Walmart unveils global money transfer service

By RetailFOXBusiness

(REUTERS/Mike Blake)

Walmart’s new service offers low flat fees to send money anywhere in the world.

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The world’s largest company by revenue, is teaming up with Moneygram to provide the service.

Four years ago, Walmart stepped into the money transfer business with its domestic service Wallmart2Walmart, which according to the company has saved customers nearly $700 million.

The new service, called Walmart2World, joins the global wire service market.

“We think sending money should cost the same regardless of where you send it; that’s why we’ve designed a brand new global wire service to send money to 200 countries with a consistently low fee,” said Kirsty Ward, vice president, Walmart Services. “There are millions of people sending money around the world to help loved ones with everyday needs or in times of emergency.”

The service is scheduled to launch in all of Walmart’s 4,700 U.S. stores this month.

The company says, its unique pricing structure, competitive exchange rates and delivery within minutes helps to set it apart from other services.