Walmart adjusted two of its long-standing, in-house offerings this week, saying it was lowering the rates for its domestic Walmart2Walmart money transfer service and adding a digital money transfer service with Bluebird2Walmart.
These changes complement the retail giant's other recent moves in payments, such as the launch of its mobile Walmart Pay service and its support of Chase Pay, as well as its addition of Visa Checkout to the company's e-commerce options.
In working with Ria Money Transfer and American Express, Walmart says the domestic money transfers through Walmart2Walmart will save customers 20% to 90% on cash transfers compared to other services.
“We are extremely proud of the significant savings our customers have enjoyed in the three years since Walmart2Walmart was introduced," Kirsty Ward, vice president of Walmart Services, said in an April 26 press release. "For the millions of customers who rely upon transferring money to help family and friends – whether regularly or in times of urgent need – we know saving money on costly fees can make a big difference.”
A $50 transfer through Walmart2Walmart will now cost $4, while users will pay only $8 for transfers ranging from $250 to $1,000. A rate of $16 per transfer covers those from $1,250 to $2,500. Previous rates, according to GoBankingRates and Euronet sites, were $4.50 for the $50 transfer, $9.50 for the ranges up to $1,000 and $18 for those $1,250 and higher.
Beginning next month, Walmart and American Express will provide a Bluebird2Walmart money transfer service, allowing Bluebird account holders to use an app to digitally send money for cash pickup at Walmart store locations. Pricing is consistent with the Walmart2Walmart transfer service, the company said.
American Express introduced the Bluebird prepaid card through a partnership with Walmart in 2012. Walmart distributes the Bluebird cards in their stores, enabling cardholders to also load the cards at the stores. Consumers carrying a Bluebird card generally use them at Walmart stores, but also for purchases outside of the Walmart environment.