Wells Fargo FAQs
What is the Wells Fargo remittance product?
It is a money transfer service in association with Wells Fargo Bank that can be linked to your Wells Fargo consumer checking or savings account, or which you can use to remit funds by paying cash at a Wells Fargo branch. You are required to open a Wells Fargo ExpressSend Service Agreement. This Agreement would be linked to a specific ICICI Bank rupee account and the amounts sent using this Service Agreement would be credited to the ICICI bank beneficiary account.
Who can use this product?
Any Wells Fargo customer can use this product. The customer does not need to be an ICICI Bank account holder. Only the beneficiary needs to be an ICICI bank a/c holder and this a/c needs to be linked to the Wells Fargo ExpressSend Service Agreement.
How do I link the ICICI bank account to the Wells Fargo ExpressSend Service Agreement?
It's easy to get started:
- Talk to your Wells Fargo banker about the options available and select the one you like best, that fits you and your beneficiary's needs
- Provide Wells Fargo with the necessary beneficiary information once; no additional forms are needed when you want to send money to the same beneficiary again: Inform who should receive the money (beneficiary), including the beneficiary's full name exactly as it appears as per the ICICI bank records and the beneficiary's full physical address in India along with the beneficiary's qualifying rupee deposit account number at ICICI bank
Indicate how you want to send the money (from your Wells Fargo checking or savings account or from cash). Note: From cash is only available in selected Wells Fargo store locations. Only a one time set-up of the transfer details is required.
- Once this is completed, the account verification is carried out and eligible ICICI bank account is linked to your Wells Fargo ExpressSend Service Agreement
How much time does it take to open the Wells Fargo ExpressSend Service Agreement?
You can open a Wells Fargo ExpressSend Agreement by visiting any Wells Fargo branch. If you will be remitting money from your Wells Fargo checking or savings account, you can also call the Wells Fargo Phone Bank at 800-869-3557 (Toll Free in the United States) to open your Service Agreement. Once you have opened the Service Agreement, there is a one-time verification of beneficiary account details which may take up to ten business days before a remittance may be initiated using the Service Agreement.
How do I send a remittance?
You can send money using your ExpressSend Service Agreement at any Wells Fargo branch and the amount would be automatically transferred to the beneficiary's rupee account (either self or third party) with ICICI Bank. Your first remittance using each Service Agreement must be conducted in person at a Wells Fargo branch. Subsequent remittances from that Service Agreement that are being funded from your Wells Fargo checking or savings account may be conducted either at a Wells Fargo branch or by calling the Wells Fargo Phone Bank at 800-869-3557.
Do I get an ATM card with the ExpressSend Service Agreement?
If you have a Wells Fargo checking or savings account, you should receive an ATM or Check Card for this account. The Wells Fargo ExpressSend Service Agreement is a feature that you can add to your eligible Wells Fargo consumer checking or savings account, it is not a separate account into or out of which funds would be transferred.
What are the charges for sending money?
Charge per remittance - USD 5 for a daily maximum of USD 5000 if the remittance is funded from your eligible Wells Fargo checking or savings account, and USD 7 for a daily maximum of USD 3000 if the remittance is funded using cash. The transaction charge is automatically debited from the checking or savings account used to send funds, in addition to the amount that is being remitted. Fees for transactions funded using cash, are paid in cash at the time of the transaction. You may qualify for a fee discount or waiver for remittances funded from your eligible Wells Fargo checking or savings account, depending on your account relationship with Wells Fargo.
What is the exchange rate I will get for conversion of dollars into Indian Rupees?
The rate for converting dollars to Indian rupees would be applied by Wells Fargo on the basis of the USD to INR Wells Fargo ExpressSend conversion rate for that day. You may find this by calling Wells Fargo at 1-800-556-0605, selecting your preferred language and choosing option 3.
What are the fees associated with maintaining this Service Agreement?
No monthly or annual service fee is levied for this Service Agreement. There is no setup fee charged for this Service Agreement. Any checking or savings accounts you maintain with Wells Fargo will be subject to the terms and conditions for those accounts.
What do I do if I already have a Wells Fargo banking account?
A Wells Fargo ExpressSend Service Agreement is a feature that you can add to your eligible Wells Fargo consumer checking or savings account to transfer money to your beneficiary (an account based service agreement) or you can establish the agreement as a stand alone service to send cash to your beneficiary (a cash based service agreement). The stand alone cash based service agreement is available only in selected Wells Fargo store locations
How many ICICI Bank accounts can I link to the remittance account?
You may only have one beneficiary per Wells Fargo ExpressSend Service Agreement, regardless of the agreement type (account based agreement or cash based agreement). For each additional beneficiary you will need to open a separate Wells Fargo ExpressSend Service Agreement. You may not name the same beneficiary on more than one Wells Fargo ExpressSend Service Agreement.
There is a limit of six Wells Fargo ExpressSend Service Agreements per customer - four from your Wells Fargo consumer checking or savings account (account based service agreements) and two cash based agreements.
Can I change my beneficiary at a later date?
Yes, you can change your beneficiary at any time. You will need to visit your nearest Wells Fargo branch so they may submit your change or you may call the Wells Fargo Global Remittance Customer Service team at 800-556-0605 (Toll Free in the United States). When you change beneficiary information, a one-time verification of the new beneficiary information must be completed before you can remit funds using that Service Agreement.