“Wiring” money to someone often seems like a relic from the past. Today, with all the ways to move money around electronically, does anyone still do it the old fashioned way?
They do, and Walmart and MoneyGram have a longstanding partnership. Consumers can go to Walmart to send money anywhere. But like anything that's been around for a while, the system is getting a major update.
The two companies have announced the launch of what they call a “state-of-the-art online money transfer platform that offers customers new features and a streamlined experience.”
Kirsty Ward, senior director of Financial Services at Walmart, says the new system will improve the customer experience by saving time and money.
Unlike the old days, consumers don't need to trudge to their nearest Walmart or MoneyGram location to wire money. The can use the Walmart.Moneygram.com website, which has been upgraded with new tools.
Money is charged to a credit card
Instead of handing over cash to be wired, the money is charged to the senders Visa or Mastercard. There is a fee to send the money and the credit card company usually charges a cash advance fee.
Once the transaction is complete, the person receiving the money can go to the designated location to receive the cash.
Scammers have long utilized money transfer services like MoneyGram to get money from victims. Once they pick up the money, there is no paper trail and the victim, once he or she figures out it's a scam, can't retrieve the money.
MoneyGram warns consumers to be vigilant for potential scams. In particular, if someone you don't know asks for payment to be made by wire, it can be a red flag. Earlier this year MoneyGram reached a settlement with 49 states, resulting in improvements to its fraud detection and prevention.
If you think you have been a victim of fraud involving a MoneyGram transaction, the company wants you to report it at 1-888-988-5726.
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