Walmart restarts remittance service in Mexico! Transaction fees are 50% lower than peers!

Walmart announced on March 3 that it will reduce the cost of remittances from the United States to Mexico. Customers can transfer money through the Walmart2Walmart remittance plan, with a fee of $2.5 per transaction. According to Walmart, this is at least 50% lower than similar services on the market.

Walmart2Walmart was originally launched in 2014 as a way for customers to transfer money between U.S. stores, and began offering money transfers between the U.S. and Mexico in 2016, a service that was suspended in 2018. Walmart said it decided to reintroduce the service after seeing a 27% increase in remittances from the U.S. to Mexico since 2021.

In 2017, Walmart added a new “rollback” fee to its Walmart2Walmart money transfer program. According to Walmart, the new fee saves customers 20% to 90% on cash transfer fees compared to major competitors. For example, a consumer sending $250 would pay only $8 in transaction fees, while competing services could charge between $12.50 and $24.

Walmart has been building its presence in the financial services sector. In May 2021, the company began offering Western Union money transfer services in more than 4,700 Walmart stores across the United States. In addition, Walmart has also partnered with fintech investment firm Ribbit Capital and backed a fintech startup, which is one of the venture capital firms behind Robinhood.

Editor✎Irene/

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