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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 provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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 - Industry SWOT Analysis Chapter

The industry is in the growth phase of its life cycle. Industry value added is forecast to grow at a compound annual rate of 5.7% over the 10 years through 2019-20. This is higher than the forecast GDP growth rate of 2.7% annualised.

Increasing labour mobility and globalisation will underpin demand for money transfer services in the next five years. The number of migrants in Australia is increasing and this trend is expected to continue as the economy improves. Product innovation is also increasing through the introduction of online platforms for money transfers... 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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