Last year, our CEO received a letter that read:
“Dear Executives, Can you explain to me why it only costs $7.00 to send $1,000 or more to Mexico, and it cost me $37.00 to send $600.00 emergency money to a dear relative in California?!?!”
This wasn’t the first time we heard this complaint. It was one of many but it was the one that made us step back and say to ourselves, “there has to be a solution.”
According to an FDIC study, almost a third of the country is classified as either underbanked or unbanked. Many of these Americans use money transfers as a critical part of maintaining household budgets when away from their family or to help others in time of need.
Unfortunately, for these individuals the process of transferring money isn’t that easy and comes, at times, with a hefty price tag.
I’m excited to share that we have an answer. It’s called Walmart-2-Walmart, and it will allow customers to transfer money to and from more than 4,000 stores nationwide starting April 24 for significantly less than what’s currently available on the market.
And because 95 percent of Americans have a Walmart store within 15 miles of their home, convenience is another benefit this service provides.
Walmart-2-Walmart offers a simple and transparent fee structure with just two price points: customers can transfer up to $50 for $4.50 and up to $900 for $9.50.
The savings customers will see at Walmart are very clear when looking at the cost of money transfers over $50, which are the majority of transactions in the U.S. For example, a person transferring $500 with other services could pay up to $40 to complete the transaction. At Walmart, they’ll only spend $9.50.
Walmart-2-Walmart is an innovative new service that is good for our customers and good for business. It’s also a great example of how Walmart continues to partner with world-class providers to offer customers financial products and services that provide clear benefits and help them save money.
So, the next time you need to wire money to someone I hope you consider Walmart-2-Walmart. You’ll have more money left in your pocket if you do.