About Money Transfer Agency
Money Transfer Agency or the banks employ electronic funds transfer (EFT), to send money across the globe. Sending money to another country or making international payments has become so quick that it simply takes a few minutes. Data is exchanged instantly and money is transferred due to the internet. Money is securely exchanged over the internet using multiple levels of coding. The money transfer business is simple, straightforward, and safe. It is based on the age-old phenomena of money wiring. Money transfer businesses let overseas migrants send money back to their home nations. It is made up of several channels such as banks, money transfer providers, and mobile network distributors. This industry has become one of the fastest growing due to the combination of current technologies with traditional ideas. Furthermore, due to recent expansion in enterprises affiliated with consumers and individuals working overseas, money transfers have expanded dramatically.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 16.2% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Money Transfer Agency market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Wise (United Kingdom), WorldRemit (United Kingdom), OFX (Australia), Payoneer (United States), Remitly, Inc. (United States), Skrill (United Kingdom), Xoom Corporation (United States), MoneyGram International Inc. (United States), Azimo (United Kingdom), Wells Fargo (United States), XE (Canada) and Ria Money Transfer (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Uphold (United States) and TransferGo (United Kingdom).
Segmentation Overview
AMA Research has segmented the market of Global Money Transfer Agency market by Type (Recurring Money Transfer and One-Time Money Transfer) and Region.
On the basis of geography, the market of Money Transfer Agency has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Destination, the sub-segment i.e. International will boost the Money Transfer Agency market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Mode, the sub-segment i.e. Banks will boost the Money Transfer Agency market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Individual will boost the Money Transfer Agency market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emergence of Online Money Transfer Platforms and Growth of Mobile Wallets
Market Growth Drivers:
Growing Cross-Border Transactions and Decreasing Money Transfer Time and Remittance Cost Drives the Money Transfer Market
Challenges:
High Cost of Upgrading and Redesigning Systems
Restraints:
Rising Concerns Regarding Data Theft
Opportunities:
The Current Pandemic Creates Opportunity for Online Money Transfer and Rising Opportunities in Emerging Economics
Market Leaders and their expansionary development strategies
In August 2020 WorldRemit had announced the acquisition of Sendwave. WorldRemit's acquisition of Sendwave, which provides instant, no/low-fee, and fully digital payments from North America and Europe to East Africa, will address client needs for secure and fast digital transactions, particularly in light of today's travel bans and economic instability.
In August 2023, ZILO, the UK-based FinTech company, has launched its SaaS technology platform for global transfer agency services. The company aims to transform the global transfer agency market by improving the technology of custodian banks and outsourcing organisations, thereby enabling them to offer more efficient services to their asset and wealth manager clients.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Small Businesses, Migrant Workers and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.