May 06, 2004

Money Transfer

Wal-Mart Woos Money-Transfer Customers

May 6, 2004

BENTONVILLE, AR -- Almost one-third of Hispanics living in the United States send money to their families residing in their country of origin, according to Wal-Mart. And the big-box retailer is heating up the competition for that money-transfer business just in time for Mother's Day.

Wal-Mart is dropping the price of MoneyGram money transfers, which is available at all of its stores. The offer allows customers in the United States to send funds to Mexico for a flat fee of $9.46 for all amounts up to $500 with a competitive exchange rate. Wal-Mart said this new everyday price will save customers more than 40 percent in transfer fees compared with the previous Wal-Mart price, adding that the price change coincides with Mother's Day--typically a popular time to send money transfers.

"We have a commitment to offer convenient and affordable services that fulfill the basic financial needs of our customers," said Peggy Knight, senior director, product marketing for Wal-Mart Financial Services.

Wal-Mart said that family members in Mexico can pick up money transfers at their local Wal-Mart, Bodega Aurrera, Superama, Suburbia or at other MoneyGram locations. Additionally, senders will receive a complimentary 3-minute phone call to notify family members that the money is on the way. Family members who pick up their money at Wal-Mart, Bodega Aurrera, Superama and Suburbia locations in Mexico from now through June 3 also will receive a 40-peso in-store certificate.

Wal-Mart Woos Money-Transfer Customers | NACS Daily

Posted by Craig at May 6, 2004 02:42 PM