Walmart To Launch Inexpensive Two-Tier Money Transfer Service

Walmart announced a low-cost service that allows customers to transfer money to and from more than 4,000 Walmart stores in the U.S. The Walmart-2-Walmart Money Transfer Service, available beginning April 24, will cost about half of what competitors are charging. The fee structure includes two transfer pricing tiers: up to $50 for $4.50 and up to $900 for $9.50. Competitive offerings can have as many as 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S., according to Walmart, which noted that about 28 percent of Americans are either underbanked or unbanked. Millions use money transfers to maintain household budgets or help friends and family in times of crisis, the company said.