MoneyGram has introduced a new cross-border money transfer service for Wal-Mart customers intending to send money from any Wal-Mart US location to any Wal-Mart Mexico store.

Using the new Walmart2Walmart Mexico service, customers can send between $51 and $800 against a $6.5 transfer fee. Currency exchange rates may also apply.

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The new service can be used to send money from more than 4,500 Wal-Mart locations in the US to over 1,250 Wal-Mart stores in Mexico.

“MoneyGram and Wal-Mart work side-by-side each day to ensure our customers are receiving the financial services they depend on at an affordable price."

The service is also available at Bodega Aurrera, Mi Bodega Aurrera, and Superama locations.

MoneyGram's chief executive officer Alex Holmes said: “Our new Walmart2Walmart Mexico product is a big positive and offers MoneyGram and Wal-Mart customers exceptional service at a great value when they need to send money to friends and family in Mexico. 

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“MoneyGram and Wal-Mart work side-by-side each day to ensure our customers are receiving the financial services they depend on at an affordable price.

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“This new product, along with other recent MoneyGram and Walmart initiatives, demonstrates our shared commitment to each other and to making money transfers easier and more affordable for customers and their families in the US and Mexico."

The US and Mexico corridor is one of the largest country-to-country remittance corridors in the world. According to a World Bank data, about $24bn was sent from the US to Mexico last year. Most of the customers transfer money for festivals, emergencies or to support their family in Mexico.

Last month, MoneyGram and Wal-Mart launched the upgraded Walmart.Moneygram.com built on the MTaaS (Money Transfer as a Service) platform. 

MoneyGram has branded this new online money transfer technology as 'MoneyGram Kameleon'.