Walmart Stores, along with Ria Money Transfer and MoneyGram International, announced Wednesday (Oct. 26) it is making the necessity of transferring money even more affordable for customers.
In a press release, the retailer pointed to the National Survey of Unbanked and Underbanked Households that found nearly 27 percent of Americans are unbanked or underbanked and rely on services such as wire transfers as a safe and reliable alternative as they manage their everyday finances.
“Our customers tell us they are looking for simple and affordable solutions that make their lives easier,” said Kirsty Ward, vice president of services at Walmart U.S., in the press release. “Millions of our customers use transfers as part of their everyday money management — sending funds regularly to their loved ones and often in times of urgent need. We’re committed to driving down the cost of sending money, which means customers keep more of their hard-earned funds.”
Walmart, Ria and MoneyGram announced a series of changes to their money transfer services that deliver lower prices, greater convenience and a simplified fee structure for customers. Some of them include increasing the transfer limit when sending money via Walmart2Walmart powered by Ria in the United States. Customers can now send up to $2,500 for $18 when using the exclusive transfer service. Previously, the limit was $900. Competitive offerings charge up to $50 to transfer $2,500.
Walmart is also expanding Walmart2Walmart to include transfers to Walmart Mexico stores, powered by MoneyGram. Customers can send up to $800 for $6.50 or less from any Walmart store in the U.S. to any of the more than 1,200 Walmart stores in Mexico. What’s more, MoneyGram has lowered the service fees on transfers within the U.S. for funds sent over $2,500, exclusively at Walmart. Customers will now pay 1.2 percent on face value of transfers over $2,500. These changes will result in savings of up to $80 in fees when compared to competitive offerings of 2 percent.