BB&T Money Transfer Product EasySend now Free, Available Across Footprint
Tuesday June 20, 10:15 am ET
WINSTON-SALEM, N.C., June 20 /PRNewswire-FirstCall/ -- BB&T Corporation (NYSE: BBT - News) today said it will begin offering free international money transfers throughout its banking network covering more than 1,400 financial centers.
EasySend (or "EnvioFacil") previously was available only at one of BB&T's 135 designated Hispanic Banking Centers for a $5 remittance fee and a $5 account opening fee. BB&T is now waiving the fees for clients who have a checking account, savings account or payroll card with BB&T.
Introduced in 2004, the money transfer product was originally designed primarily for Hispanic immigrants who regularly send money back to family in their native country.
It has since evolved into a popular product for immigrants from anywhere in the world, a competitive advantage in the $110 billion global remittance market over financial institutions focused only on Hispanic countries, BB&T officials said.
"EasySend allows clients from all over the world to conveniently and safely transfer funds," said Scott Qualls, Deposit Access Products manager. "They can even bring cash to a BB&T branch for a transfer. And now they can also do that for free at any financial center in our footprint - from Maryland to Florida and west to Kentucky.
"We look forward to continuing to meet our clients' immediate money transfer needs in a high quality fashion and building long-term financial relationships over time."
Once an EasySend account is set up, clients will typically mail their family a packet with an ATM card and instructions on how to pick up cash from any Visa Plus ATM worldwide using a personal identification number (PIN). BB&T is also now waiving the 2 percent ATM withdrawal fee for clients with a BB&T checking account, savings account or payroll card.
"At BB&T, our focus with money transfers is much broader than Mexico and the rest of Latin America," said Jorge Moller, BB&T's Multicultural Markets manager. "Our EasySend product is open to everyone who needs to send a money transfer, regardless of their country of origin. We felt it was important to be a global player in the remittance business.
"The demand is certainly already there and now that we've eliminated the fees, the product is more accessible and will only continue to grow in popularity."
EasySend allows clients to open an account with cash. Or if they already have a BB&T account, they can transfer funds directly into an EasySend account. Accounts can have a maximum balance of $2,500 each month. The minimum deposit is $25; the maximum is $1,000.
Winston-Salem, N.C.-based BB&T Corporation and its subsidiaries offer full-service commercial and retail banking and additional financial services such as insurance, investments, retail brokerage, corporate finance, consumer finance, payment services, international banking, leasing and trust.
BB&T operates more than 1,400 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana and Washington, D.C.
With $110 billion in assets, BB&T Corp. is the nation's ninth largest financial holding company. More information about BB&T Corp. is available at www.BBT.com.
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