The U.S. to Mexico corridor is the largest country-to-country remittance corridor in the world. According to the World Bank, more than $24 billion was sent from the U.S. to Mexico in 2015. Most customers make money transfers for family support purposes or special occasions such as religious festivals or emergency transfers. Forbes recently reported that in 2015 remittances overtook oil as the leading source of foreign income in Mexico.
In addition to today's announcement, last month MoneyGram and Walmart launched the upgraded Walmart.Moneygram.com site built on the MTaaS platform (Money Transfer as a Service). MoneyGram has since branded this new state-of-the-art online money transfer technology as 'MoneyGram Kameleon™'. MoneyGram Kameleon extends the same innovative and convenient services as MoneyGram's award-winning website, moneygram.com, to business partners through a co-branded experience.
Separately, with the recent expansion of Walmart's white-label U.S.-to-U.S. funds transfer product into higher transaction bands, MoneyGram is adjusting its money transfer pricing structure in these bands for U.S.-to-U.S. transactions originated at Walmart. The new pricing structure provides customers with a flat fee for all transfers between $900 and $2,500.
*In addition to the transfer fee, a currency exchange rate may also apply. MoneyGram also makes money from currency exchange.
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
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