Industry Analysis & Industry Trends
The Money Transfer Agencies industry has grown solidly over the five years through 2013-14. The industry came away from the financial crisis relatively unscathed. This is mainly attributed 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 - Industry Products Chapter
The Money Transfer Agencies industry predominantly deals with the transfer of money between two parties located either within or outside of Australia. Industry players earn a transaction fee from processing the transaction.
Retail money transfer
The largest service segment offered by the industry is retail money transfer. This refers to money transferred through physical retail establishments of industry operators. The largest chain of such establishments is Western Union. In 2013-14, retail money transfers are expected to account for 46.6% of industry revenue. This high share suggests that consumers favour the segment's security over that of other industry service segments... purchase to read more