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Foreign Exchange Services Market

Foreign Exchange Services Market Size, Share & Trends Analysis Report By Services (Currency Exchange, Remittance Services, Foreign Currency Accounts, Others), by Providers (Banks, Money Transfer Operators, Others), by Application (Businesses, Individuals), By Region, And Segment Forecasts, 2024-2031

Report ID : 1718 | Published : 2024-10-18 | Pages: 180 | Format: PDF/EXCEL

The Global Foreign Exchange Services Market Size is valued at 9.67 billion in 2023 and is predicted to reach 18.27 billion by the year 2031 at a 8.31% CAGR during the forecast period for 2024-2031.

Key Industry Insights & Findings from the Report:  

  • The market's growth is being propelled by factors like increasing disposable incomes, fierce competition among international banks, and the flow of capital around the world.
  • The rising volume of international trade, investments across borders, and the need to hedge against currency fluctuations have all contributed to the fast expansion of the global foreign exchange services sector.
  • North America dominated the market and accounted for a revenue share of global revenue in 2023.
  • The Foreign Exchange Services industry is notoriously difficult to break into due to its high operating costs.

Foreign Exchange Services Market,

Increasing urbanization and rising disposable income levels among people are major factors favoring the industry. Therefore, a substantial increase in international trade operations is driving up demand for foreign exchange (FX), which provides several benefits, such as low trading costs, strong liquidity and transactional transparency, round-the-clock trading opportunities, and significant trading volumes. In addition, there has been considerable growth in the number of international trade operations in recent years. In addition, the market is developing due to the growing trend of digitalization and the introduction of outright forward and currency options. 

A positive market picture is also being produced by the development of improved electronics and numerous internet-based platforms that enable customers to exchange currencies effortlessly between nations while guaranteeing the delivery of products and services in a secure and controlled environment. Additionally, the advent of automated conversion technologies that allow stronger flexibility and comfort during currency swaps is driving the market. This is one of the factors that is driving the market.

However, businesses are concentrating on building the complete infrastructure to offer better security solutions for trading, fueling market expansion. 

Recent Developments:

  • In March 2024, Western Union (NYSE: WU) and Visa (NYSE: V) inked a seven-year partnership. Western Union customers can send funds to friends and family in 40 countries across five regions through Visa and bank accounts that qualify under the new agreement.
  • In January 2023, The GS25 convenience store chain and GS The Fresh supermarket unit's outlets will now have kiosks for exchanging foreign currencies, according to GS Retail Co. The company's ten locations will test the use of the forex currency exchange kiosks. To meet the rising demand from travellers, the shop is installing kiosks to expand its financial service options. 

Competitive Landscape:

Some of the Foreign Exchange Services market players are:

  • Barclays,
  • Citigroup Inc.,
  • American Express Company,
  • Standard Chartered,
  • Deutsche Bank AG,
  • JPMorgan Chase & Co.,
  • Wells Fargo,
  • Goldman Sachs,
  • HSBC Group,
  • Western Union Holdings 

Market Segmentation:

The Foreign Exchange Services market is segmented by services, providers, and applications. The market is segmented based on services: Currency Exchange, Remittance Services, Foreign Currency Accounts, and Others. By the providers, the market is segmented into Banks, Money Transfer Operators, and Others. By application, the market is segmented into Businesses and Individuals.

Based On Services, The Remittance Services Segment Is Accounted As A Major Contributor In The Foreign Exchange Services Market

The remittance services segment experienced the most significant growth in terms of services. The need for remittance services has increased as a result of the growing population of migrant workers and their need to transfer money back to their home countries. Furthermore, the development of digital technology has made it simpler and more practical for people to move money across international borders through the internet and mobile platforms.

The sector for foreign currency accounts is anticipated to increase the fastest during the projection period, nevertheless. This is explained by the fact that there is a growing demand for practical foreign currency management solutions due to the rise in the number of international travelers and the expansion of the travel and tourism sector.

