Wal-Mart Stores Inc. confirmed this week that it will be launching a new domestic money transfer service called "Walmart-2-Walmart."
The service is being provided in partnership with Euronet Worldwide subsidiary Ria Money Transfer.
The service will be launched on April 24, according to Reuters.
Wal-Mart said the service will allow its customers to transfer money to and from over 4,000 U.S. Walmart stores.
Wal-Mart customers will be able to transfer up to $50 for a fee of just $4.50 and up to $900 for a fee of $9.50.
"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," said Daniel Eckert, senior vice president of services for Walmart, on a call to investors, analysts and press, according to Forbes.
A $900 transfer using other similar services can cost as much as $76, according to BusinessInsider.com.
Customers have to literally go to a Wal-Mart store to make or pick up a money transfer.
The company added that the service will be able for what it says are "lower fees" than companies who offer similar services, according to Reuters.
Western Union shares were down 4.6 percent in premarket trading.
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