Walmart launches global money transfer service

Retailer Walmart is pushing further into the financial sector through a service that lets people transfer money from its US stores to 200 countries.

The firm has teamed up with Moneygram on Walmart2World, promising simple, low fees and competitive exchange rates. Transfers can be made from 4700 stores and take less than 10 minutes, with the funds delivered to agent locations around the world or into international bank or mobile wallet accounts.

The service builds on Walmart2Walmart, a domestic money transfer service launched four years ago which the company says has saved customers nearly $700 million in fees.

Kirsty Ward, VP, Walmart Services, says: “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.”