Wells Fargo & Co. wants a piece of money sent from here to relatives in China and Vietnam.
Nearly all big banks offer money transfers to Mexico. But Wells Fargo is among the first of the major banks to offer money transfers for those of Chinese and Vietnamese descent here.
In Orange County, the bank is targeting Little Saigon, an enclave that runs through parts of Westminster, Garden Grove and Santa Ana. The area is home to more than 300,000 people and is the largest Vietnamese population outside Vietnam.
Wells Fargo has two branches in Westminster and three in Garden Grove.
In the past year, two banks,Saigon National Bank and First Vietnamese Bank,opened in Westminster to serve the local population.
Wells Fargo sees money transfers as a means to expand banking with Asian-Americans.
Daniel Ayala, senior vice president of global remittance services for Wells Fargo, cited Celent LLC statistics showing that an estimated $3.6 billion will be sent to Vietnam from families in the U.S. this year.
Wells Fargo hopes to lure business from check cashing centers and money transfer companies,and bring customers to the bank for other services.
Wells Fargo is working with Agricultural Bank of China and the Commercial Bank of Vietnam on the money transfers. For China, customers can send up to $1,000 a day for $8. For Vietnam, as much as $3,000 a day can be sent for $8.
,Pat Maio
