Transferring revenue: Online operators are growing at the expense of retail kiosks
IBISWorld’s Money Transfer Agencies market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.
Industry Statistics & Market Size
Annual Growth 09-14
Annual Growth 14-19
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 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 4.3% over the ten years through 2018-19. This is higher than GDP annual growth of 2.5% over the same period.
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
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.
Online money transferRetail money transferIn-store money transfer operations
In-store money transfer operationsRetail money transferOnline money transferIn-store money transfer operationsRetail money transferOnline money transfer