Money Transfer Agencies in Australia - Industry Market Research Report

Money Transfer Agencies in Australia - Industry Market Research Report

Money Transfer Agencies in Australia

The Money Transfer Agencies industry grew early in the past five-year period, largely due to globalisation and rising labour mobility. Industry revenue is closely linked to the number of overseas workers employed in Australia, with many sending money to their respective countries to support their families. The resilience of the Australian economy in relation to other developed economies and its skill shortages have made Australia an attractive place for overseas workers to seek employment. Despite this, industry revenue is expected to decline at an annualised 0.9% over the five years through 2021-22, to $756.3 million. This includes an anticipated 4.7% increase in the current year, due to recovering conditions following the COVID-19 pandemic.

Industry firms act as third-party agents that facilitate money transfers and payments among parties in different locations. The industry excludes bank wire services and card-based services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.