Wells Fargo Launches Enhanced Remittance Service; Offers Zero Dollar Transaction Fee

Zero dollar transaction fee available to Wells Fargo customers making account-based transactions through September 30, 2007
San Francisco — July 17, 2007
Wells Fargo & Company (NYSE:WFC) said today that Wells Fargo ExpressSendSM customers with qualifying accounts now can have transaction fees discounted or waived and have more choices in how they remit money to Mexico, El Salvador, Guatemala, China, Vietnam, India and the Philippines.
Key features of the new Wells Fargo ExpressSend service are:
Wells Fargo customers can have the remittance transaction fee discounted or even waived if they send money directly from their eligible Wells Fargo checking or savings account. All customers using the account-based service can have zero dollar transaction fees as part of the new service introduction through September 30, 2007.
Customers will have greater flexibility in remittance transfer methods, which enables them to remit funds faster, more conveniently and safer to friends and families overseas. The remittance transfer choices now include: account to account, account to cash, cash to cash, and cash to account.*
Those receiving funds in Mexico, El Salvador and Guatemala can now receive their money as soon as the same day it is sent. Recipients in China, India, Vietnam, and the Philippines can now receive their money as soon as the next business day.
Customers will also receive increased information when they complete a transaction in a Wells Fargo's banking stores, including details about the remitter, the beneficiary, how and where funds are sent, the fee, how much money the beneficiary will receive, foreign exchange (FX) rate (if applicable) for the transaction and the Foreign Exchange Margin (estimate of the amount of revenue Wells Fargo earns on the foreign currency conversion).
"Most Latin American and Asian countries have significantly large unbanked consumer populations and eliminating the bank account requirement for the receiving country makes it much easier for recipients to get their money," said Daniel Ayala, head of Wells Fargo's Global Remittance Services. "Based on our tests and pilots, account-to-cash will be the preferred choice for our customers. This opens the service for use by a large number of remitters whose friends and family overseas (beneficiaries) do not have bank accounts in their home country. "
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