Walmart Lowers Prices, Increases Limits on Money Transfers
Walmart has lowered fees and increased limits on its money transfer program, hoping to appeal to the 27% of the population which is unbanked or underbanked. This new structure makes the mega-retailer one of the most affordable money-sending systems on the market.
Within the United States, customers can now send up to $2,500 for just $18 (the previous limit was $900) with Ria Money Transfers. Some companies charge $50 or more for the same service. This option is available through the Walmart2Walmart program, where users send money to other Walmart stores for their loved ones to pick up. The Walmart2Walmart network has 4,600 locations throughout the country.
Through the MoneyGram program, the retailer expanded the Walmart2Walmart program to its stores in Mexico. The limit for this service is $800 with a $6.50 fee. There are over 1,200 Mexico-based Walmart stores in the program, including those carrying the names Bodega Aurrera, Superama, and Mi Bodega Aurrera. Walmart reports 18% of American international transfers go to Mexico, and the company claims their services are 20% less expensive than other international money transfer options.
For transfers over $2,500 within the United States, MoneyGram lowered its service fees at Walmart stores to 1.2%. By comparison, some competitors charge a fee of 2%.
“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,” said Kirsty Ward, vice president of services for Walmart in the United States. “We’re committed to driving down the cost of sending money, which means customers keep more of their hard-earned funds.”