Wal-Mart To Reduce Cost Of Money Transfers By As Much As 50%

Walmart wal-martREUTERS/Joshua LottThe new 142,000 square foot Wal-Mart is seen hours before the grand opening in Chicago, September 27, 2006.

Wal-Mart is launching a new service that will reduce the fees for money transfers by as much as 50%, the company announced Thursday.

The service, called Walmart-2-Walmart, will allow for money transfers between the company’s 4,000 stores across the U.S.

Customers will be able to transfer up to $US50 for a $US4.50 fee and up to $US900 for a $US9.50 fee.

By comparison, a $US900 transfer using other services could cost as much as $US76, according to the company.

Customers will have to travel to a physical Wal-Mart store to make or pick up a money transfer. Wal-Mart partnered with Ria, a subsidiary of Kansas-based Euronet, to provide the service.

Wal-Mart U.S. generated about 1% of annual sales from financial services such as money orders and wire transfers, according to its latest annual report.

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