With remittances from the US to Mexico up 27% in 2021, has announced it is relaunching its Walmart2Walmart money transfer operations, after discontinuing them in 2018.
The money transfer business will allow customers to transfer funds to Mexico, in a period when remittances have been skyrocketing, with Mexico receiving $51.6 billion in 2021, according to Mexico’s central bank.
Walmart opened 63 new stores in Mexico in 2021, bringing its total to 2,634 business units generating approximately $29 billion in revenue.
According to the company the minimum transaction fee will be $2.50, which it says is 50% lower than similar offerings on the market.
“We are thrilled to offer Walmart shoppers a convenient way to send money to their loved ones in Mexico at an incredibly low price,” said Julia Unger, vice president of Walmart financial Services in a statement.