Walmart Money Transfer Service Now Available

Wal-Mart Stores Inc. debuted its Walmart-2-Walmart Money Transfer Service on Thursday.

The retail giant is touting it as an industry first and attests its fees run at half the price of similar offerings on the market.

“We’re doing what we do best — launching a new service that challenges the status quo and drives down prices for our customers,” Daniel Eckert, senior vice president of services for Walmart U.S., said in a Walmart press release. “Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for our customers.”

Fees for using Walmart-2-Walmart are $4.50 for transfer amounts up to $40 and $9.50 for transfer amounts up to $900. According to the news release, competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000.

Ria, an Euronet subsidiary and a leading global provider of money transfers, is partnering with Walmart to power the service, according to the press release.