Tags: wal mart | money | transfer | service

Wal-Mart Money Transfers to Compete With Western Union, MoneyGram

Image: Wal-Mart Money Transfers to Compete With Western Union, MoneyGram The Money Center is pictured at a new Wal-Mart store in Chicago.

Thursday, 17 Apr 2014 01:31 PM

By Nick Sanchez

Wal-Mart will take on Western Union and other money transfer services this month with "Walmart-2-Walmart," a cheaper way to transfer funds between more than 4,000 of its stores, the company announced Thursday.

NBC News reported that the mega-retailer will launch the service on April 24 through a partnership with Euronet Worldwide Inc. subsidiary Ria Money Transfer.

Customers using Walmart-2-Walmart can transfer $50 or less for a $4.50 fee, and anything from $50 to $900 for a $9.50 fee.

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

"After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution," Daniel Eckert, senior vice president of services for Wal-Mart U.S., said in a statement.

The company said its fee schedule is as much as 50 percent less than other comparable options.

Upon the disclosure Thursday, Euronet's stock rose 4.2 percent, and Western Union shares fell 7.1 percent. Wal-Mart's partnership with MoneyGram — whose stock tumbled 14.6 percent — will continue for transactions over $900, according to Reuters.

Wal-Mart's MoneyCenter locations and service desks account for roughly 1 percent of its annual sales. MoneyCenter offers money orders, prepaid cards, wire transfers, check cashing, and bill payments.

"We are leveraging our size and our scale to make a difference for our customers," Eckert said. "This is about providing those everyday financial services for less and making sure that they can save a little here and there."

Money transfer services allow anyone to send money across the nation or internationally in just minutes without a bank account. Many other services offer the same transfer capabilities for free, but often require a checking account.

Urgent: Assess Your Heart Attack Risk in Minutes. Click Here.

Related Stories:

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

The 2016 'Book Race': GOP Candidates Like Ben Carson, Huckabee Sell Like Hotcakes

Friday, 30 Jan 2015 20:50 PM

If potential Republican presidential candidates' recent book sales are a strong indication of their electability, then B . . .

Smoke on Boston Train Scares Passengers Who Bust Out Windows to Escape

Friday, 30 Jan 2015 19:37 PM

A commute on Boston's Red Line Thursday morning turned into chaos as smoke filled the train and passengers broke out win . . .

Seth Jackson Sentence: Foster Dad Gets 32 Months in Hot Car Death

Friday, 30 Jan 2015 18:50 PM

Kansas foster dad Seth Jackson was sentenced to 32 months in prison Friday for the July death of a 10-month-old girl who . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved