Four years after Walmart introduced Walmart2Walmart, a domestic money-transfer service, the big-box retailer is now giving consumers the opportunity to transfer money worldwide. Called Walmart2World, the platform allows the transfer of money in 200 countries with a consistently low fee.
MoneyGram is scheduled to launch in all of Walmart's 4,700 U.S. stores in April. The service will differentiate from Walmart2World in three key ways: First, the pricing structure is unique in that wherever the customer is in the U.S. and wherever they are sending money, the cost will be $4 to send up to $50, $8 to send $51 to $1,000, and $16 to send between $1,001 and $2,500.
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Second, Walmart is committed to ensuring customers get competitive foreign exchange rates when using Walmart2World. And finally, the delivery of funds will occur in 10 minutes or less, compared to other international wire services that can take up to three days.
An additional feature that Walmart is offering is Mobile Express Money Services through the Walmart app. Consumers need to complete a quick, one-time setup and then can initiate a money transfer from the Walmart App. Once the customer reaches a store, they can move through the Mobile Express Lane to quickly complete the transaction as all receipts and details are saved electronically.