Foreign Currency Exchange Services
The Foreign Currency Exchange Services industry was aided over the five years to 2018 by continued growth in international trade and travel. Downstream corporate clients rely on industry operators for business-to-business payment services, while downstream individuals generally use credit and debit card processing services and currency exchange offerings. Moreover, technological change, in the form of improved debit card offerings and mobile apps, have made industry services more convenient. Most industry operators are small in size and handle a correspondingly small number of transactions. Annual gross foreign currency exchange transactions exceed $500,000 for a small minority of industry operators. However, there are a few large players that operate in the industry, including Travelex Group, which has locations throughout the United States. Over the five years to 2023, the factors that affect downstream demand levels, including trade and travel, are anticipated to continue improving during the five-year period. Over the next five years, industry operators are expected to continue to develop websites and apps that make it even easier for individuals and businesses to make foreign currency transaction wherever and whenever they need to.
This industry includes operators that offer foreign currency exchange services to consumers and businesses. Industry services include business-to-business payment services, credit and debit card processing services for foreign transactions and traditional currency exchange. Bank-holding companies that do not charge fees for foreign currency exchange services are not included in the industry, while industry-specific ATMs are not considered establishments.
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.
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