Walmart Money Transfer Service Gained Global Attention
Walmart Money Transfer Service Gained Global Attention: According to the World Bank, roughly $138 billion were sent from the U.S. to receivers worldwide in 2016.
Wal-Mart’s with its enormous market has started a service that has delighted its customers. The reason of having money transfer “Walmart2World” service is to bring transparency and create a situation of certainty to the money transfer service.
Creating Certainty
Wal-Mart spokesperson stated that sending funds around the world is far from a standardized service, and that lack of standardization creates uncertainty. Uncertainty in terms of
- Over how much it will cost to send those funds and when the money will be available.
- Uncertainty is also over how much will actually go in the hands of the receiver after fees and currency conversions.
Walmart2World service will be transparent in their plan of action as what it costs to send money from one person to another differs, based on where a sender lives and where the money is being sent. The baffling difference drove WalMart’s team to find a more predictable and transparent solution for global money transfers.
Walmart2Walmart is their domestic P2P service which they have now extended to Walmart2World solution. The international money transfer solution charges one of three low cost flat fees to send money from anyone, to anyone in 200 countries.
Walmart2Walmart domestic P2P program inspired them to have a service that let anyone send money from any Walmart-branded channel that can be a Walmart store, from Walmart.com or via the mobile app. All for one flat fee based on the amount sent.
Walmart2World, fee structure remains identical regardless of where the sender or receiver lives. Receivers can get their money within 10 minutes of it being sent. And those receivers can now pick up that money at any one of MoneyGram’s 300,000 global agent locations.
Consumers sending up to $60 pay a $4 fee, those sending between $60 and $1,000 pay $8 and those sending between $1,000 and $2,500 are charged $16.
Walmart2World is accessible will be available in Walmart’s 4,700 stores, on Walmart.com and in the mobile app from April 18th. Both Walmart2Walmart and Walmart2World is aimed at bringing convenience, consistency and standardized fees to that service instead of making people pay a premium for it. Customers will be able to get their money at a place that is most convenient for them.
