BENTONVILLE, Ark.--(BUSINESS WIRE)--According to the National Survey of Unbanked and Underbanked Households, nearly 27 percent of Americans are unbanked or underbanked and rely on services such as wire transfers as a safe and reliable alternative as they manage their everyday finances.
With millions of customers making money transfers in Walmart stores each month, Wal-Mart Stores, Inc., along with Ria Money Transfer and MoneyGram International Inc., is making the necessity of transferring money even more affordable for customers.
“Our customers tell us they are looking for simple and affordable solutions that make their lives easier,” said Kirsty Ward, vice president, Services, Walmart U.S. “Millions of our customers use transfers as part of their everyday money management – sending funds regularly to their loved ones and often in times of urgent need. We’re committed to driving down the cost of sending money, which means customers keep more of their hard-earned funds.”
Walmart, Ria and MoneyGram today announced a series of changes to their money transfer services that deliver lower prices, greater convenience and a simplified fee structure for customers.
The benefits and reach of Walmart2Walmart, a revolutionary low cost service that enables customers to transfer money to and from Walmart stores, has expanded. Changes to the service include:
Increasing the transfer limit when sending money via Walmart2Walmart
powered by Ria in the United States -
- In 2014, Walmart and Ria introduced the retail industry-first Walmart2Walmart money transfer program giving customers a low-cost service that allows them to transfer money to and from more than 4,600 Walmart stores nationwide at a lower cost than competitors.
- Customers can now send up to $2,500 for $18 when using the exclusive transfer service. Previously, the limit was $900. Competitive offerings charge up to $50 to transfer $2,500.
Expanding Walmart2Walmart to include transfers to Walmart Mexico
stores, powered by MoneyGram.
- Customers can send up to $800 for $6.50 or less from any Walmart store in the U.S. to any of the more than 1,200 Walmart stores in Mexico
- More than 18 percent of international money transfers from the United States are sent to Mexico with many of them both starting and ending in Walmart stores. Walmart operates in Mexico under the banners Walmart, Superama, Bodega Aurrera and Mi Bodega Aurrera.
- With Walmart2Walmart Mexico, powered by MoneyGram, customers can save up to 20 percent when compared to other international money transfer options and know that their funds are being transferred quickly and safely.
MoneyGram Domestic Money Transfers at Walmart
MoneyGram has lowered the service fees on transfers within the U.S. for funds sent over $2,500, exclusively at Walmart. Customers will now pay 1.2 percent on face value of transfers over $2,500. These changes will result in savings of up to $80 in fees when compared to competitive offerings of 2 percent.
Ria and MoneyGram are the licensed money transfer operators for all money transfer transactions at Walmart and Walmart acts as the authorized agent of the two companies.
Money transfer services are just one of many financial services offered at local Walmart MoneyCenters and Walmart Customer Service desks. Other services include check cashing, bill pay, money orders, tax preparation services and Card programs with the Walmart Credit Card, Walmart MoneyCard and Bluebird.
For more information, please visit: www.walmart.com/moneycenter.
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, nearly 260 million customers and members visit our 11,539 stores under 63 banners in 28 countries and e-commerce websites in 11 countries. With fiscal year 2016 revenue of $482.1 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.
Ria, a subsidiary of Euronet Worldwide, Inc. (NASDAQ:EEFT), is a global leader in money remittances. Ria offers fast, secure, affordable money transfers through a network of approximately 314,000 global agents spanning 144 countries and online at www.riamoneytransfer.com. The company is steadfast in its commitment to its customers and remains ingrained within the communities in which they live.
MoneyGram (NASDAQ: MGI) is a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.