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Walmart relaunched its Walmart2Walmart money transferring program with its new low-cost fee on money transfers to Mexico, making it significantly cheaper for its customers to send money to Mexico from the United States.
Walmart2Walmart Mexico, powered by Ria Money Transfer, one of the largest money transfer companies, will help save money for millions of customers with the relaunch.
Customers in the U.S. can once again send money to Mexico through Walmart in the U.S for as little as $2.50 per transaction. According to Walmart, this is at least 50% lower than similar offerings on the market.
The original Walmart2Walmart money transfer service between the U.S. and Mexico was launched in 2016. That service was halted in 2018 while Walmart invested in lowering prices and boosting the infrastructure to support the newly launched service.
The U.S. to Mexico Remittance Corridor
The U.S. to Mexico (USD to MXN) money transfer corridor is the largest country-to-country remittance corridor in the world.
According to the World Bank, Mexico received $51.6 billion in remittances, of which 95% were sent by millions of Mexicans residing in the U.S. This is not surprising because roughly 1.6 million households in Mexico depend on remittances from family members in the U.S. as their most important source of income.
The transferred money is mainly for covering living expenses, educational or medical expenses, special occasions such as festivities, or emergency needs.
With remittances to Mexico from the U.S. climbing up to 27% in 2021, the relaunching of Walmart2Walmart Mexico is timely. This will enable Mexican migrants in the U.S. to use Walmart's large network of stores to quickly and inexpensively send money to Mexico Walmart.
Read the cheapest ways to send money to Mexico from the U.S. and save on every transfer.
Walmart says the new low-fee money transfer service is a major milestone for the retailer in providing more inclusive and affordable financial solutions for all customers, including unbanked or underbanked households that rely on services like wire transfers for day-to-day money management.
Cost of Sending with Walmart2Walmart Mexico
Send money from 4500+ Walmart U.S. locations to 2500+ Walmart Mexico and Bodega Aurrera stores with Walmart2Walmart Mexico powered by Ria.
Fees of Walmart2Walmart Mexico
In addition to the transfer fee, a currency exchange rate also applies. Set alerts for the best USD to MXN exchange rates today.
For customers using Walmart money transfer services to send funds regularly to their loved ones and often in times of urgent need, the lower cost of sending money means they can keep more of their hard-earned money or send more to their families.
How to Send Money to Mexico via Walmart2Walmart Mexico
Visit your local Walmart store and stop by at the Customer Service Desk or Money Transfer Services Center.
You need to show your photo ID for sending or receiving money. To send money to Mexico through Walmart, you can use any valid government-issued ID such as the following:
Pay with U.S. dollars or a PIN-based debit card at the store. Usually, the cash delivery may take around 10 minutes unless there are added steps needed for review by Ria. Ria is one of the best options for money transfer; however, there are faster alternatives to sending money to Mexico from the US.
You can track the transfer status on the provider's website with the details on your receipt. Contact Ria's customer line at 1-855-355-2144 for your transactions via Walmart2Walmart.
Walmart's Money Transfer Services and Fintech Start-Up
Walmart currently operates approximately 10,500 stores and clubs under 46 different names or banners in 24 countries along with a range of eCommerce websites. Walmart is one of the most well-known brands in the world, running a chain of large discount stores and supercenters.
Walmart employs 2.3 million associates worldwide. Its fiscal year 2022 revenue is estimated to be $573 billion.
Walmart has been extending its services into the money transfer space. It offers quick domestic as well as international payments. It has partnered with Western Union, MoneyGram, and Ria, giants in the money transfer industry, providing easy access to money transfer services.
Customers can send money from any Walmart store in the U.S. for cash pick up at an agent location of Western Union/MoneyGram/Ria in over 200 countries and territories through its Walmart2World money transfer program.
Alternative receive options include direct to bank accounts or mobile wallets, or debit cards. You can choose between home delivery or ATM payouts if available.
Venturing into the financial service space, Walmart launched a fintech start-up in partnership with investment firm Ribbit Capital (one of the venture capital firms behind Robinhood) to develop tech-driven financial products tailored to its employees and customers.
Furthermore, the start-up is to acquire fintech platforms Even and One. The acquisitions are expected to be done in the first half of 2022, and the combined company will be called One. Once it is done, the start-up is looking to develop a financial service super app that will allow customers to get paid, spend, save, borrow and invest their money for interest.
According to Walmart, almost one-quarter of U.S. adults are unbanked or underbanked, and around 80% of financial technology users rely on multiple accounts to manage their finances. The financial services super app will allow customers to manage their money on a single platform.
Conclusion
Walmart shoppers now can send money to their loved ones at an incredibly low price and save more money with the newly launched low-fee money transfer service to Mexico.
Euronet Worldwide, the parent company of Ria money transfer in collaboration with Walmart, brings this exceptional service to customers by offering price benefits and easier access to fast, safe, and guaranteed money transfers to Mexico.
As mentioned by the CEO of Euronet's Money Transfer Segment, Ria's scalable capabilities combined with Walmart's large footprint will help Walmart offer unrivaled value and convenience to Mexico living in the U.S. and their families back home in Mexico.
If you are looking for alternative options to transfer money to Mexico or even the best way to send money to Mexico, you should compare your options before making your transfers. You want to get the most pesos to dollars, and we help you find the best available dollar to peso exchange rate.
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