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Foreign Exchange Services Market

Foreign Exchange Services Market

by Services (Currency Exchange, Remittance Services, Foreign Currency Accounts, Others), by Providers (Banks, Money Transfer Operators, Others), by Application (Businesses, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A07394
Mar 2023 | Pages: 389
Tables: 128
Charts: 71
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Foreign Exchange Services Market Research, 2031

The global foreign exchange services market was valued at $8.5 billion in 2021, and is projected to reach $18.2 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.

The COVID-19 pandemic has had a significant impact on the foreign exchange services market. The uncertainty and volatility caused by the pandemic led to significant fluctuations in currency exchange rates, resulting in increased demand for foreign exchange services. However, the widespread travel restrictions and economic slowdowns caused by the pandemic have also led to decreased demand for foreign exchange services related to international travel and tourism. Overall, the COVID-19 pandemic has created a complex and challenging environment for the foreign exchange services market, with both opportunities and challenges for market participants.

Foreign exchange refers to the conversion of currency into another currency. It is the global market where different currencies are traded. It is used for conducting business transactions, investing, and hedging against currency fluctuations. In the foreign exchange services market, currency exchange rates are determined by supply and demand dynamics. Moreover, there are providers of the foreign exchange services, and this service offers financial products and services that allow individuals, businesses, and financial institutions to convert one currency into another. In addition, these services can include buying and selling currency in the spot market, transferring funds between international accounts, offering currency options & hedging tools, as well as providing market analysis and research. Thus, the goal of foreign exchange services market is to help clients to manage currency risk and take advantage of market opportunities arising from fluctuations in exchange rates.

The rise in usage of digital technologies has transformed the way foreign exchange services are delivered and consumed, making them faster, more convenient, and more accessible to a wider range of customers, which has helped to drive growth in the market. Moreover, international trade has led to increased trade and investment flows between countries, which has driven the demand for foreign exchange services. Furthermore, due to cross border investments and e-commerce, companies need to convert one currency into another in order to conduct cross-border transactions, and foreign exchange service providers offer the tools and services needed to do so. Thus, this is expected to lead to the growth of the foreign exchange services market in upcoming years. However, the fluctuations in the economic stability of a country have a significant impact on the foreign exchange services market as the unstable economy results in lower volumes of currency transactions, reduced profitability for foreign exchange service providers, and increased volatility in exchange rates. In addition, political and economic events that impact a country's stability can also lead to fluctuations in the foreign exchange services market, making it more challenging for businesses, individuals, and organizations to engage in cross-border transactions. Therefore, instability and fluctuation in the economy act as restraint for the growth of the market. On the contrary, the growth of global trade and investment has a positive impact on the foreign exchange services market. As countries engage in more international trade, the demand for foreign exchange services increase. Therefore, this increase in cross-border e-commerce has led to an increase in demand for foreign exchange services industry in upcoming years.

The report focuses on growth prospects, restraints, and trends of the foreign exchange services market analysis. The study provides Porter’s five forces analysis to understand the impact of numerous factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the foreign exchange services market size.

Foreign Exchange Services Market

Segment review

The foreign exchange services market is segmented based on services, providers and application. By services, it is segmented into currency exchange, remittance services, foreign currency accounts, and others. By providers, it is segmented into banks, money transfer operators, and others. By application, it is segmented into businesses and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Foreign Exchange Services Market

By services, the remittance services segment attained the highest growth in 2021. This is attributed to the fact that due to the increasing number of migrant workers and their need to send money back to their home countries has led to a rise in demand for remittance services. In addition, the growth of digital technologies has also made it easier and more convenient for individuals to send money across borders through online and mobile platforms. However, the foreign currency accounts segment is considered to be the fastest growing segment during the forecast period. This is attributed to the fact that the increasing number of international travelers and the growth of the travel & tourism industry have created a need for convenient foreign currency management solutions. Moreover, foreign currency accounts also offer benefits such as reduced currency conversion costs and improved exchange rates. Therefore, these factors lead to the foreign exchange services market growth.

