Everything You Need to Know About Wells Fargo Send Money Internationally

Wells Fargo Send Money Internationally

Wells Fargo is a financial company that operates in the US. Its corporate headquarters are in San Francisco, California. The company’s operational headquarters are in Manhattan. Moreover, Wells Fargo has managerial offices throughout the world. You can use Wells Fargo to send money internationally to various destinations in the world. Since the world has become a global village, it is now easier to send and receive money.

Wells Fargo started its operations in 1929 in Minneapolis, the U.S., as Northwest Bancorporation, 1983 as a Norwest Corporation, and 1998 as Wells Fargo & Company. Since then, the company has grown significantly to attain millions of customers all over the world. Furthermore, Wells Fargo as a bank is trustworthy since it has FDIC insurance. Your money is safe, and you can get your funds back even when the company collapses.

You can open various types of accounts with Wells Fargo that you can use to transfer money to other people across the world. Wells Fargo allows you to create a bank account online and manage it on the go. Many financial institutions are beginning to embrace online banking services since they are cost-effective and are also time-saving. You can imagine over one million people transacting right from their phones instead of lining up at the banks’ offices. The bank will minimize costs by employing fewer people.

Method to Transfer Money Internationally Using Wells Fargo

As I mentioned earlier, you need an online account to transfer money to other people, either in the US or other countries of the world. International money transfer is usually via wire transfer. Wire transfer is the fastest method of money transfer to other places of the world.

Wells Fargo also has the ExpressSend® service that caters to its Global Remittance Services. The service is a person-to-person remittance process that offers more options to send money home to family or friends in thirteen countries. The method is a convenient, economical, and dependable way to transfer money home to your relatives as you work abroad. Being economical means that you can use fewer fees to move money from one country to the other.

You can send money online to make the process convenient since you do not have to line up at the bank’s branch to carry on various transaction activities. Furthermore, the extensive networks are the ones that make the company dependable. The funds also reach the recipient quickly.

When transferring money, you have to enroll in the Wells Fargo ExpressSend Service. You can call 1-800-556-0605 to ask about the service and how you can go about enrolling. Next, you have to provide your beneficiary’s information, i.e., the person who is to receive the money. You can either choose that the recipient gets cash at a cash pick-up point or credit in their bank account. Once you register the recipient for the first time, you will not need more forms when sending money again to the same person.

Information needed for your beneficiary is name, address, and telephone number. The phone number may be of the country where you are sending money or a US phone number. Furthermore, you must indicate whether the phone number is a landline or a mobile line number. You also need to provide the recipient’s physical address, which should not be a P.O Box.

Lastly, you need to provide the Remittance Network Member(s) to send your funds.

The Sending Money Process

Wells Fargo Send Money Internationally

Once you have all the necessary details, you can now begin the sending process. When you send money for the recipient to pick at a cash pick-up center, the funds will arrive within a short time. However, when you choose to transfer money to the recipient’s bank account, then the funds will take up to five business days for the transaction to complete.

Upon completing the remittance, the recipient will get a notification in their phone number telling them when they will receive the funds in their respective accounts or pick-up point.

Wells Fargo Remittance Networks Members (RNM)

These are the companies that Wells Fargo has partnered with within specific countries to allow recipients to receive their money once sent. Most of these Networks are banks whereby the recipient may have an account with them or just use them to pick up their cash. In short, it is not a must that the recipient should have a bank account.

It is important to note that the Wells Fargo ExpressSend® Remittance is only for person-person money transfers. If you intend to make a business transaction, then you can explore other options. You can call customer care and enquire about the best service for business transactions. Wire transfer is one of the best ways you can use to make business transactions.

Currency That Your Beneficiary Can Receive Money

The beneficiary will either receive money either in the local currency or in US dollars. For example, countries such as Mexico, Guatemala, Dominican Republic, Honduras, and Colombia receive money in the respective currencies of their nations. Others such as Ecuador, Peru, El Salvador, Nicaragua, and Vietnam receive US dollars.

If the currency is converted to local money, there is little cost for conversion since Wells Fargo has competitive conversion rates. You can have more than one beneficiary, although each person you bring to the service will have to be on a separate ExpressSend agreement.

Money Safety Via The Wells Fargo ExpressSend Remittance

It is entirely safe to send money using the service. Furthermore, the funds have FDIC insurance so that if something happens to your money, you can still recover your funds.

Also, if you send money to the wrong recipient, you can cancel the transaction within 30 minutes. You will then receive your cash together With all fees and taxes deducted. You can call customer service at 1-800-556-0605 to request the cancellation. You may also have the transaction canceled after 30 minutes, but the chances of success are low.

However, if the beneficiary has picked up the remittance or has already been deposited in the receiving bank account, you will not be able to reverse the money.

Cost You Will Deducted To Transfer Money Via ExpressSend Remittance

Setting up the service is free. Furthermore, there are no monthly or annual maintenance fees and no Service fees for your beneficiary. The transaction fee may vary from one country to the other. You can just check on the ExpressSend Remittance Cost Estimator that can help you estimate the cost of sending money to a specific country.

You will also realize that the transaction costs are not that much. The variation arises due to the taxation plans of various countries.

Can You Send Money Internationally With A Wells Fargo Checking Account

You can send money with a checking account number instantly to accounts of the same bank. However, you will have to wait for several days for the funds to reflect in the recipient’s account if you send them to accounts of other banks. Sending money from Wells Fargo to accounts of other banks is usually via direct deposit. You require a routing and account number for a direct deposit transaction.

You can set up a wire transfer to another recipient in a different country with a checking account. You only need to log in to your account online, select Wire Money in the Transfer & Pay menu and enter the recipient details. Next, confirm the details and send.

Amount Of Money You Can Send To The Beneficiary via ExpressSend

There is no specific amount of money you should send to your beneficiary. However, the minimum amount you can send is $25. However, there might be limits on the amounts of money you can send to different countries at specific time frames.

If you intend to send a certain amount of money that exceeds the limit to the intended destination, you can opt to transfer in batches and maybe in different time frames if you hit the daily limit.

Do You Need A Wells Fargo Bank Account to Use ExpressSend

You can use Wells Fargo ExpressSend if you have a checking account. Even though Wells Fargo does not have a free checking account with no credit check and no deposit, you can use other checking accounts to initiate the transfer process. Account opening is simple as all the activities are usually online. You may need to attach some documents for the account verification.

Any bank account opening in the US requires you to submit various documents such as a government identity card (or passport, driver’s license, student ID), and Social Security Number. You are also required to submit your physical address, email address, and phone number. The government requires all financial institutions to get all those details to ensure that criminals and fraudsters do not open bank accounts.

Wrap Up

Wells Fargo is an American financial company that operates in San Francisco, California. The company allows you to transfer money internationally either via wire transfer or via ExpressSend. ExpressSend is the best for person-to-person money transfers.

Also, it becomes easy if the beneficiary picks the send money at a cash pick-up point other than using a bank account. Cash pickup points avail cash as soon as it is sent, while ExpressSend to a bank account may take up to five days to complete.

Spencer Tierney is a writer and expert on certificates of deposits at transfermone.com. His work has been featured by USA Today, MSN, SF Gate, the Los Angeles Times, NerdWallet and more. He earned a bachelor’s degree in English at UC Berkeley.