Walmart adds Mexico store base to Walmart2Walmart money transfer service

BENTONVILLE, Ark. – Wal-Mart Stores, along with Ria Money Transfer and MoneyGram International, on Tuesdasy announced a series of changes to their money transfer services, making it more affordable to transfer money within the U.S. and adding Wal-Mart Stores Mexico store base to its store-to-store money transfer network.



“Our customers tell us they are looking for simple and affordable solutions that make their lives easier,” stated Kirsty Ward, VP 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.”



In partnership with MoneyGram, Walmart expanded its Walmart2Walmart service to include transfers to Walmart Mexico stores. 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.



"Our new Walmart2Walmart Mexico product is a big positive and offers MoneyGram and Walmart customers exceptional service at a great value when they need to send money to friends and family in Mexico," commented Alex Holmes, CEO MoneyGram. "This new product along with other recent MoneyGram and Walmart initiatives, demonstrates our shared commitment to each other and to making money transfers easier and more affordable for customers and their families in the U.S. and Mexico."

More than 18% 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% when compared to other international money transfer options and know that their funds are being transferred quickly and safely, the company stated.



The U.S. to Mexico corridor is the largest country-to-country remittance corridor in the world. According to the World Bank, more than $24 billion was sent from the U.S. to Mexico in 2015.  Most customers make money transfers for family support purposes or special occasions such as religious festivals or emergency transfers. Forbes recently reported that in 2015 remittances overtook oil as the leading source of foreign income in Mexico.

And in the U.S., the benefits and reach of Walmart2Walmart, a low cost service that enables customers to transfer money to and from Walmart stores, has expanded. The transfer limit when sending money via Walmart2Walmart powered by Ria has increased. 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.