Walmart announced last week plans to launch a money transfer service with Ria that will allow person-to-person money transfers at more than 4,000 retail locations nationwide for, according to the company, up to half the cost of similar services.
“After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution,” Daniel Eckert, the senior vice president of services for Walmart U.S., said. “Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for our customers. We’re doing what we do best – launching a new service that challenges the status quo and drives down prices for our customers.”
The service, which will be powered by Euronet subsidiary and money transfer provider Ria, features two pricing tiers: up to $50 for $4.50 and up to $900 for $9.50. According to Walmart, money transfers of more than $50 make up a majority of transactions in the U.S.
“We believe the combination of Walmart’s existing footprint, with Ria’s high-quality service, and our shared focus on the customer is what makes Walmart-2-Walmart a true differentiator and stand apart from other services on the market,” Ria CEO Juan Bianchi said.
The money transfer service adds to several other financial services the retail giant currently offers, including check cashing, bill pay, money orders and tax preparation. Walmart also offers prepaid card programs through Walmart MoneyCard and a checking and debit alternative through its Bluebird service.
“Walmart-2-Walmart is a great example of how Walmart continues to partner with world-class providers to offer customers financial products and services that provide clear benefits and help them save money,” Eckert said. “The entrance of Walmart-to-Walmart into the money transfer market is good for our customers and good for business.”