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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

IBISWorld’s Money Transfer Agencies market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

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 - Industry Analysis Chapter

Several factors have supported growth in the Money Transfer Agencies industry over the past five years. The increasing globalisation of markets, labour mobility and Australia's financially stable position have been the main contributors to revenue growth. These factors have created a favourable environment where more people have migrated to Australia in search of employment, often leaving their families behind. The need for money transfer services has therefore been increasing as these workers support their families. A rise in 457 working visa applications is a good indicator of this trend. Industry revenue is forecast to grow at an annualised 8.7% over the five years through 2015-16, to reach $275.5 million. Revenue is projected to rise by 9.0% in the current year... 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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