Walmart Continuing to Help Drive Money Transfer Prices Down Through International Money Transfer Marketplace
BENTONVILLE, Ark., Nov. 4, 2019 — Five years ago, Walmart began providing customers with a flat, low fee domestic money transfer service called Walmart2Walmart. Last year, the retailer brought the same game-changing model to the global money transfer service market with the launch of Walmart2World.
Today, Walmart is announcing that consumers who have used these low-cost, innovative money transfer platforms since 2014 have saved an estimated $1 billion in total costs* due to Walmart’s Every Day Low Price Strategy, which has increased competition and helped reduce consumer costs across the money transfer industry. Walmart is also announcing the next step in its commitment to help customers save on money transfers by creating, in collaboration with MoneyGram and Ria, its money transfer principals, an international money transfer marketplace serving all 4,700 U.S. Walmart stores.
In the coming weeks, customers using Walmart2World will be able to choose either MoneyGram or Ria, when making an international money transfer. Through its marketplace, Walmart2World will offer customers even more choices for payout methods, more payout locations around the world, and more competitive foreign exchange rates, all at a transparent, flat, low-cost transfer fee.
“When we launched Walmart2Walmart and Walmart2World, our goal was to create a platform with money transfer principals that enabled customers to have more choice when transferring money to friends and family around the country and the world,” said Wilbert Noronha, Vice President, Financial Services, Walmart U.S. “The addition of Ria to Walmart2World, which creates a competitive platform for exchange rates that we believe will help deliver more value, is simply the next step on our journey.”
“MoneyGram and Walmart have worked closely together for over two decades and have innovated to provide the world’s leading money transfer service for consumers in the United States,” said Alex Holmes, Chief Executive Officer, MoneyGram. “Walmart’s vision of creating a marketplace for financial services will benefit consumers through pricing and payout options, and we believe that our leading brand and competitive foreign exchange rates will help drive the future success of the marketplace.” To that point, Walmart has extended its agreement with MoneyGram through 2021.
“We are excited Walmart has chosen to expand its relationship with Ria in their mission to provide customers more choice and the most economical and transparent services at the best price,” said Juan Bianchi, Chief Executive Officer, Euronet’s Money Transfer Segment. “This expanded product offering reflects our great relationship with Walmart and our joint mission to offer customers more choice at a better value when sending money abroad.”
Visit Walmart.com for more details on Money Transfers at Walmart.
*Based on pricing differences at launch
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, over 275 million customers and members visit our more than 11,300 stores under 58 banners in 27 countries and eCommerce websites. With fiscal year 2019 revenue of $514.4 billion, Walmart employs over 2.2 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 http://corporate.walmart.com, on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.