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Wells Fargo expands remittance network in Mexico

The deal with Houston-based Transnetwork will add more than 4,000 payout locations in Mexico, giving

Wells Fargo has expanded its remittance network ExpressSend in Mexico by signing an agreement with Houston-based Transnetwork.

The agreement with Transnetwork, a provider of turnkey solution for money transfer companies originating transactions to Mexico by providing payment network, will add more than 4,000 payout locations in Mexico, giving the company a total of more than 9,000 locations.

Mexico-based Soriana and Famsa are two newly added retailers and Banco Santander and Banco del Ahorro Nacional y Servicios Financieros (Bansefi) are the recent bank additions to the Wells Fargo ExpressSend remittance network in Mexico.

The remittance payout network in Mexico also includes BBVA Bancomer, HSBC Mexico, Banorte and Telecomm Telegrafos.

Wells Fargo Global Remittance Services head and executive vice president Daniel Ayala said that by expanding remittance network in Mexico they are enhancing customers' beneficiaries experience through a more diverse set of remittance payout channels and expanded hours of operation in the case of the retail locations.