Walmart’s push into money transfers comes a few months after it announced it was partnering with PayActiv and Even, two financial-technology firms, to offer its 1.4m US employees tools for money management and on-demand access to their earned wages. Money can be delivered to MoneyGram’s agent locations in 200 countries, or an international bank or mobile wallet account. The service will allow US residents to send money to countries such as Mexico, which received nearly $30bn in remittances last year, according to Mexico’s central bank.Ĭustomers will pay $4 to send up to $50, $8 to send up to $1,000, and $16 to send up to $2,500. The retailer has partnered with MoneyGram, one of the big wire transfer groups, to expand globally this month. Walmart claims it has saved customers $700m in fees because it charges cheaper rates. Walmart first unveiled a money transfer service four years ago, allowing customers to send funds between its stores, and aiming to reach the “underbanked” - about 27% of Americans have limited access to traditional banking, according to the Federal Deposit Insurance Corporation.
Through the new money transfer operation, people will be able to deliver money from Walmart’s nearly 5,000 US stores to locations abroad within 10 minutes.Īs more consumers increasingly rely on Walmart and Amazon for their daily shopping, tie-ins to their finances are another way to keep customers on the companies’ websites and visiting their stores. Walmart extends financial services with money transfer operation
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