Walmart going global with money transfer service
By Marianne Wilson - Apr 4th 2018, 08:45
Walmart is expanding Walmart2Walmart, a program it launched four years ago that targets unbanked consumers, allowing them to transfer money between Walmart U.S. stores.
The discount giant is rolling out the initiative to the global wire service market under the banner of Walmart2World, Powered by Moneygram. Scheduled to launch in all of Walmart’s 4,700 U.S. stores this month, Walmart2World will allow customers to transfer funds to people in more than 200 countries.
Walmart said of the key features that will differentiate Walmart2World from other global wire service offerings will be its low, consistent prices and speed. The fees for the service will be the same regardless of where the sender is located and where the money is being sent. It will cost the sender $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,” Walmart stated.
Also, funds transferred via Walmart2World will be delivered in 10 minutes or less, regardless of where the receiver chooses to pick up the money at one of MoneyGram’s agent locations in 200 countries, or an international bank or mobile wallet account. Other international wire services can take up to three days to deliver the funds, according to the retailer.
Customers using Walmart2World can also save time by using the Walmart app’s mobile express money services feature. After a 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.
“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,” said Kirsty Ward, VP, Walmart Services. “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.”© 2018 Chain Store Age.
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