Market Overview:
The global money transfer agencies market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for money transfers and currency exchange services from individuals and businesses across the globe. In addition, the growing use of online and mobile platforms for money transfers is also contributing to the growth of this market. The global money transfer agencies market can be segmented on the basis of type into money transfer and currency exchange services. The money transfer segment is expected to account for a larger share of this market in 2018, owing to its higher adoption by individuals and businesses worldwide. On the basis of application, this market can be divided into individual transfers and business transfers.
Product Definition:
A money transfer agency is a business that helps people send or receive money transfers. This can be done in person, over the phone, or online. Money transfer agencies can be used to send and receive payments for goods and services, as well as to move money between family and friends.
Money Transfer:
A money transfer is a service where one currency is transferred to another country with the help of financial institutions. The most common way of money transfer is through Western Union, MoneyGram or any other similar service. There are different types of money transfer services depending upon the type of transaction such as incoming and outgoing transactions.
Currency Exchange:
Currency exchange is a service where one currency is converted into another at the current market rate. It helps to transfer money from one country to another without having to use the local currency. The main objective of this service is to reduce transaction time and avoid inconvenience caused by carrying large amounts of cash.
The global money transfer industry has been witnessing significant changes over the past few years in terms of technology, business models, customer expectations and regulatory pressures.
Application Insights:
The business application segment dominated the global money transfer agencies market in 2017, accounting for over 60.0% share of the total revenue. The growth of this segment can be attributed to increasing corporate travels and tourism activities across the globe. As per a study by World Travel & Tourism Council (WTTC), in 2018, there was a rise of 10% in international tourist arrivals compared to previous year which is expected to boost demand for money transfer services globally. This will help businesses operating in this sector grow their operations over the coming years.
The individual application segment is expected register significant growth during forecast period owing to rising awareness about cashless transactions and adoption of digital payment methods such as e-wallets and mobile transfers among consumers globally.
Regional Analysis:
North America dominated the global market in 2017. The growth of this region can be attributed to the presence of a large number of money transfer agencies, high level of digitalization, and increasing cross-border trade among countries. Moreover, growing awareness regarding money transfer services is also expected to drive regional demand over the forecast period.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to rising internet penetration and changing consumer behavior towards online transactions coupled with economic development in emerging countries such as India and China. Furthermore, increased adoption of mobile phones is also expected to contribute significantly towards regional demand during the forecast period (2018-2030). Additionally, favorable government initiatives aimed at reducing remittance costs are further anticipated to fuel industry expansion across this region over coming years.
Latin America has been witnessing steady economic growth since 2010s which has resulted into increased foreign investments in Brazil and other Latin American economies such as Chile & Peru & Colombia etc.
Growth Factors:
- Increasing globalization and international trade: The money transfer agencies market is expected to grow as a result of increasing globalization and international trade. With the growth of global economies, there is an increase in the number of people who are working or doing business internationally. This leads to an increase in the need for money transfer services.
- Rising demand from developing countries: The majority of the growth in the money transfer agencies market is expected to come from developing countries, where there is a rising demand for these services due to increasing population and economic development.
- Technological advancements: Money transfer agencies are increasingly using technology such as mobile apps and online platforms to offer their services, which has helped them gain a larger share of the market. This trend is likely to continue in the future, with more advancements being made in this area.
Scope Of The Report
Report Attributes
Report Details
Report Title
Money Transfer Agencies Market Research Report
By Type
Money Transfer, Currency Exchange
By Application
Individuals, Business
By Companies
Western Union Holdings Inc, TransferWise Ltd., Finablr, MoneyGram International, Inc, Ria Financial Services, Xoom Corporation, Remitly Inc., WorldRemit Ltd, SMALL WORLD FINANCIAL SERVICES, Azimo Limited
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
190
Number of Tables & Figures
133
Customization Available
Yes, the report can be customized as per your need.
