On Thursday Walmart announced that it would reduce the fee charged by the company to send money to Mexico. This will make it easier for customers who send remittances from the U.S. Millions of customers would benefit as the retailer relaunches its Walmart2Walmart Mexico program, which will be powered by Rio Money Transfer.

Customers will be able to send money from any of the big box retailer’s stores across the nation to any of its stores in Mexico. The company also said that the transfer would take place through the Walmart2Walmart program.

Walmart has said that it would charge $2.50 for each transaction. According to the company, this cost is half the cost when compared to charges by other companies.

In a statement, Julie Unger, who is the vice president of Financial Services at Walmart, said that the retailer was excited to offer its customers a new way of sending money to their loved ones who lived in Mexico “at an incredibly low price.”

The VP added that their strategy of providing a “low-cost fee” was an added commitment that Walmart had made to continue to improve its customers’ “financial well-being” all over the world.

Walmart first launched the money transfer service in 2016. However, it was suspended in 2018 as the retailer looked at ways and means to lower prices as well as to improve the infrastructure, in order to increase the number of remittances between the two countries.

In 2021, as remittances to Mexico increased by more than 27 percent, the Bentonville, Arkansas based retailer decided to relaunch its earlier program. Its large network of stores across the nation and also in Mexico will facilitate a quick and inexpensive way to send money across the two countries.

Walmart has always enabled its customers to use its multiple services as it offers quality items at affordable rates. By relaunching its Walmart2Walmart program, the giant retailer can also benefit from cross border payments as financial transactions are growing rapidly.

(Photo: Guajillo studio)