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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 2014

Transferring revenue: Online operators are growing at the expense of retail kiosks

IBISWorld’s Money Transfer Agencies market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Market Share of Companies
OzForex Group OzForex Group market share
Industry Statistics & Market Size
Revenue
$252m
Annual Growth 10-15
6.9%
Annual Growth 15-20
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Profit
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Employment
1,358
Businesses
193
Industry Analysis & Industry Trends

The Money Transfer Agencies industry has recorded solid growth over the past five years. The industry came away from the financial crisis relatively unscathed, mainly due to the increasing globalisation and rising mobility of labour. Industry revenue is closely linked to the number of overseas workers employed in Australia who send money back to their respective countries to support their families. The Australian economy has recovered relatively quickly following the global financial crisis. Low unemployment rates, especially compared with those of Europe, and skill shortages make Australia an attractive place for overseas workers to seek employment. This trend is supported by the rising number of 457 working visas granted over the past five years... purchase to read more

Industry Report - Starting a New Business Chapter

The Money Transfer Agencies industry exhibits medium barriers to entry. Industry entrants face a number of 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 a number of affiliated partners overseas and have substantial cash holdings offshore to facilitate fast money transfers. Newer industry players 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?

Firms in the industry 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 transferIn-store money transfer operationsRetail money transferOnline money transfer


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