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Wells Fargo discounts transfers to Mexico

The Associated Press

The Associated Press

SAN FRANCISCO – Wells Fargo & Co. is poised to introduce a discount service for wiring money to Mexico, representing the latest move in the banking giant’s courtship of the steadily growing Hispanic population in the United States.

The new service will charge a $10 flat fee for wiring as much as $1,000 to Mexico.

The price undercuts the rates charged by the dominant financial wire services, Western Union and Moneygram. The market leaders collect a $15 fee on a comparable wire transfer of up to $300 and charge as much as $50 for sending $1,000 to Mexico. In some cases, Moneygram charges a flat fee of $15 for any amount.

Wells intends to test its new wire service in a Phoenix branch and seven Texas branches starting by April.

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