Wal-Mart expands its money transfer service

Retail giant Wal-Mart Stores announced changes to its money transfer service “Walmart-2-Walmart” increasing the transfer limit and lowering service fees while also allowing international transfers to Mexico.

Walmart has been transferring money for customers through the Ria network in the United States since 2014. This week the retailer said customers can now send up to $2,500 through its transfer service, expanding from a $900 limit previously. The cost for the transfers are $18.

The retailer also has expanded this service into Mexico at more than 1,250 store locations allowing customers to send up to $800 for $6.50 or less from any Walmart store in the U.S.

Wal-Mart also lowered the service fees associated with U.S. MoneyGram transfers. MoneyGram allows for transfers between $1,000 and $10,000. Customers pay $20 for transactions under $2,500 and 1.2% on transfers above that, according to the release.

“Our customers tell us they are looking for simple and affordable solutions that make their lives easier,” said Kirsty Ward, vice president-services, Walmart U.S. “Millions of our customers use transfers as part of their everyday money management – sending funds regularly to their loved ones and often in times of urgent need. We’re committed to driving down the cost of sending money, which means customers keep more of their hard-earned funds.”

A recent report from the Federal Deposit Insurance Corp. found nearly 27% of Americans are unbanked or underbanked relying on services such as wire transfers from non-traditional banks. That report also indicated the national rate of unbanked is the lowest on record at 7%.