Walmart and Ria, the money transfer service owned by Euronet, have announced the Walmart-2-Walmart Money Transfer Service. Beginning April 24, customers will be able to transfer money between Walmart stores nationwide for up to half the cost of other providers, a press release said.
Walmart-2-Walmart leverages the retailer's existing 4,000-store footprint and technology, and is powered by Ria, a licensed money transfer operator. Walmart will act as an authorized agent of Ria.
The fee structure for Walmart-2-Walmart includes just two pricing tiers: Customers can transfer up to $50 for $4.50 and up to $900 for $9.50.
Competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S.
Almost 28 percent of Americans are classified as either underbanked or unbanked, with millions using money transfers as a critical part of maintaining household budgets or helping friends and family in times of crisis.
"After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution," said Daniel Eckert, SVP of services for Walmart U.S. "Walmart-2-Walmart brings new competition and transparent, everyday low prices to a market that has become complicated and costly for our customers. We're doing what we do best — launching a new service that challenges the status quo and drives down prices for our customers."