Wells Fargo wants its small business clients to more affordably use their commercial cards abroad. In an announcement Wednesday (Oct. 28), the bank revealed that it is ending foreign transaction fees for its small business credit cards and lines of credit.
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"More and more small businesses are finding opportunities to grow and operate in the global economy, and we want to help our small business customers do this as cost-effectively as possible,” said Lisa Stevens, the bank’s head of small business, in a statement announcing the changes. “Reducing the expense of credit for purchases outside the United States – whether it’s for foreign travel expenses or for buying materials overseas – makes international business more economical for a small business and will add more money to their bottom line.”
According to Wells Fargo, the fee cuts came into effect for all transactions made outside the U.S. starting on Oct. 1, and it will apply to all SMEs working with Wells Fargo’s Business Elite, business Platinum and Business Secured Credit Card products. Businesses using the bank’s SME line of credit with access cards will also see their fees nixed for foreign transactions.
The bank added that the move makes it the nation’s only major bank that does not charge fees on foreign transactions for its small business cards.
The changes can yield savings of about $800 in a year for a small business with a Business Platinum Card making more than 500 foreign transactions worth $27,500 in the time period, the bank said.
Wells Fargo announced the fee cuts just one day after revealing that its Corporate Treasurer Paul Ackerman will now be serving as the vice chairman of Wells Fargo Securities as well as senior banker responsible for serving global financial institutions.
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