine National Bank (PNB) and US-based financial services provider Wells Fargo & Company will provide Filipinos in the US a new way of sending remittances to their loved ones in the Philippines. Wells Fargo’s extensive network of more than 9,000 stores and 12,500 ATMs across 39 states in the U.S. will make it easier for millions of Filipino Americans to send money back to family and friends in the Philippines.
With the arrangement, Wells Fargo ExpressSend® customers in the US can conveniently send up to $3,000 USD per day to friends and family in the Philippines. The funds will be paid in Philippine pesos and can be received by beneficiaries at any of PNB’s 626 branch locations 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. The first remittance for a service agreement must be completed in person at a store. Remittance transfer fees start at $5, but to celebrate the new agreement, Wells Fargo will waive transfer fees for ExpressSend remittances sent to PNB from an eligible Wells Fargo account through September 30, 2014.
“The Philippine National Bank is one of the leading providers of remittance and other banking services to Global Filipinos and Wells Fargo is likewise recognized as a strong player in banking and remittance business. With this new arrangement, PNB can provide convenient remittance transactions between Global Filipinos and their loved ones here in the Philippines,” said Atty. Reynaldo Maclang, PNB President and CEO. “Likewise, the Wells Fargo – PNB arrangement is an important milestone as PNB marks its journey towards its 100th anniversary in 2016” he adds.
“Furthermore, 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,” added Benjamin S. Oliva, First Senior Vice-President and head of the PNB Global Banking Group.
“We know that remittances are very important to our customers with family and friends in the Philippines, and we know that convenience is an important part of the service we offer,” said Daniel Ayala, Executive Vice-President and head of Wells Fargo’s Global Remittance Services. “By adding PNB, the 4th largest bank in the Philippines, we are able to expand our payout network, making it easier than ever for customers to support their family and friends in the Philippines.”
PNB remains dedicated to providing accessibility to its Global Filipino customers by focusing on service quality, product innovation and marketing initiatives.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.