Foreign Exchange Services Market

By region, North America attained the highest growth in 2021 as North American foreign exchange services market is a vital part of the financial services sector, providing currency exchange and risk management solutions to businesses and individuals. Furthermore, the market in North America is dominated by large banks and financial institutions, and also includes specialized foreign exchange service providers. However, Asia-Pacific is expected to be the fastest growing region during the forecast period. This is attributed to the fact that, the increasing use of digital technologies is driving the shift toward electronic and online foreign exchange services, making it more convenient and accessible for individuals and businesses to participate in the market. In addition, there has been a growing demand for risk management and hedging services, as businesses seek to protect themselves against fluctuations in currency exchange rates. Thus, these are the major trends for the growth of the foreign exchange services market in Asia-Pacific.

The report analyzes the profiles of key players operating in the foreign exchange services market such as American Express Company, Barclays, Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co., Goldman Sachs, HSBC Group, Standard Chartered, Wells Fargo, and Western Union Holdings. These players have adopted various strategies to increase their market penetration and strengthen their position in the foreign exchange services market share.

Market Landscape and Trends

The foreign exchange services market is a rapidly growing and highly competitive market. The market is characterized by the presence of many players, including banks, non-bank financial institutions, and online foreign exchange brokers. Furthermore, market is influenced by several factors, including global economic conditions, geopolitical events, and advancements in technology. But on the other hand, the rise of fintech has transformed the foreign exchange services market, making it easier and more convenient for traders to access the market. Moreover, online foreign exchange brokers have capitalized on this trend by offering sophisticated trading platforms and mobile apps that allow traders to trade from anywhere and at any time. These brokers offer a range of services, including currency trading, money transfer, and other financial services, and are able to offer at a lower costs and higher levels of convenience compared to traditional banks and financial institutions. Thus, these leads to the growth of the market. Additionally, now-a-days foreign exchange service providers are focusing on improving their customer experience by offering personalized services, educational resources, and high-quality support. And this trend is driven by the growing importance of customer satisfaction and loyalty in the foreign exchange services market. Overall, the foreign exchange services market is expected to continue its growth trajectory as global economic conditions improve and technology continues to advance.

Top impacting factors

Growing foreign trade between countries

The growth of globalization and international trade is a key driver of the foreign exchange services market. International trade and the foreign exchange services market are intricately linked. The growth of globalization has created new opportunities for foreign exchange service providers, as companies conducting more business across borders need efficient solutions for managing international transactions. Moreover, globalization has led to increased trade and investment flows between countries, which has driven demand for foreign exchange services. In addition, due to cross border investments, e-commerce companies are required to convert one currency into another in order to conduct cross-border transactions, and foreign exchange service providers offer the tools and services which is needed for cross border transactions. Furthermore, globalization has been a major driver of growth in the foreign exchange services market, and these two trends of globalization and cross border investments are likely to continue to be closely linked in the future. As globalization continues to expand, demand for foreign exchange services is expected to grow, creating new opportunities for service providers. Therefore, this leads to the growth of the foreign exchange services market in upcoming years.

Ease of doing business with other countries

The rise in usage of digital technologies has transformed the way that foreign exchange services are delivered and consumed, making them faster, more convenient, and more accessible to a wider range of customers, which has helped to drive growth in the market. Moreover, now-a-days online platforms have made it easier for businesses to access foreign exchange services, allowing them to compare exchange rates, initiate transactions, and track the status of the payments in real-time. In addition, technology has developed so much that there has been launch of mobile apps for the use currency exchange services. For instance, mobile app for foreign exchange services is TransferWise. TransferWise is a fintech company that offers a mobile app that allows users to send money abroad quickly and easily. The app provides real-time exchange rates and low fees, making it a cost-effective solution for managing international payments. Therefore, this has increased the convenience and accessibility of foreign exchange services, allowing businesses to manage international payments from anywhere, at any time. Furthermore, with use of blockchain and artificial intelligence technology has a potential to transform the foreign exchange services market by improving the efficiency and transparency of cross-border transactions. In addition, use of such technology helps to automate processes, improve risk management, and provide more personalized services to customers and businesses. Therefore, such trends towards greater digitalization is simplifying the foreign exchange business with other countries, further, this is expected to continue, creating new opportunities for innovation and growth in the market.

Regulatory barriers in doing foreign trade

The foreign exchange services market is highly regulated, and these regulatory barriers make it difficult for service providers to enter new markets or expand their operations. Moreover, obtaining the necessary licenses and authorizations from regulatory bodies is a time-consuming and expensive process, and failure to comply with regulatory requirements leads to penalties or fines. Furthermore, these regulatory barriers act as a limitation for innovation in the foreign exchange services market as service providers must adhere to strict rules and guidelines for their operations. Thus, making it difficult for new entrants to compete with established players, limiting the growth of the market. Therefore, regulatory barriers act as a limitation for the growth of the foreign exchange services market.

