Wal-Mart joins Ria for money transfer service

NEW YORK - Wal-Mart Stores Inc. is introducing a new money transfer service that it says will cut fees for customers by up to 50 percent compared with similar services.

The service, which will be available April 24, allows its customers to transfer up to $900 to and from more than 4,000 Wal-Mart stores in the United States.

The service will be done in partnership with Euronet Worldwide Inc.'s subsidiary Ria Money Transfer.

The program has two pricing tiers: Customers can transfer up to $50 for a $4.50 service fee and up to $900 for $9.50.

The partnership will expand Wal-Mart's financial services for its low-income shoppers.

The competition could hurt competitors. Shares of MoneyGram International Inc. fell nearly 12 percent and shares of Western Union Co. fell more than 5 percent.