Wells Fargo and Agricultural Bank of China (ABC), one of the largest banks in China, are offering an account-to-account remittance program. Customers in the United States can send up to $1,000 a day to China for $8. Recipients can claim their funds at more than 31,000 ABC branches and 12,500 ATMs throughout China.

Wells Fargo & Company has announced that it has become the first major U.S. bank to offer consumer remittance services to China, Vietnam and Philippines, further strengthening its goal of being the leader in offering new financial products and services to better serve the U.S. Asian community. Wells Fargo are offering an account-to-account remittance program to Vietnam, and expanding the service to the Philippines in addition to its ATM Remittance Account.

“China, Vietnam and the Philippines are three of the largest remittance destinations in the world, accounting for 30 percent of the estimated $85 billion in remittance flows that Asian countries will receive by the end of 2006,” said Dan Schatt, senior analyst, Celent. “In the U.S., the majority of households that remit money to these three countries are more likely to have and actively use their bank accounts for financial transactions and money movement. The convenience, low cost and reach associated with cross border banking arrangements may very well attract additional informal remittance flows to these country’s financial systems, which could represent additional $15 billion in remittance activity.” ( Wells Fargo )