Wal-Mart's Money Transfer Service Offers One Low-Price Solution for Sending Money to Latin America

New low price arrives just in time for Mother’s Day

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BENTONVILLE, Ark. – May 4, 2006 – Just in time for Mother’s Day, Wal-Mart customers can send up to $1,000 from the United States to Latin America for one fixed fee of $9.46. The MoneyGram money transfer takes just 10 minutes and is a great way to send money home for the fast-approaching Mother’s Day holiday — the busiest time of the year for money transfers.

Traditionally, fees for sending money transfers to Latin America have varied based on the destination country and the amount being sent.  But Wal-Mart now offers money transfer service at one convenient low price for Wal-Mart customers who wish to send money to family members at 14,000 locations throughout Latin America, including Mexico.

“At Wal-Mart, we pride ourselves on providing great value to our customers,” said Jane Thompson, president of Wal-Mart Financial Services.  “It’s a great advantage to our customers to know they will pay one low price to transfer money to loved ones anywhere in Latin America.  That’s what our customers expect from Wal-Mart.”

Previously, Wal-Mart customers spent an average of $15.12 to send up to $1,000 to Latin America.  The new pricing structure represents a 35 percent savings for the average money transfer and offers a significant savings for those who regularly send money to loved ones outside the United States.

In addition, MoneyGram money transfer recipients who pick up their funds at Wal-Mart, Bodega Aurrera, Superama and Suburbia stores in Mexico will receive a 20 peso gift card.

In addition, MoneyGram money transfer recipients who pick up their funds at Wal-Mart, Bodega Aurrera, Superama and Suburbia stores in Mexico will receive a 20 peso gift card.

“Mother’s Day is an important day for our customers who have family many miles away,” said Thompson.  “With our new low price, they can send more of their hard-earned money to their mothers because they’ll spend less on transfer fees.”

Wal-Mart customer Maria Coronilla of Houston, Texas, is especially excited about the new money transfer service. She sends money regularly to her 83-year-old mother in San Luis de la Paz in the state of Guanajuato, Mexico, for medication and to refill her much-needed oxygen tank.

“I send money to my mother every two weeks, so it is important for me to use an affordable service that is fast and reliable and rewards me for sending money frequently,” said Coronilla. “It’s nice to know that every time my mother picks up the money I send her, she’ll also have a little more to spend on her needs.” 

In addition, those sending money to Latin America from Wal-Mart are given a three-minute phone call to inform the receiver of the money transfer.

Wal-Mart is providing a solution to meet the growing demand for money transfer services to Latin America.  A study conducted by Synovate showed that Mexico received more than $11.3 billion in money transfers from the United States in 2005.  In addition, Central America received $2.1 billion; South America $1.3 billion and the Dominican Republic $413 million. About half of Hispanics in the U.S. reported sending money home to relatives outside the country, and the average amount sent to Latin America was more than $210 per month.

About Wal-Mart
Wal-Mart Stores, Inc. operates Wal-Mart Stores, Supercenters, Neighborhood Markets and SAM’S CLUB locations in the United States. Internationally, the company operates in Argentina, Brazil, Canada, China, Germany, Japan, Mexico, Puerto Rico, South Korea and the United Kingdom. The company’s securities are listed on the New York and Pacific stock exchanges under the symbol WMT. More information about Wal-Mart can be found by visiting www.walmartfacts.com.  Online merchandise sales are available at www.walmart.com.