Global retailer Walmart has partnered with Moneygram International to launch its new money transfer service Walmart2World across all of its 4,700 US stores this month.

Walmart says, Walmart2World allows money transfer ‘regardless’ of the location of the sender or receiver.

In order to transfer $50, the sender needs to pay $4, $8 from $51 to $1,000, and $16 from $1,001 to $2,500, and Walmart promises the prices do not change based on location.

Walmart Services vice-president Kirsty Ward said: “We think sending money should cost the same regardless of where you send it; that’s why we’ve designed a brand new global wire service to send money to 200 countries with a consistently low fee.

“We think sending money should cost the same regardless of where you send it.”

“There are millions of people sending money around the world to help loved ones with everyday needs or in times of emergency.

“Walmart2World, Powered by MoneyGram helps customers get money to family and friends across the world in minutes, and the new low fees mean more of their hard-earned cash goes where it’s needed most.”

Walmart claims that the new service will deliver funds in ten minutes or less.

Receivers can pick up money from MoneyGram’s agent locations available in 200 countries, through a mobile wallet account or an international bank.

Customers can also use Walmart2World services through the Mobile Express Money Services in the Walmart App.

The service allows customers to transfer money through the Mobile Express Lane at any Walmart store.

MoneyGram CEO Alex Holmes said: “Walmart2World is a powerful platform that allows customers to send money from Walmart in the US to any MoneyGram agent location in 200 countries.

“The new product demonstrates our shared commitment to ensuring our customers receive the financial services they depend on at an outstanding value.”