Global Money Transfer Agencies Market Report Segments:
The global Money Transfer Agencies market is segmented on the basis of:
Types
Money Transfer, Currency Exchange
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Individuals, Business
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Western Union Holdings Inc
- TransferWise Ltd.
- Finablr
- MoneyGram International, Inc
- Ria Financial Services
- Xoom Corporation
- Remitly Inc.
- WorldRemit Ltd
- SMALL WORLD FINANCIAL SERVICES
- Azimo Limited
Highlights of The Money Transfer Agencies Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Money Transfer
- Currency Exchange
- By Application:
- Individuals
- Business
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Money Transfer Agencies Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Money transfer agencies are businesses that help people send money to other people. They can do this by transferring money from one person's account to another person's account, or by sending cash directly to someone's door.
Some of the key players operating in the money transfer agencies market are Western Union Holdings Inc, TransferWise Ltd., Finablr, MoneyGram International, Inc, Ria Financial Services, Xoom Corporation, Remitly Inc., WorldRemit Ltd, SMALL WORLD FINANCIAL SERVICES, Azimo Limited.
The money transfer agencies market is expected to register a CAGR of 7.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Money Transfer Agencies Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Money Transfer Agencies Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Money Transfer Agencies Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Money Transfer Agencies Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Money Transfer Agencies Market Size & Forecast, 2018-2028
4.5.1 Money Transfer Agencies Market Size and Y-o-Y Growth
4.5.2 Money Transfer Agencies Market Absolute $ Opportunity
Chapter 5 Global Money Transfer Agencies Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Money Transfer Agencies Market Size Forecast by Type
5.2.1 Money Transfer
5.2.2 Currency Exchange
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Money Transfer Agencies Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Money Transfer Agencies Market Size Forecast by Applications
6.2.1 Individuals
6.2.2 Business
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Money Transfer Agencies Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Money Transfer Agencies Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Money Transfer Agencies Analysis and Forecast
9.1 Introduction
9.2 North America Money Transfer Agencies Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Money Transfer Agencies Market Size Forecast by Type
9.6.1 Money Transfer
9.6.2 Currency Exchange
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Money Transfer Agencies Market Size Forecast by Applications
9.10.1 Individuals
9.10.2 Business
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Money Transfer Agencies Analysis and Forecast
10.1 Introduction
10.2 Europe Money Transfer Agencies Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Money Transfer Agencies Market Size Forecast by Type
10.6.1 Money Transfer
10.6.2 Currency Exchange
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Money Transfer Agencies Market Size Forecast by Applications
10.10.1 Individuals
10.10.2 Business
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Money Transfer Agencies Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Money Transfer Agencies Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Money Transfer Agencies Market Size Forecast by Type
11.6.1 Money Transfer
11.6.2 Currency Exchange
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Money Transfer Agencies Market Size Forecast by Applications
11.10.1 Individuals
11.10.2 Business
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Money Transfer Agencies Analysis and Forecast
12.1 Introduction
12.2 Latin America Money Transfer Agencies Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Money Transfer Agencies Market Size Forecast by Type
12.6.1 Money Transfer
12.6.2 Currency Exchange
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Money Transfer Agencies Market Size Forecast by Applications
12.10.1 Individuals
12.10.2 Business
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Money Transfer Agencies Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Money Transfer Agencies Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Money Transfer Agencies Market Size Forecast by Type
13.6.1 Money Transfer
13.6.2 Currency Exchange
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Money Transfer Agencies Market Size Forecast by Applications
13.10.1 Individuals
13.10.2 Business
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Money Transfer Agencies Market: Competitive Dashboard
14.2 Global Money Transfer Agencies Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Western Union Holdings Inc
14.3.2 TransferWise Ltd.
14.3.3 Finablr
14.3.4 MoneyGram International, Inc
14.3.5 Ria Financial Services
14.3.6 Xoom Corporation
14.3.7 Remitly Inc.
14.3.8 WorldRemit Ltd
14.3.9 SMALL WORLD FINANCIAL SERVICES
14.3.10 Azimo Limited
