Walmart Announces New Low-Price Fee on Money Transfers to Mexico

Rhea-AI Summary

Walmart (NYSE: WMT) has relaunched its Walmart2Walmart money transfer service to Mexico, allowing customers to send money for as low as $2.50 per transaction, significantly undercutting competitors by at least 50%. This initiative targets unbanked and underbanked households, highlighting Walmart's commitment to affordable financial solutions. The program aims to facilitate the increasing demand for cross-border payments, with remittances to Mexico having risen over 27% in 2021. This service builds on Walmart's previous efforts and aims to enhance customer financial well-being.

Positive

• Low transaction fee of $2.50, at least 50% lower than competitors.
• Targets unbanked and underbanked customers with affordable financial solutions.
• Timely relaunch aligns with increasing remittances to Mexico, which rose over 27% in 2021.
• Strengthens customer loyalty and market position in the money transfer sector.

Negative

• None.

The retailer delivers incredible savings for millions of customers in relaunch of Walmart2Walmart Mexico, powered by Ria Money Transfer

BENTONVILLE, Ark.--(BUSINESS WIRE)-- Walmart (NYSE: WMT) is making it significantly cheaper for its customers to send money to Mexico. Customers can now send money from any Walmart store in the U.S. to any Walmart store in Mexico for as little as $2.50 per transaction through its Walmart2Walmart money transfer program – at least 50% lower than similar offerings on the market.

This game-changing low fee marks another major milestone for the retailer as it remains committed to providing more inclusive and affordable financial solutions for all customers, including unbanked or underbanked households that rely on services like wire transfers for everyday money management.

“We are thrilled to offer Walmart shoppers a convenient way to send money to their loved ones in Mexico at an incredibly low price,” said Julia Unger, vice president, Walmart Financial Services. “Our low-fee strategy demonstrates our commitment to continue improving the financial well-being of our customers around the world.”

Today’s announcement builds on the momentum of the original Walmart2Walmart money transfer service between the U.S. and Mexico, launched in 2016. That service paused in 2018 while the company invested in lowering prices and boosting the infrastructure to power today’s new service. With remittances to Mexico up over 27% in 2021, Walmart’s relaunch of Walmart2Walmart Mexico is timely, enabling customers to use Walmart’s large network of stores to send money quickly and inexpensively at a time when cross-border payments are rapidly growing.

“We are delighted to collaborate with Walmart on this exceptional service, which provides customers price benefits and easier access to fast, safe and guaranteed money transfers to Mexico,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Thanks to Ria’s scalable capabilities, coupled with Walmart’s large footprint, we can help Walmart offer unrivaled value and convenience to Mexicans living in the U.S. and their families back home in Mexico.”

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About Walmart

Walmart 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, approximately 230 million customers and members visit approximately 10,500 stores and clubs under 46 banners in 24 countries and eCommerce websites. With fiscal year 2022 revenue of $573 billion, Walmart employs 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 https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

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Walmart Media Relations

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Source: Walmart Inc.

FAQ

What is the new fee for Walmart's money transfer service to Mexico?

Walmart's new fee for the Walmart2Walmart money transfer service to Mexico is $2.50 per transaction.

How much lower is Walmart's money transfer fee compared to competitors?

Walmart's money transfer fee is at least 50% lower than similar offerings in the market.

When was the Walmart2Walmart service relaunched?

The Walmart2Walmart service to Mexico was relaunched recently as part of Walmart's ongoing financial services initiatives.

What percentage did remittances to Mexico grow in 2021?

Remittances to Mexico increased by over 27% in 2021.

What demographic does Walmart's money transfer service primarily target?

The service primarily targets unbanked and underbanked households.