Whilst Walmart is not known for its financial services. They do provide assistance to those who do not have a bank account.
We have put together everything you need to know about making the most of the Walmart to Walmart service.
What is Walmart to Walmart?
Walmart to Walmart, which is stylized as Walmart2Walmart, is an initiative by the retail giant to allow customers who do not have a bank account to receive money.
The program was established in conjunction with RIA, a financial institution that specializes in money transfers around the world.
This service benefits both Walmart and customers alike.
28% of the people living in America do not have a bank account, which means a significant segment of the US population does not have access to basic financial services. With this program, Walmart is not only supporting people who are unable to receive bank account-to-bank account transfers but have also found a gap in the market that they can fill.
As it stands, profits from financial services only make up a mere 1% of the company’s revenue. With this service, Walmart is aiming to become a bigger player in this sector.
The Walmart2Walmart service can be accessed via the Walmart MoneyCenter located in the store. It will encourage payees to spend some of the cash they receive within the supermarket.
With Walmart’s entrance into the money transfer market, it has increased competition in the sector as it has become a direct rival of companies that offer similar services, such as Western Union. This has encouraged money transfer businesses to offer better prices for customers in order to remain competitive.
But what do you need to do to send money Walmart2Walmart? Below, we elaborate on how you do it and what documents you need.
How do I send money via Walmart2Walmart?
You don’t need much to send money via Walmart2Walmart. You can send money via the service by following these steps:
- Find the nearest Walmart near you.
- Go to the Walmart MoneyCenter in the store.
- Provide an identification document – this could be a range of things, including a driver’s license, passport and military ID.
- Identify which Walmart store you would like to send the money to.
- Transfer the amount of money you would like to send and pay the accompanying fees.
- The money should arrive within 10 minutes at your chosen location, from where the recipient can retrieve the funds.
You will be given a reference number once you have finalized your transfer request. You can use this to contact customer service if any issues arise during the process.
The Walmart2Walmart service operates similarly to other money transfer companies. Due to Walmart’s dominance of the American retail market, stores are located all across the country, allowing customers to access the service wherever they live.
Even though transfers are limited to $2,500, the service is usually open seven days a week, meaning customers and payees can carry out transfers and receive money respectively whenever it is convenient for them.
The fees that come with completing a money transfer are also generally lower than that of companies that offer a similar service. The amount you pay for using Walmart2Walmart depends on the sum of money you want to transfer.
It costs $4 to transfer funds worth up to $50.However, the fee rises to $8 for transfers valued between $51 and $1,000. The highest fee that you would be charged to make use of the Walmart2Walmart service is $16. This is the fee you would need to pay for money transfers worth between $1,001 and $2,500.
Therefore, it is advisable to transfer higher funds less often as you will save on transfer fees in the long run.
Alternative services
Walmart2Walmart is not the only financial service that the retailer offers. Customers can also order a Walmart MoneyCard, a prepaid debit card that has a cash-back rewards program ranging between 1% and 3% depending on whether you shop in-store, online or in a gas station.
You will not undergo a credit score check in the application process, and you cannot have a negative balance either. However, there is a monthly fee of $5.94 to keep the account linked to your card open.
You don’t need to provide a lot of information to make use of the Walmart2Walmart service, and it allows people who don’t have access to a bank account to receive money transfers.