After making moves last year by launching a fintech arm and buying ONE neobank, the big-box giant announced customers could send money to Mexico significantly cheaper on Thursday.
Through Walmart2Walmart, customers can send money from any U.S. Walmart to any Walmart store in Mexico for as little as $2.50 per transaction.
The firm said that’s at least 50% lower than similar offerings on the market.
“We are thrilled to offer Walmart shoppers a convenient way to send money to their loved ones in Mexico at an incredibly low price,” Julia Unger, vice president, Walmart Financial Services, said.
“Our low-fee strategy demonstrates our commitment to continue improving the financial well-being of our customers around the world.”
In a release, Walmart said the move brings game-changing low fees. In addition, they are committed to providing more inclusive and affordable financial solutions for all customers, including unbanked or underbanked.
Remittances to Mexico are up over 27% in 2021, a $51 billion industry in 2021 that cost senders $51.5 million.
Ria Money Transfer, a subsidiary of Euronet, will handle the transactions. In May 2021, Walmart began offering Western Union services at branches across the U.S. but has since moved further into the banking services to provide its own solution.
“We are delighted to collaborate with Walmart on this exceptional service, which provides customers price benefits and easier access to fast, safe, and guaranteed money transfers to Mexico,” Juan Bianchi, CEO of Euronet’s Money Transfer Segment, said.
“Thanks to Ria’s scalable capabilities, coupled with Walmart’s large footprint, we can help Walmart offer unrivaled value and convenience to Mexicans living in the U.S. and their families back home in Mexico.”
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