Wells Fargo ExpressSend: Review & Comprehensive Guide
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Wells Fargo ExpressSend®: Review & Comprehensive Guide

Updated on July 20, 2023 10:54 am
Wells Fargo

Wells Fargo is a worldwide financial institution founded back in 1852 by Henry Wells and William G. Fargo that began as just a hopeful start-up looking to help build businesses and improve the management of money for the average person. Today, Wells Fargo operates in 35 countries and serves over 70 million customers worldwide. 

In addition to the bank services that Wells Fargo offers, they have branched out into the remittance sector with their service Wells Fargo ExpressSend, a simple way for Wells Fargo account holders to send money abroad.

In this Wells Fargo ExpressSend review, we will explore the essential features, advantages, and disadvantages of this service and whether or not it is a viable option when choosing a remittance provider.

Let’s take a closer look at the Wells Fargo remittance service and whether or not it is a preferred choice for sending remittance overseas.

What is Wells Fargo ExpressSend®?

Wells Fargo ExpressSend® is a person-to-person remittance service that allows individuals in the United States to send money electronically to 13 countries worldwide. To use this service, you’ll need an eligible Wells Fargo checking or savings account. Money can be sent through  Wells Fargo Online®, the Wells Fargo Phone Bank, or at a Wells Fargo Bank branch location.

When sending through Wells Fargo, you can also choose how your recipient gets the funds - either in their account through their receiving bank or cash pick-up. Wells Fargo has over 50 Remittance Network Members and has ties with over 49,000 payout locations.

Countries supported by Wells Fargo ExpressSend® include

  • Mexico
  • Dominican Republic
  • El Salvador
  • Guatemala
  • Honduras
  • Nicaragua
  • Colombia
  • Ecuador
  • Peru
  • China
  • India
  • Philippines
  • Vietnam

How Much Does Wells Fargo ExpressSend® Cost?

Wells Fargo ExpressSend® does not charge any fees for enrolling in the service or for continuing to be enrolled in the service. The recipient of the funds also pays no fees.

The only cost is a transaction fee which is a one-time fee for each transaction. These transaction fees are country-specific and vary. There are also limits per country of how much you can send in a single transaction.

You can estimate the exact cost of your transaction using their ExpressSend Remittance Cost Estimator.

How Much Money Can I Send Using Wells Fargo ExpressSend®?

The minimum amount of money you can send daily is $25. The limits vary per country, but are relatively low compared to other remittance services. For example, Mexico limits range from $500 to $1,600 depending on whether your recipient is picking up cash or receiving bank credit.

There are also daily limits per user for all beneficiaries if sending multiple transactions. You can only send up to $5,000/day total, and only up to $12,500 in a consecutive 30-day period.

You can find a complete list of limits for individual countries supported on the Wells Fargo website.

How to Send Money With Wells Fargo ExpressSend®

Signing up for Wells Fargo ExpressSend® first requires you to have an eligible checking or savings account with Wells Fargo. If you are an account holder, follow these steps to set up your first remittance transaction.

  1. Contact a Wells Fargo banker to get started on setting up ExpressSend® on your account. Wells Fargo recommends visiting your local branch to do so.
     
  2. Gather and provide your beneficiary’s information. You will need their name, address, and telephone number. Their phone number must be a number in the country that you are sending the remittance to or a U.S. number. Their address must be located in the country to which your funds are being sent to (no post office box addresses allowed).
     
  3. Choose the Remittance Network Member to which your remittance should be sent to. 
     
  4. Indicate how your beneficiary would like to receive the funds - either by cash pick-up or bank account credit. For bank account transfers, you will need their deposit account number and bank. For cash pick-up, the beneficiary name you provide must exactly match the name on their government issued identification document that will be checked when picking up the funds.
     
  5. Review the transfer details and send your first transfer. You’ll be informed of when the funds will be available for your recipient. 

Source: https://www.scribd.com/document/594651200/WELLS-FARGO-WIRE-5#

Pros of Wells Fargo ExpressSend® Service

Based on our research of customer reviews and comparison to other remittance providers, the pros of the Wells Fargo ExpressSend® service are:

  • Convenient to use if you already have a Wells Fargo checking or savings bank account.
  • Ability to cancel your transfer within 30 minutes of completing it if you change your mind or notice an issue.
  • Funds are available to your recipient instantly with the cash pick-up option.
  • Supports most major banks in eligible countries.

Cons of Wells Fargo ExpressSend® Service

Based on our research of customer reviews and comparison to other remittance providers, the cons of the Wells Fargo ExpressSend® service are:

  • Only supports currency exchange to Mexico, Dominican Republic, Guatemala, Honduras, Colombia, India, and Philippines. Transfers to China, Ecuador, El Salvador, Nicaragua, Peru, and Vietnam are made in U.S. dollars.
  • Sending money to a bank account can take up to 5 business days.
  • Exchange rates are not competitive and are worse than market rates in most cases. The more you send, the better exchange rate you receive. Compare the best exchange rates using our remittance provider comparison service.
  • Low daily send limits, typically between $500-$1000 per day.

Wells Fargo ExpressSend® Service: Best Feature

The best feature of the Wells Fargo ExpressSend® Service is the convenience of sending funds straight from your existing bank account as well as the ability to track your transaction in your online account. 

Wells Fargo ExpressSend® Service Alternatives

If you’re looking for an alternative to Wells Fargo’s remittance service, here are some top remittance providers we recommend that offers low fees, excellent exchange rates, and are easy to use: 

Do We Recommend Wells Fargo ExpressSend®?

If you are a current Wells Fargo checking or savings account holder, it may be convenient for you to take advantage of this service. 

However, due to the poor exchange rates and lengthy turnaround time for transactions, we believe there are many other top-rated remittance providers that may better suit your needs. 

We invite you to compare remittance providers using CompareRemit’s comparison tool today to find the best rates, lowest fees, and fastest turnaround times for your specific destination and transfer amount.

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Everything You Need to Know About Paycard

How do you pay your employees? As an employer, paying your employees is an important part of your business. Direct deposit to your employee's bank account or issuing paper checks are two of the most common ways of compensating them. Gone are the days when employees used to get paid in cash.But what happens when some employees have no bank accounts? This is where paycards come in. Paycards for employees are an alternative option when the employees do not own a bank account, and the employers do not want to pay in hard cash.It is estimated that about 5.4% of U.S. households (approximately 7.1 million) were "unbanked" in 2019, according to the U.S. Federal Deposit Insurance Corporation (FDCI). 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