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TECHNOLOGY

Walmart reduces prices on money transfers

BY Deena M. Amato-McCoy

Walmart is making its cheaper and faster for its customers to send money.

The retailer is adding new “rollback” fees to its Walmart2Walmart money transfer program. The new fees, beginning Wednesday, April 26, save customers between 20% and 90% on cash transfers versus the leading competitor, according to Walmart. For example, shoppers sending $250 will pay $8 through the new program, compared to fees that could range between $12.50 and $24 on Western Union, the retailer reported.

The program also features transparent national pricing in all Walmart stores compared to other leading competitors that may vary prices location by location, according to the retailer.

Walmart2Walmart, which is supported by electronic payment and transaction processing solutions provider Ria, launched three years ago this week.

In move to streamline wire transfers, Walmart will launch its Bluebird2Walmart Money Transfer Service in May. The program will allow accountholders of Bluebird – a checking and debit alternative – to digitally send money for cash pickup at Walmart locations.

Accountholders can access the new service by visiting Bluebird.com or by using the Bluebird app on their smartphone. Money receivers do not need a Bluebird Account, and can pick up their funds at any Walmart store within minutes of the online transfer. Pricing will coincide with the new Walmart2Walmart prices.

“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,” said Kirsty Ward, VP, Walmart Services. “Now, with even lower fees for Walmart2Walmart, as well as the option to send money digitally with Bluebird, we continue to deliver on our mission to save customers’ money, as well as time.”

Both services come on the heels of enhancements Walmart made to its app, which enable shoppers to conduct wire transfers directly through their smart device at a dedicated express lane inside the store, the retailer said.

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