Walmart Inc. (NYSE: WMT) confirmed that it had taken steps to make sending money to Mexico much cheaper for its consumers. Customers may now send money from any Walmart store in the United States to any Walmart store in Mexico for as little as $2.50 per transaction, which is more than half the price of similar services on the market.
It has been believed that today's release builds on the success of the first Walmart2Walmart money transfer service, which was introduced in 2016 between the United States and Mexico. That service was put on hold in 2018 as the firm worked to cut rates and improve infrastructure to power today's new offering.
Moreover, as remittances to Mexico are expected to increase by more than 27% by 2021, Walmart's relaunch of Walmart2Walmart Mexico is opportune. It will allow customers to use Walmart's vast network of stores to transfer money swiftly and cheaply at a time when cross-border payments are on the rise.
Furthermore, this ground-breaking low fee move of Walmart is yet another major step forward for the retailer, which is devoted to delivering more inclusive and reasonably priced financial solutions for all clients, including unbanked or underbanked households that are dependent on services like wire transfers for day-to-day money management.
Julia Unger, VP of Walmart Financial Services, expressed delight at the company's decision to provide Walmart customers with a cost-effective alternative to send money to loved ones in Mexico. Walmart's low-fee policy illustrates the company's commitment to enhancing its customers' financial well-being around the world.