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Money Transfer Agencies in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Money Transfer Agencies Market Research Report | Advisory & Financial Services | Financial Intermediaries | Dec 2015

Easy money: Online operators are growing at the expense of retail kiosks

The Money Transfer Agencies market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
OzForex Group OzForex Group market share
Industry Statistics & Market Size
Revenue
$276m
Annual Growth 11-16
8.7%
Annual Growth 16-21
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Profit
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Employment
1,407
Businesses
201
Industry Analysis & Industry Trends

The Money Transfer Agencies industry has recorded robust growth over the past five years. This growth is largely due to the increasing globalisation and rising mobility of labour. Industry revenue is closely linked to the number of overseas workers employed in Australia, with many sending money back to their respective countries to support their families. The Australian economy has remained largely unscathed amid the global economy’s uncertainty and volatility. Low unemployment rates, especially compared with those in Europe, and skill shortages make Australia an attractive place for overseas workers to seek employment. A high number of 457 working visas being granted over the past five years has supported this trend. As a result, industry revenue is forecast to grow at an annualised 8.7%... purchase to read more

Industry Report - Starting a New Business Chapter

The Money Transfer Agencies industry exhibits medium barriers to entry. Industry entrants face several hurdles such as the application for a financial services licence. Industry operators are typically required to have a financial service licence to guarantee the authenticity of their services. Gaining a financial services licence is often a long and arduous process depending on the category and the extent of operations. Additionally, many industry operators are required to have several affiliated partners overseas and have substantial cash holdings offshore to facilitate fast money transfers. Potential entrants may find it difficult to establish these partnerships. The need for initial capital varies depending on the business model... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Money Transfer Agencies Industry?

Industry firms act as third-party agents that facilitate money transfers and payments between parties in different locations. The industry excludes bank wire services and card-based services.

Industry Products
Online money transferRetail money transferIn-store money transfer operations
 
Industry Activities
In-store money transfer operationsRetail money transferOnline money transfer


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