Fluctuation in the economic stability of a country

The fluctuations in the economic stability of a country have a significant impact on the foreign exchange services market. A stable economy usually leads to a strong currency, which attracts investment and creates demand for foreign exchange services. Whereas, an unstable economy can cause currency depreciation, inflation, and a lack of investor confidence, which decrease demand for foreign exchange services and result in higher volatility in currency exchange rates. Therefore, fluctuation in economy or unstable economy result in lower volumes of currency transactions, reduced profitability for foreign exchange service providers, and increased volatility in exchange rates. Moreover, political and economic events that impact a country's stability can also lead to fluctuations in the foreign exchange services market, making it more challenging for businesses, individuals, and organizations to engage in cross-border transactions. Therefore, fluctuation in economic stability of a country act as restraining factor for the growth of the foreign exchange services market.

Growing global trade and investment

The growth of global trade and investment has a positive impact on the foreign exchange services market. As countries engage in more international trade, the demand for foreign exchange services increases. In addition, these services allow businesses and individuals to convert one currency into another in order to facilitate cross-border transactions. Therefore, the growth of global trade and investment creates new opportunities for foreign exchange services providers to offer their services to a wider range of customers. For instance, a recent example of growing global trade and investment is the increase in cross-border e-commerce between the United States and Europe. With the growth of online shopping and advancements in logistics and delivery systems, many businesses are now able to sell their products and services to customers across the globe. Therefore, the increase in cross-border e-commerce has led to an increase in demand for foreign exchange services, as businesses need to convert payments and transactions into different currencies. Therefore, these factors lead to the growth of the market in upcoming years.

Key benefits for stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the foreign exchange services market forecast from 2022 to 2031 to identify the prevailing foreign exchange services market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the foreign exchange services market outlook assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global foreign exchange services market trends, key players, market segments, application areas, and market growth strategies.

Foreign Exchange Services Market Report Highlights

Aspects Details
Market Size By 2031 USD 18.2 billion
Growth Rate CAGR of 8.3%
Forecast period 2021 - 2031
Report Pages 389
By Services
  • Currency Exchange
  • Remittance Services
  • Foreign Currency Accounts
  • Others
By Providers
  • Banks
  • Money Transfer Operators
  • Others
By Application
  • Businesses
  • Individuals
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players American Express Company, Barclays, Goldman Sachs, Deutsche Bank AG, HSBC Group, Citigroup Inc., Wells Fargo, Western Union Holdings, JPMorgan Chase & Co., Standard Chartered
 
  • CHAPTER 1: INTRODUCTION

    • 1.1. Report description

    • 1.2. Key market segments

    • 1.3. Key benefits to the stakeholders

    • 1.4. Research Methodology

      • 1.4.1. Primary research

      • 1.4.2. Secondary research

      • 1.4.3. Analyst tools and models

  • CHAPTER 2: EXECUTIVE SUMMARY

    • 2.1. CXO Perspective

  • CHAPTER 3: MARKET OVERVIEW

    • 3.1. Market definition and scope

    • 3.2. Key findings

      • 3.2.1. Top impacting factors

      • 3.2.2. Top investment pockets

    • 3.3. Porter’s five forces analysis

      • 3.3.1. Bargaining power of suppliers

      • 3.3.2. Bargaining power of buyers

      • 3.3.3. Threat of substitutes

      • 3.3.4. Threat of new entrants

      • 3.3.5. Intensity of rivalry

    • 3.4. Market dynamics

      • 3.4.1. Drivers

        • 3.4.1.1. Growing foreign trade between countries
        • 3.4.1.2. Ease of doing business with other countries

      • 3.4.2. Restraints

        • 3.4.2.1. Regulatory barriers in doing foreign trade
        • 3.4.2.2. Fluctuation in the economic stability of a country

