Walmart Lowers Money Transfer Fees, Plans to Launch Digital Transfers in May
Walmart launched their store-to-store money transfer program three years ago, and now they’ve lowered their fees even further. As of today, Walmart2Walmart cash transfers under $50 are only $4.
The chart on WalmartMoneyTransfers.com provides a breakdown of costs for each price point. Fees range from $4 to $16, with a maximum transfer of $2,500. With Walmart2Walmart, customers can send cash from one Walmart location to be picked up as cash in a different location. All Walmart stores in the United States and Puerto Rico are eligible for the program, and most transfers are completed within minutes.
Walmart just lowered their fees and increased their transfer limits in November 2016. The maximum fee at that time was $18, which was still lower than competitors such as Western Union. The same transaction costs $50 to $176 through Western Union, depending on where the funds are going.
In addition to the new lower fees, Walmart is launching a digital money transfer service in May. Walmart and American Express have partnered to create Bluebird2Walmart. Bluebird is essentially a bank account without the “bank.” Users get an American Express debit card attached to their account, and can receive direct deposits, use their cards at ATMs, cash checks through their mobile devices, and much more. Next month, account holders will have the option to send money from their accounts to a Walmart location through the Bluebird website or mobile app. The fees will be the same as Walmart2Walmart fees.