MoneyGram (MGI) announced today a new cross border money transfer product for Walmart customers sending from any U.S. Walmart location to any Walmart Mexico location.
Walmart2Walmart Mexico powered by MoneyGram is a new service that offers customers a $6.50* transfer fee when sending between $51 to $800. Customers can send money from over 4,500 Walmart locations in the U.S. to more than 1,250 Walmart locations in Mexico; including all Bodega Aurrera, Mi Bodega Aurrera, and Superama locations.
"Our new Walmart2Walmart Mexico product is a big positive and offers MoneyGram and Walmart customers exceptional service at a great value when they need to send money to friends and family in Mexico. MoneyGram and Walmart work side-by-side each day to ensure our customers are receiving the financial services they depend on at an affordable price," said Alex Holmes, MoneyGram's chief executive officer. "This new product along with other recent MoneyGram and Walmart initiatives, demonstrates our shared commitment to each other and to making money transfers easier and more affordable for customers and their families in the U.S. and Mexico."
The U.S. to Mexico corridor is the largest country-to-country remittance corridor in the world. According to the World Bank, more than $24 billion was sent from the U.S. to Mexico in 2015. Most customers make money transfers for family support purposes or special occasions such as religious festivals or emergency transfers. Forbes recently reported that in 2015 remittances overtook oil as the leading source of foreign income in Mexico.
In addition to today's announcement, last month MoneyGram and Walmart launched the upgraded Walmart.Moneygram.com site built on the MTaaS platform (Money Transfer as a Service). MoneyGram has since branded this new state-of-the-art online money transfer technology as 'MoneyGram Kameleon™'. MoneyGram Kameleon extends the same innovative and convenient services as MoneyGram's award-winning website, moneygram.com, to business partners through a co-branded experience.
Separately, with the recent expansion of Walmart's white-label U.S.-to-U.S. funds transfer product into higher transaction bands, MoneyGram is adjusting its money transfer pricing structure in these bands for U.S.-to-U.S. transactions originated at Walmart. The new pricing structure provides customers with a flat fee for all transfers between $900 and $2,500.
*In addition to the transfer fee, a currency exchange rate may also apply. MoneyGram also makes money from currency exchange.