Money Transfer Agencies Market Report 2026

The money transfer agencies market size has grown rapidly in recent years. It will grow from $33.02 billion in 2025 to $37.56 billion in 2026 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to growth in international migration, expansion of global trade activities, increasing reliance on remittance services, growth of cross-border business transactions, expansion of financial service providers.

The money transfer agencies market size is expected to see rapid growth in the next few years. It will grow to $62.75 billion in 2030 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to increasing shift toward digital-first transfer models, rising adoption of real-time settlement systems, expansion of mobile-enabled agency networks, growing demand for regulatory-compliant transfers, increasing focus on cost efficiency. Major trends in the forecast period include increasing adoption of digital money transfer channels, rising demand for low-cost international transfers, growing integration of online and offline transfer networks, expansion of agent-based remittance models, enhanced focus on transaction transparency.

The surge in digital transactions is expected to propel the growth of the money transfer agencies market going forward. Digital transactions refer to financial exchanges or funds transfers conducted electronically through digital platforms rather than through traditional paper-based methods. The surge in digital transactions is due to increasing penetration of digital payment infrastructure, wider access to online banking channels, and the proliferation of real-time payment systems that support seamless electronic transfers. Money transfer agencies support digital transactions by providing platforms and services that allow consumers and businesses to send and receive funds quickly, securely, and often at lower costs compared with traditional banking channels. For instance, in July 2025, according to the Bangko Sentral ng Pilipinas, a Philippines-based central banking authority, digital retail payments accounted for 57.4% of total transaction volume in 2024, marking a year-on-year increase of 4.6 percentage points from 2023. Therefore, the surge in digital transactions is driving the growth of the money transfer agencies market.

Major companies operating in the money transfer agencies market are focused on developing innovative solutions, such as the money transfer app, to enhance the user experience, increase transaction speed, and provide secure and convenient digital solutions. Money transfer apps refer to digital platforms that allow users to send and receive money electronically, often across borders, using their smartphones or computers. For instance, in July 2024, Hong Kong and Shanghai Banking Corporation Limited (HSBC), a Hong Kong-based international bank, launched the Zing International Money Transfer App, enabling users to hold funds in over ten different currencies, send money in more than thirty currencies, and transact in over two hundred countries and territories, all through a single app and smart multi-currency card. The launch of Zing aims to provide secure, easy-to-use, and trustworthy financial products to globally-minded consumers. Zing charges no fees for outbound transfers and offers foreign exchange (FX) conversion fees starting at just 0.2%. Users can make free withdrawals at UK ATMs, and the first international ATM withdrawal each month is also free. The app is crafted for simplicity, enabling users to manage their funds, track payments, and convert currencies effortlessly. It features real-time exchange rates and clear fee breakdowns.

In June 2023, Madison Dearborn Partners, LLC, a US-based private equity investment firm, acquired MoneyGram International, Inc. for approximately $1.8 billion. With this acquisition, Madison Dearborn Partners aimed to take MoneyGram private to support long-term strategic investments, accelerate digital transformation, and strengthen its global payments and cross-border money transfer capabilities without public market pressures. MoneyGram International Inc. is a US-based financial services company that specializes in providing global money transfer, remittance, and digital payment services through a large international agent network and online platforms.

Major companies operating in the money transfer agencies market are JPMorgan Chase and Co., Bank of America Corporation, Citigroup Inc., Wells Fargo and Company, HDFC Bank Limited, ICICI Bank Limited, Axis Bank Limited, Western Union Holdings Inc., Ria Financial Services Inc., Wise Payments Limited, MoneyGram International Inc., Careem Networks FZ LLC, Remitly Inc., Payoneer Inc., WorldRemit Ltd., Small World Financial Services, Xoom Corporation, Papaya Global Ltd., Skrill Limited, XE.com Inc., CurrencyFair, BookMyForex Pvt. Ltd., Remit2India, Unimoni, Cwallet.

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

The money transfer agencies market includes revenues earned by entities by providing services such as business payments, digital wallets and online platforms. 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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