Transferred: Increased use of online money transfers has boosted profitability and revenue

The Money Transfer Agencies industry has grown robustly over the past five years, 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 in relation to other developed economies and its skill shortages have made Australia an attractive place for overseas workers to seek employment. As a result, industry revenue is expected to increase at an annualised 5.3% over the five years through 2018-19, to reach $315.8 million. Industry revenue is anticipated to grow by 4.1% over the current year, driven by the rising uptake of online money transfer more.

Industry Statistics & Market Size
Annual Growth 14-19
Forecast Growth 19-24
Market Share of Companies

Industry Threats & Opportunities

  • Rising globalisation and labour mobility has continued to benefit industry revenue
  • Online operators have benefited from their lower cost base and the popularity of online transfers
  • Profitability is forecast to rise over the next five years, though at a slower pace than previously
  • Industry Report - Industry Key Buyers Chapter

    The Money Transfer Agencies industry exhibits a low level of market share concentration. The top four players in the industry account for less than 40% of industry revenue. 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...purchase to read more.

    Additional Insights for the Money Transfer Agencies Industry

    IBISWorld has determined the most important Key Success Factors for the Money Transfer Agencies are:

  • Having a good reputation
  • Proximity to key markets
  • Access to the latest available and most efficient technology and techniques
  • 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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    What's in this report

    What is the Money Transfer Agencies Industry?

    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.

    Industry Products
  • In-store money transfer operations
  • Online money transfer operations
  • Industry Activities
  • In-store money transfer operations
  • Retail money transfer
  • Online money transfer
  • Table of Contents

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

  • Current Performance
  • Migration environment
  • Working 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

  • 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
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • 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
    OFX Group Limited,
  • Table: OFX Group Limited - financial performance

  • 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
    Table: Industry Data for the Money Transfer Agencies Industry
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
  • 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.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Money Transfer Agencies market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    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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