Overview

Easy money: Strong growth in online money transfer platforms helps drive industry revenue

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.

REPORT SNAPSHOT

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 resilience of the Australian economy relative to other developed economies and its skill shortages make Australia an attractive place for overseas workers to seek employment. An increasing number of subclass 457 working visas being granted over the past five years has supported this trend. As a result, industry revenue is expected to increase at an annualised 9.5% over the five years through 2016-17, to $297.3 million...

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What is the Money Transfer Agencies industry?

The Money Transfer Agencies industry exhibits a low level of market share concentration. The top four players in the industry account for considerably less than 40% of industry revenue and this figure is not anticipated to rise above this level over the coming five years. The low level of concentration is largely due to the diversity in consumer markets. This is partly due to the high number of specialised industry establishments such as agencies that deal specifically with money transfer to China or India. Consumers are more likely to frequent establishments closer to them and more suited to their purposes, especially those who transfer money regularly...

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Additional Insights for the Money Transfer Agencies Industry

IBISWorld identifies 250 Key Success Factors for a business.The most important for the Money Transfer Agencies Industry are

  • Having a good reputation
  • Proximity to key markets
  • Ability to adopt the latest in industry technology
  • IBISWorld analysts also discuss how external factors such as Demand from health services and National unemployment rate in the Money Transfer Agencies industry impact industry performance..

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    Products & Brands

    Major products in this industry
    In-store money transfer operations
    Online money transfer operations

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Demand from health services
  • National unemployment rate
  • Net migration
  • Trade-weighted index

  • Current Performance
  • Favourable migration environment
  • Increasing 457 visas
  • Rise of online transfers
  • Chart: Revenue Growth

  • Industry Outlook
  • Migration and currency trends
  • Profitability and innovation
  • Table: Money Transfer Agencies Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Money Transfer Agencies Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Consumers

  • Key Selling Industries
  • Computer and Software Retailing
  • Custody, Trustee and Stock Exchange Services
  • Financial Planning and Investment Advice
  • National and Regional Commercial Banks

  • Products & Services
  • In-store money transfer operations
  • Online money transfer operations
  • Chart: Money Transfer Agencies Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Consumers aged 41 to 60
  • Consumers aged 26 to 40
  • Consumers aged 61 and older
  • Consumers aged 25 and under
  • Chart: Major Market Segmentation for the Money Transfer Agencies Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Third-party fees
  • Other expenses
  • Chart: Cost Structure Benchmarking – Sector vs Money Transfer Agencies

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Money Transfer Agencies Industry

  • Industry Globalization
    Major Companies
    OFX Group Limited
  • Table: OFX Group Limited - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Money Transfer Agencies Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Money Transfer Agencies Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Bitcoin
  • A virtual currency encrypted and stored on the internet.
  • Spot Quote
  • The current market value of a certain good. In this case, the value of a currency on global foreign exchange markets.
  • White-Label Products
  • Products that are manufactured by one company but carry the brand of another.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Money Transfer Agencies:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Money Transfer Agencies market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Money Transfer Agencies, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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