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Walmart has taken on Western Union full-force with a new rate of $7 to transfer up to $200 to more than 190 countries. In partnership with MoneyGram, Walmart is offering the discounted rate at more than 3,500 stores across the U.S. effective today. The companies say the new rate is 40% off the going rates charged by competitors. Walmart has entered the financial services market in a big way over the past two years, offering check cashing starting at $3; three-day, next-day and same-day bill payment delivery options, with prices starting at 88 cents and the “Walmart MoneyCard” a reloadable, pre-paid Visa debit card, available for $3. MoneyGram has 186,000 agent locations in 190 countries and territories. WalMart says the holiday season is one of the busiest times of year to send money. According to Walmart’s internal research, during the month of December the number of transfers typically increases by 14% over the previous 11 month average. For more information visit: http://www.walmartstores.com.

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