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In a first for the retail industry, Walmart and Ria have launched the Walmart-2-Walmart Money Transfer Service. Starting April 24, the low-cost service will enable customers to transfer money to and from more than 4,000 Walmart stores across the country for up to 50 percent less than comparable offerings.
"After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution," said Daniel Eckert, SVP of services for Walmart U.S. "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."
Walmart-2-Walmart offers two pricing tiers: transfers of up to $50 for $4.50, and up to $900 for $9.50. Other services often include 10 or more fee tiers and charge as much as $70 for transferring under $1,000.
Aid for the Underbanked
Leveraging the mega-retailer’s existing footprint and technology, Walmart-2-Walmart is powered by Ria, a global provider of money transfers and a subsidiary of Leawood, Kan.-based Euronet Worldwide Inc.
"Walmart-2-Walmart isn’t just another money transfer service," noted Juan Bianchi, CEO of Buena Park, Calif.-based Ria Money Transfer. "It provides customers the best value with the speed and security they expect."
The companies expect the service to benefit the nearly 28 percent of Americans who are classified as either underbanked or unbanked.
Other money services provided by Walmart include check cashing, bill pay, money orders and tax preparation services, along with pre-paid card programs though the Walmart MoneyCard, and Bluebird, a checking and debit alternative.
Bentonville, Ark.-based Wal-Mart Stores Inc. operates 11,302 stores under 71 banners in 27 countries, and e-commerce websites in 10 countries.