SAN FRANCISCO — Wells Fargo has entered into a partnership with HSBC Mexico that will more than double the San Francisco bank's Mexican consumer remittance network.
According to a report in the Sacramento Business Journal, HSBC Mexico is one of Mexico's top five financial services institutions, with more than 4,500 ATMs and 1,400 branches. The partnership, along with Wells' other banking partnerships in Mexico, brings the Wells Fargo's combined distribution in the country to more than 8,200 ATMs and 3,000 branches.
Customers can send money from their Wells Fargo accounts directly into beneficiaries' accounts in Mexico. Transactions, with a daily limit of $3,000, can be made at an ATM, by phone, in a branch or online.
A recent study by Inter-American Dialogue found that consumer remittances to Mexico exceeded $14 billion in 2003, surpassing foreign direct investment in Mexico, according to the Business Journal.
Wells Fargo isn't the only major U.S. financial making a play for the lucrative Mexican remittance market. Earlier this week, U.S. Bank announced a partnership with MoneyGram which will make it MoneyGram's largest U.S. bank affiliate. The deal is expected to increase U.S. Bank's reach in Mexico and other countries.
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