On Tuesday, retail giant Walmart announced the launch of its new global wire service, Walmart2World. The company revealed that four years ago it changed the “money transfer game” with the introduction of Walmart2Walmart, which is a domestic money transfer service that offered lower cost, which has reportedly saved customers nearly $700 million in fees. Walmart notably teamed up with Moneygram on the service.
While sharing more details about the new transfer service, Kirsty Ward, Vice President of Walmart Services, stated:
“We think sending money should cost the same regardless of where you send it; that’s why we’ve designed a brand new global wire service to send money to 200 countries with a consistently low fee. There are millions of people sending money around the world to help loved ones with everyday needs or in times of emergency. Walmart2World, Powered by Moneygram helps customers get money to family and friends across the world in minutes, and the new low fees mean more of their hard-earned cash goes where it’s needed most.”
Currently scheduled to launch in all 4,700 U.S. Walmart stores this month, Walmart2World’s key features are:
- Unique Pricing Structure: Wherever customers are in the United States, and to wherever they are sending money, the new, low fees for Walmart2World are the same – $4 to send up to $50, $8 to send $51 to $1,000, and $16 to send $1,001 to $2,500. This is unlike other international transfer services that change the fee to transfer money based on where sender and/or receiver are located.
- Highly Competitive Exchange Rates: Walmart is committed to ensuring customers receive a more competitive foreign exchange rate when transferring money using Walmart2World. The new Walmart2World low fees, combined with these great exchange rates deliver incredible value for international sends.
- Delivery Within Minutes to Worldwide Network: Compared to other international wire services that can take up to three days, Walmart2World will deliver funds in 10 minutes or less, whether the receiver opts to pick up the money at any one of MoneyGram’s agent locations in 200 countries, or an international bank or mobile wallet account.
Alex Holmes, MoneyGram’s CEO, also commented:
“Walmart2World is a powerful platform that allows customers to send money from Walmart in the U.S. to any MoneyGram agent location in 200 countries. The new product demonstrates our shared commitment to ensuring our customers receive the financial services they depend on at an outstanding value.”
Walmart added that customers using Walmart2World may also save time by using Mobile Express Money Services in the Walmart App. After a quick, one-time set-up, customers initiate their transfer from the Walmart App, and once at the store, fast-track through the Mobile Express Lane to quickly complete their transaction. Receipts and transaction details are saved electronically, helping to make future transactions even faster and easier.