Money & Company

Tracking the market and economic trends
that shape your finances.

« Previous Post | Money & Company Home | Next Post »

Wal-Mart reduces the cost of money transfers

November 19, 2009 |  4:50 pm

Money money money Wal-Mart has had the giant scissors out lately, cutting the price of toys, books, DVDs, flat-screen TVs and the fixings for Thanksgiving dinner, among other things.

The company announced today that it's reducing the fees it charges to send money during the busy holiday season.

Consumers can send up to $200 anywhere in the U.S., or internationally, at a Wal-Mart MoneyCenter or customer service desk for $7. (It used to cost $11.) The transaction can be completed without a bank account or credit card, and Wal-Mart says funds are available in 10 minutes.

To send $200 from Los Angeles to Mexico, Western Union charges $14.99 for an immediate transfer and $9.99 for a next-day transfer, according to the company's website.

Sending money home is a big business that gets even bigger during the holiday season. Wal-Mart money transfers increase by 14% in the month of December, according to the retailer's internal research. Cash, after all, is always the right size and the right color.

-- Melissa Rohlin

Photo: Associated Press