      • 3.4.3. Opportunities

        • 3.4.3.1. Growing global trade and investment

    • 3.5. COVID-19 Impact Analysis on the market

  • CHAPTER 4: FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES

    • 4.1. Overview

      • 4.1.1. Market size and forecast

    • 4.2. Currency Exchange

      • 4.2.1. Key market trends, growth factors and opportunities

      • 4.2.2. Market size and forecast, by region

      • 4.2.3. Market share analysis by country

    • 4.3. Remittance Services

      • 4.3.1. Key market trends, growth factors and opportunities

      • 4.3.2. Market size and forecast, by region

      • 4.3.3. Market share analysis by country

    • 4.4. Foreign Currency Accounts

      • 4.4.1. Key market trends, growth factors and opportunities

      • 4.4.2. Market size and forecast, by region

      • 4.4.3. Market share analysis by country

    • 4.5. Others

      • 4.5.1. Key market trends, growth factors and opportunities

      • 4.5.2. Market size and forecast, by region

      • 4.5.3. Market share analysis by country

  • CHAPTER 5: FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS

    • 5.1. Overview

      • 5.1.1. Market size and forecast

    • 5.2. Banks

      • 5.2.1. Key market trends, growth factors and opportunities

      • 5.2.2. Market size and forecast, by region

      • 5.2.3. Market share analysis by country

    • 5.3. Money Transfer Operators

      • 5.3.1. Key market trends, growth factors and opportunities

      • 5.3.2. Market size and forecast, by region

      • 5.3.3. Market share analysis by country

    • 5.4. Others

      • 5.4.1. Key market trends, growth factors and opportunities

      • 5.4.2. Market size and forecast, by region

      • 5.4.3. Market share analysis by country

  • CHAPTER 6: FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION

    • 6.1. Overview

      • 6.1.1. Market size and forecast

    • 6.2. Businesses

      • 6.2.1. Key market trends, growth factors and opportunities

      • 6.2.2. Market size and forecast, by region

      • 6.2.3. Market share analysis by country

    • 6.3. Individuals

      • 6.3.1. Key market trends, growth factors and opportunities

      • 6.3.2. Market size and forecast, by region

      • 6.3.3. Market share analysis by country

  • CHAPTER 7: FOREIGN EXCHANGE SERVICES MARKET, BY REGION

    • 7.1. Overview

      • 7.1.1. Market size and forecast By Region

    • 7.2. North America

      • 7.2.1. Key trends and opportunities

      • 7.2.2. Market size and forecast, by Services

      • 7.2.3. Market size and forecast, by Providers

      • 7.2.4. Market size and forecast, by Application

      • 7.2.5. Market size and forecast, by country

        • 7.2.5.1. U.S.
          • 7.2.5.1.1. Key market trends, growth factors and opportunities
          • 7.2.5.1.2. Market size and forecast, by Services
          • 7.2.5.1.3. Market size and forecast, by Providers
          • 7.2.5.1.4. Market size and forecast, by Application
        • 7.2.5.2. Canada
          • 7.2.5.2.1. Key market trends, growth factors and opportunities
          • 7.2.5.2.2. Market size and forecast, by Services
          • 7.2.5.2.3. Market size and forecast, by Providers
          • 7.2.5.2.4. Market size and forecast, by Application
    • 7.3. Europe

      • 7.3.1. Key trends and opportunities

      • 7.3.2. Market size and forecast, by Services

      • 7.3.3. Market size and forecast, by Providers

      • 7.3.4. Market size and forecast, by Application

      • 7.3.5. Market size and forecast, by country

        • 7.3.5.1. UK
          • 7.3.5.1.1. Key market trends, growth factors and opportunities
          • 7.3.5.1.2. Market size and forecast, by Services
          • 7.3.5.1.3. Market size and forecast, by Providers
          • 7.3.5.1.4. Market size and forecast, by Application
        • 7.3.5.2. Germany
          • 7.3.5.2.1. Key market trends, growth factors and opportunities
          • 7.3.5.2.2. Market size and forecast, by Services
          • 7.3.5.2.3. Market size and forecast, by Providers
          • 7.3.5.2.4. Market size and forecast, by Application
        • 7.3.5.3. France
          • 7.3.5.3.1. Key market trends, growth factors and opportunities
          • 7.3.5.3.2. Market size and forecast, by Services
          • 7.3.5.3.3. Market size and forecast, by Providers
          • 7.3.5.3.4. Market size and forecast, by Application
        • 7.3.5.4. Italy
          • 7.3.5.4.1. Key market trends, growth factors and opportunities
          • 7.3.5.4.2. Market size and forecast, by Services
          • 7.3.5.4.3. Market size and forecast, by Providers
          • 7.3.5.4.4. Market size and forecast, by Application
        • 7.3.5.5. Spain
          • 7.3.5.5.1. Key market trends, growth factors and opportunities
          • 7.3.5.5.2. Market size and forecast, by Services
          • 7.3.5.5.3. Market size and forecast, by Providers
          • 7.3.5.5.4. Market size and forecast, by Application
        • 7.3.5.6. Rest of Europe
          • 7.3.5.6.1. Key market trends, growth factors and opportunities
          • 7.3.5.6.2. Market size and forecast, by Services
          • 7.3.5.6.3. Market size and forecast, by Providers
          • 7.3.5.6.4. Market size and forecast, by Application
    • 7.4. Asia-Pacific

