Walmart Introduces Exclusive Money Transfer Service, Cuts Fees by up to 50 Percent for Customers
April 17 2014 - 8:50AM
Business Wire
Powered by Ria, Walmart-2-Walmart brings lower
fees and simplicity to the money transfer market
Millions of customers transfer money domestically each year,
many of them struggling to navigate the complex and costly fees
that come with each transaction. Today, Walmart and Ria are
launching a retail industry first - Walmart-2-Walmart Money
Transfer Service. Available April 24, the new low-cost service
allows customers to transfer money to and from more than 4,000
Walmart stores nationwide for up to 50 percent less than similar
offerings on the market.
“After listening to our customers complain about the high fees
and confusion associated with transferring money, we knew there had
to be a solution,” said Daniel Eckert, senior vice president of
services for Walmart U.S. “Walmart-2-Walmart brings new competition
and transparent, everyday low prices to a market that has become
complicated and costly for our customers. We’re doing what we do
best - launching a new service that challenges the status quo and
drives down prices for our customers.”
Walmart-2-Walmart offers a clear fee structure with just two
pricing tiers: customers can transfer up to $50 for $4.50 and up to
$900 for $9.50. Competitive offerings often include 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. Walmart-2-Walmart will bring dramatic savings to these
customers, for example:
Money Transfer Amount Competitors’
Prices Walmart-2-Walmart Price
$0-50 $4.75 to $5.00
$4.50 $50-200 $11 to $12
$9.50 $400-500 $34.50 to $40
$600-700 $46 to $58
$800-900 $57 to $76
Walmart-2-Walmart leverages the retailer’s existing footprint
and technology, and is powered by Ria, a Euronet subsidiary and a
leading global provider of money transfers. Ria is the licensed
money transfer operator for all Walmart-2-Walmart transactions, and
Walmart acts as the authorized agent of Ria.
“We believe the combination of Walmart’s existing footprint,
with Ria’s high-quality service, and our shared focus on the
customer is what makes Walmart-2-Walmart a true differentiator and
stand apart from other services on the market,” said Juan Bianchi,
chief executive officer of Ria Money Transfer. “Walmart-2-Walmart
isn’t just another money transfer service. It provides customers
the best value with the speed and security they expect.”
Almost 28 percent of Americans are classified as either
underbanked or unbanked, with millions using money transfers as a
critical part of maintaining household budgets or helping friends
and family in times of crisis. Communities that rely on money
transfers the most include members of the military or oil field
workers who send part of their paycheck back to their families each
week.
Walmart also offers other everyday money services such as check
cashing, bill pay, money orders and tax preparation services, as
well as industry-leading pre-paid card programs though the Walmart
MoneyCard, and Bluebird, a checking and debit alternative. These
services - and Walmart-2-Walmart - are available at the Walmart
MoneyCenter or Walmart’s customer service desks.
“Walmart-2-Walmart is a great example of how Walmart continues
to partner with world-class providers to offer customers financial
products and services that provide clear benefits and help them
save money,” added Eckert. “The entrance of Walmart-2-Walmart into
the money transfer market is good for our customers and good for
business.”
For more information, please visit:
news.walmart.com/walmart2walmart
Editor’s Note: Compared to other money transfer providers at
Walmart for 12 months ending April 15, 2014. Savings vary by
transfer amount. Available for domestic transfers up to $900. Visit
the Walmart MoneyCenter for details.
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world
save money and live better - anytime and anywhere - in retail
stores, online, and through their mobile devices. Each week, more
than 245 million customers and members visit our 11,302 stores
under 71 banners in 27 countries and ecommerce websites in 10
countries. With fiscal year 2014 sales of over $473 billion,
Walmart employs more than 2 million associates worldwide. Walmart
continues to be a leader in sustainability, corporate philanthropy
and employment opportunity. Additional information about Walmart
can be found by visiting http://corporate.walmart.com on Facebook
at http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart. Online merchandise sales are available
at http://www.walmart.com and http://www.samsclub.com.
About Ria
Ria Money Transfer is a global leader in money remittances and
is a recognized benchmark in both quality and service. Ria
initiates transfers through a network of sending agents and
company-owned stores located throughout North America, Europe and
Australia as well as online at www.riamoneytransfer.com. In 2013,
Ria processed approximately 28 million money transfer with a face
value of more than $9 billion through a network of 216,000
locations in 135 countries. Ria is steadfast in its commitment to
customers and remains ingrained within the communities in which
they live. For more information visit www.moneytransfer.com.
Ria is a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), a
worldwide leader in processing secure electronic financial
transactions. Through three business segments - Electronic
Financial Transactions (EFT), epay Prepaid Products and Ria Money
Transfer - Euronet offers a diverse portfolio of electronic payment
alternatives to customers in approximately 155 countries. In
addition to consumer-to-consumer money transfer, Euronet’s product
portfolio includes comprehensive ATM services, point-of-sale
processing, card outsourcing services, prepaid mobile airtime and
other prepaid content and mobile operator solutions.
Photos/Multimedia Gallery Available:
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WalmartMedia Relations:Sarah McKinney,
1-800-331-0085http://news.walmart.com/reporterorEuronetStephanie
Taylor, 913-327-4200
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