Foreign Exchange Services Market Report 2026

The foreign exchange services market size has grown strongly in recent years. It will grow from $8.81 trillion in 2025 to $9.33 trillion in 2026 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growth in international trade activities, rising global travel and tourism, expansion of migrant remittance flows, increased banking penetration, development of correspondent banking networks.

The foreign exchange services market size is expected to see strong growth in the next few years. It will grow to $12.21 trillion in 2030 at a compound annual growth rate (CAGR) of 7%. The growth in the forecast period can be attributed to increasing adoption of digital payment ecosystems, rising demand for real-time settlement services, expansion of mobile-based forex services, growing regulatory focus on compliance automation, increasing corporate demand for hedging solutions. Major trends in the forecast period include increasing adoption of digital currency exchange platforms, rising demand for cross-border remittance services, growing use of automated fx risk management solutions, expansion of online currency conversion services, enhanced focus on transaction transparency.

The rise in international transactions is anticipated to boost the growth of the foreign exchange service market in the future. An international transaction is characterized as a settlement made in a foreign currency for a cross-border trade agreement or a credit operation. Each international transaction necessitates the exchange of foreign currency. As a result, a growing volume of international transactions will contribute to the expansion of the foreign exchange service market. For example, in August 2024, Convera Corporation, a US-based web services company, projected that the wholesale cross-border payments market would increase by 54%, growing from $146 trillion in 2023 to $225 trillion by 2030. Meanwhile, non-wholesale (retail) payment flows are expected to rise by 45%, reaching $65 trillion. Thus, the increase in international transactions is propelling the foreign exchange market.

Major companies in the foreign exchange service market are actively developing advanced technologies, such as foreign exchange (FX) platforms, with the aim of reaching broader customer bases, boosting sales, and increasing overall revenue. A foreign exchange (FX) platform, also referred to as a forex trading platform, is an online software interface provided by financial institutions and brokers. It facilitates participants in the foreign exchange market to engage in currency trading. As an example, in October 2023, the Bank of New York Mellon Corporation (BNY Mellon), a financial services company based in the United States, introduced the Universal FX platform. This innovative foreign exchange (FX) platform is designed to address the diverse needs of clients in managing portfolio execution while offering unparalleled access to market-leading price transparency. Tailored for BNY Mellon clients across various market segments, including investment managers, corporates, hedge funds, and wealth managers, Universal FX plays a pivotal role in guiding them through the industry-wide shift to T+1 settlement. This cutting-edge platform represents an extension of BNY Mellon's OneFX suite, leveraging innovative solutions and banking capabilities to comprehensively cover FX trading, FX hedging, and cross-border payment activities. Notably, Universal FX seamlessly integrates into the entire FX spectrum, ensuring global clients can effortlessly access BNY Mellon's latest features and functionalities within the OneFX suite.

In August 2025, Western Union Holdings Inc., a US-based financial services and payments company, acquired International Money Express Inc. (Intermex) for approximately US$1.3 billion in cash. Through this acquisition, Western Union seeks to broaden its global cross-border money transfer operations, reinforce its footprint in major Latin American and Caribbean corridors, and improve its digital remittance offerings by leveraging Intermex’s wide agent network and established customer base. International Money Express Inc. (Intermex) is a US-based financial services firm focused on providing cross-border money transfer and remittance services primarily to the Latin American and Caribbean regions.

Major companies operating in the foreign exchange services market are JPMorgan Chase & Co., Citibank N. A, Wells Fargo Bank Ltd., HSBC Holdings plc, BNP Paribas, Goldman Sachs Group Inc., UBS AG, Barclays plc, Deutsche Bank, The Royal Bank of Scotland plc, Standard Chartered PLC, State Street Corporation, Western Union Holdings Inc., XTX Markets Limited, Revolut, Wise, eToro, Gain Capital Group LLC, Rapyd, TransferMate, Capitolis Inc., Currensea, AZA Group, B Broker SRL, easyMarkets (CFD Trading), Ebury, EverEx, LMAX Exchange Group, Orfinex Technologies.

North America was the largest region in the foreign exchange services market in 2025. The regions covered in the foreign exchange services market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the foreign exchange services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The foreign exchange services market includes revenues earned by providing professionally managed accounts service and trading programs & advisory services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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