Foreign Currency Exchange Services in Canada - Industry Research Report

Extra cash: Heavy external competition from financial institutions will not weaken

Revenue for foreign currency exchange services in Canada has decrease throughout the years to 2023 as the COVID-19 pandemic significantly depresses international travel. In addition, pressure from external competition by banks offering foreign exchange services has aided in the industry's decline. However, more operators are offering services to financial institutions by participating in the supply chain of foreign exchange, supplying banks with banknotes in wholesale or providing the service directly as an outsourced agent. Alongside favourable economic trends during the majority of the five-year period and the proliferation of online services, operators have expanded demand by extending the reach of their services. Overall, industry revenue is expected to decline at a CAGR of 3.7% over the five years 2023, with a rise of 4.1% to an estimated $295.4 million in 2023 alone as a steady economic recovery expands consumer confidence.

The Foreign Currency Exchange Services industry in Canada includes operators that offer foreign currency exchange services to consumers and businesses as a primary source of revenue. Industry services include business-to-business payment services and traditional currency exchange. Bank holding companies that do not charge fees for exchange services are not included in the industry, while 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.