Walmart Inc (NYSE:WMT) and Moneygram International Inc (NASDAQ:MGI) are working together on an international money transfer system.
The new service from the company is called “Walmart2World” and it is an expansion of the Walmart2Walmart service that launched four years ago. This new service allows anyone in the U.S. to send money to Moneygram International’s locations across 200 countries. Money can also be send to banks and digital wallets.
WMT says that the new service will include the same low fees for customers as Walmart2Walmart does. Here’s a breakdown of the fees.
- $4 to send up to $50.
- $8 to send between $51 and $1,000.
- 16 to send between $1,001 and $2,500.
Walmart says that another of the advantages of sending money via its Walmart2World service is the speed of it. It makes sure that the recipient can get the money within 10 minutes of it being sent. Typical money transfers to other countries can take up to three days. The retailer also notes that its customers will benefit from highly competitive exchange rates when using its Walmart2World money transfer service.
To go along with the other features is compatibility with the Walmart mobile app. This allows users to set everything up beforehand and quickly proceed through the Mobile Express Lane at customer service.
“Walmart2World is a powerful platform that allows customers to send money from Walmart in the U.S. to any MoneyGram agent location in 200 countries,” Alex Holmes, CEO of MoneyGram International, said in a statement. “The new product demonstrates our shared commitment to ensuring our customers receive the financial services they depend on at an outstanding value.”
WMT stock was up slightly and MGI stock was up 7% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.