Walmart announces money transfer service
The company said the cost would be up to 50 percent less than similar offerings on the market.
Walmart-2-Walmart offers a clear fee structure with just two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50. Competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S. Walmart-2-Walmart will bring dramatic savings to these customers, the company said.
"After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution," said Daniel Eckert, senior vice president of services for Walmart U.S.
Walmart-2-Walmart is powered by Ria, a Euronet subsidiary and provider of money transfers. Ria is the licensed money transfer operator for all Walmart-2-Walmart , and Walmart acts as the authorized agent of Ria. ■