Walmart Inc. (NYSE: WMT) on Tuesday announced to launched an international money transfer service with MoneyGram International, Inc. (NASDAQ: MGI)
The new money transfer service is called Walmart2World and is schedule to launch in all of Walmart’s 4,700 U.S. stores this month.
Walmart launched the domestic money transfer service Walmart2Walmart four years ago, which allows customers to transfer funds between Walmart locations in the U.S. The new Walmart2World will allow customers to send money in more than 200 countries with a consistently low fee.
“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, vice president, 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.”
The key features of Walmart2World include Unique Pricing Structure, Highly Competitive Exchange Rates and Delivery Within Minutes to Worldwide Network.
Walmart2World charged $4 to send up to $50, $8 to send $51 to $1,000, and $16 to send $1,001 to $2,500.