Foreign Currency Exchange Services in Australia - Market Research Report (2014-2029)

Foreign Territory: Industry Revenue Has Drastically Fallen as a Result of Covid-19 Travel Bans

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.

Foreign currency exchange services expanded prior to the COVID-19 pandemic as world economies became more interconnected. Prior to the pandemic, the rising volume of people travelling in and out of Australia boosted growth in the volume of foreign currency exchange transactions. Strong growth in the number of international students studying in Australia also contributed to rising industry demand for industry services. Following the outbreak Demand for foreign currency exchange services plummeted dramatically. Associated international travel restrictions evaporated the traditional markets that forex firms rely upon for income. Consequently, industry revenue is expected to fall at an annualised 20.1% over the five years through 2022-23, to total $641.5 million.

Industry firms offer retail foreign currency exchange services to the public. The industry excludes wholesale foreign currency dealing services provided to institutions and investors.