Through the service, customers can transfer as much as $50 for $4.50 fee, and up to $900 for a $9.50 fee. Customers are limited to one transfer per day.
The retailer said the idea for the service, which begins on April 24, was sparked by customers asking why money transfers were so expensive. Walmart said the service costs as much as 50 percent less than other options available on the market.
"After listening to our customers complain about the high fees and confusion associated with transferring money, we knew there had to be a solution," said Daniel Eckert, senior vice president of services for Walmart U.S.
Walmart already offers a money transferring service through MoneyGram. MoneyGram will still be available to shoppers, particularly those looking to send more than $900 at a time—the cap for Ria's service, due to regulatory requirements.
Walmart already offers check cashing, money orders and services for tax preparation.