      • 7.4.1. Key trends and opportunities

      • 7.4.2. Market size and forecast, by Services

      • 7.4.3. Market size and forecast, by Providers

      • 7.4.4. Market size and forecast, by Application

      • 7.4.5. Market size and forecast, by country

        • 7.4.5.1. China
          • 7.4.5.1.1. Key market trends, growth factors and opportunities
          • 7.4.5.1.2. Market size and forecast, by Services
          • 7.4.5.1.3. Market size and forecast, by Providers
          • 7.4.5.1.4. Market size and forecast, by Application
        • 7.4.5.2. Japan
          • 7.4.5.2.1. Key market trends, growth factors and opportunities
          • 7.4.5.2.2. Market size and forecast, by Services
          • 7.4.5.2.3. Market size and forecast, by Providers
          • 7.4.5.2.4. Market size and forecast, by Application
        • 7.4.5.3. India
          • 7.4.5.3.1. Key market trends, growth factors and opportunities
          • 7.4.5.3.2. Market size and forecast, by Services
          • 7.4.5.3.3. Market size and forecast, by Providers
          • 7.4.5.3.4. Market size and forecast, by Application
        • 7.4.5.4. Australia
          • 7.4.5.4.1. Key market trends, growth factors and opportunities
          • 7.4.5.4.2. Market size and forecast, by Services
          • 7.4.5.4.3. Market size and forecast, by Providers
          • 7.4.5.4.4. Market size and forecast, by Application
        • 7.4.5.5. South Korea
          • 7.4.5.5.1. Key market trends, growth factors and opportunities
          • 7.4.5.5.2. Market size and forecast, by Services
          • 7.4.5.5.3. Market size and forecast, by Providers
          • 7.4.5.5.4. Market size and forecast, by Application
        • 7.4.5.6. Rest of Asia-Pacific
          • 7.4.5.6.1. Key market trends, growth factors and opportunities
          • 7.4.5.6.2. Market size and forecast, by Services
          • 7.4.5.6.3. Market size and forecast, by Providers
          • 7.4.5.6.4. Market size and forecast, by Application
    • 7.5. LAMEA

      • 7.5.1. Key trends and opportunities

      • 7.5.2. Market size and forecast, by Services

      • 7.5.3. Market size and forecast, by Providers

      • 7.5.4. Market size and forecast, by Application

      • 7.5.5. Market size and forecast, by country

        • 7.5.5.1. Latin America
          • 7.5.5.1.1. Key market trends, growth factors and opportunities
          • 7.5.5.1.2. Market size and forecast, by Services
          • 7.5.5.1.3. Market size and forecast, by Providers
          • 7.5.5.1.4. Market size and forecast, by Application
        • 7.5.5.2. Middle East
          • 7.5.5.2.1. Key market trends, growth factors and opportunities
          • 7.5.5.2.2. Market size and forecast, by Services
          • 7.5.5.2.3. Market size and forecast, by Providers
          • 7.5.5.2.4. Market size and forecast, by Application
        • 7.5.5.3. Africa
          • 7.5.5.3.1. Key market trends, growth factors and opportunities
          • 7.5.5.3.2. Market size and forecast, by Services
          • 7.5.5.3.3. Market size and forecast, by Providers
          • 7.5.5.3.4. Market size and forecast, by Application
  • CHAPTER 8: COMPETITIVE LANDSCAPE

    • 8.1. Introduction

    • 8.2. Top winning strategies

    • 8.3. Product Mapping of Top 10 Player

    • 8.4. Competitive Dashboard

    • 8.5. