Wal-Mart And Ria Unveil Walmart-2-Walmart Money Transfer Service - Quick Facts

(RTTNews) - Retail giant Wal-Mart Stores Inc. (WMT) and Ria, a subsidiary of Euronet Worldwide Inc. (EEFT), are launching Walmart-2-Walmart Money Transfer Service, which will be available from April 24. The new low-cost service allows customers to transfer money to and from more than 4,000 Walmart stores nationwide for up to 50 percent less than similar offerings on the market, Walmart said.

The company said that millions of customers transfer money domestically each year, many of them struggling to navigate the complex and costly fees that come with each transaction.

According to the company, Walmart-2-Walmart offers a clear fee structure with just two pricing tiers: customers can transfer up to $50 for $4.50 and up to $900 for $9.50. Competitive offerings often include 10 or more fee tiers and charge up to $70 for transferring less than $1,000. Money transfers above $50 make up the majority of transactions in the U.S. Walmart-2-Walmart will bring dramatic savings to these customers.

Walmart-2-Walmart leverages the retailer's existing footprint and technology, and is powered by Ria, a provider of money transfers. Ria is the licensed money transfer operator for all Walmart-2-Walmart transactions, and Walmart acts as the authorized agent of Ria.

Walmart said it also offers other everyday money services such as check cashing, bill pay, money orders and tax preparation services, as well as pre-paid card programs though the Walmart MoneyCard, and Bluebird, a checking and debit alternative. These services - and Walmart-2-Walmart - are available at the Walmart MoneyCenter or Walmart's customer service desks.