Retail giant Walmart has joined forces with MoneyGram International to unveil a new global remittance service dubbed Walmart2World.
The new service will enable users to send funds to 200 countries, with transfers taking 10 minutes or less.
Users will be charged $4 to send up to $50, $8 to send $51 to $1,000, and $16 to send $1,001 to $2,500. The amount of fees charged will remain same irrespective of the location of the sender and/or receiver.
Walmart Services vice president Kirsty Ward said: “There are millions of people sending money around the world to help loved ones with everyday needs or in times of emergency. Walmart2World, Powered by Moneygram helps customers get money to family and friends across the world in minutes, and the new low fees mean more of their hard-earned cash goes where it’s needed most.”
The service is expected to be rolled out in all 4,700 outlets of the retailer in the US this month.
MoneyGram CEO Alex Holmes said: “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. The new product demonstrates our shared commitment to ensuring our customers receive the financial services they depend on at an outstanding value.”
The launch of the new service comes four years after the launch a US-based money transfer service called Walmart2Walmart.