Banco G&T and Wells Fargo Sign Alliance

The banks have announced an agreement to provide a remittance service known as ExpressSend.

Wednesday, September 28, 2011

The new service will allow Guatemalans based in the U.S. to directly deposit money into savings accounts in Guatemala using any of the six thousand Wells Fargo service points.

"Wells Fargo is already operating remittance transactions with Banco Industrial (BI) and the Rural Development Bank (Banrural) in the country.

According to Ayala, G & T could, in time, represent between 30 and 40 percent of the total volume of transactions coming into the country", writes Agustin Ortiz for Prensalibre.com



More on this topic

El Salvador: Volume of Remittances Still Increasing

February 2013

In January 2013 remittances from Salvadorans abroad totaled $281 million, 5% higher than in January 2012.

Figures from the Central Reserve Bank (BCR), showed that in January $281 million in remittances came into El Salvador, while in the same period in 2012 the amount was $267.3 million, ie, revenues increased by $13.6 million, equivalent an increase of 5%.

Guatemala: Competition for Remittances

May 2012

$4.5 billion a year comes from the U.S., generating a fierce battle between 22 banks and transfer companies that compete for the market.

The stiff competition for larger pieces of the cake that makes up remittances is leading banks and financial companies to sign alliances and join forces.

El Salvador Receives $3,286 million in Remittances

December 2011

Between January and November 2011 the country received $181.3 million more than in the same period in 2010.

A press release from the Central Reserve Bank of El Salvador (BCR) reads:

Salvadorans living abroad sent home remittances totaling U.S. $3,286.1 million accumulated between January and November 2011, more than the U.S.

Remittances to Guatemala Up in 2011

March 2011

Remittances in February 2011 reported an 11% increase over the same period of 2010.

During the first two months of 2011, remittances have increased 12.9%.

$283.8 million entered the country inJanuary 2011, a 15.1% increase over the $246.1 million recorded in the same month of 2010.

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