Businesses Segment To Witness Growth At A Rapid Rate

The increased use of digital technology has changed how foreign exchange services are provided and used, making them quicker, more practical, and available to a wider range of clients, which has contributed to the market's expansion. Furthermore, modern web platforms have made it simpler for companies to obtain foreign currency services, enabling them to compare exchange rates, start transactions, and follow the progress of payments in real time. Moreover, technology has advanced to the point that smartphone apps for using currency exchange services have been released. For instance, TransferWise is a smartphone app for currency conversion services. A mobile app from the fintech business TransferWise enables users to send money abroad swiftly and easily.

The North America Foreign Exchange Services Market Holds A Significant Revenue Share In The Region

The market for foreign exchange services in North America, a crucial component of the financial services industry that offers solutions for risk management and currency exchange to both enterprises and people, experienced the largest increase in 2022.

Large banks, other financial institutions, and specialized foreign exchange service providers dominate the industry in North America. However, Asia-Pacific is anticipated to experience the quickest growth over the forecast period. This is due to the fact that the market is becoming more comfortable and accessible for both individuals and businesses to participate in, due to the shift towards electronic and online foreign exchange services.

Foreign Exchange Services Market Report Scope:

Report Attribute

Specifications

Market size value in 2023

USD 9.67 Bn

Revenue forecast in 2031

USD 18.27 Bn

Growth rate CAGR

CAGR of 8.31% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Billion, and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Services, Providers, And Applications

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

Competitive Landscape

Barclays, Citigroup Inc., American Express Company, Standard Chartered, Deutsche Bank AG, JPMorgan Chase & Co., Wells Fargo, Goldman Sachs, HSBC Group, Western Union Holdings.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Foreign Exchange Service Market Snapshot

Chapter 4. Global Foreign Exchange Service Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Services Estimates & Trend Analysis
5.1. by Services & Market Share, 2023 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Services:

5.2.1. Currency Exchange
5.2.2. Remittance Services
5.2.3. Foreign Currency Accounts
5.2.4. Others

Chapter 6. Market Segmentation 2: by Providers Estimates & Trend Analysis
6.1. by Providers & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Providers:

6.2.1. Banks
6.2.2. Money Transfer Operators
6.2.3. Others

Chapter 7. Market Segmentation 3: by Application Estimates & Trend Analysis
7.1. by Application & Market Share, 2023 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

7.2.1. Businesses
7.2.2. Individuals

Chapter 8. Foreign Exchange Service Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.1.2. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.1.3. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.1.4. North America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.2. Europe

8.2.1. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.2.2. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.2.3. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.2.4. Europe Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.3.2. Asia Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.3.3. Asia-Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.3.4. Asia Pacific Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.4. Latin America

8.4.1. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.4.2. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.4.3. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.4.4. Latin America Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Services, 2024-2031
8.5.2. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Providers, 2024-2031
8.5.3. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
8.5.4. Middle East & Africa Foreign Exchange Service Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles


9.2.1. Barclays,
9.2.2. Citigroup Inc.,
9.2.3. American Express Company,
9.2.4. Standard Chartered,
9.2.5. Deutsche Bank AG,
9.2.6. JPMorgan Chase & Co.,
9.2.7. Wells Fargo,
9.2.8. Goldman Sachs,
9.2.9. HSBC Group,
9.2.10. Western Union Holdings
9.2.11. Other Prominent Players

Segmentation of Foreign Exchange Services Market-

Foreign Exchange Services Market By Services-

  • Currency Exchange
  • Remittance Services
  • Foreign Currency Accounts
  • Others 

Foreign Exchange Services Market,

Foreign Exchange Services Market By Providers-

  • Banks
  • Money Transfer Operators
  • Others

Foreign Exchange Services Market By Application-

  • Businesses
  • Individuals

Foreign Exchange Services Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Foreign Exchange Services Market?

Foreign Exchange Services Market expected to grow at a 8.31% CAGR during the forecast period for 2024-2031

Barclays, Citigroup Inc., American Express Company, Standard Chartered, Deutsche Bank AG, JPMorgan Chase & Co., Wells Fargo

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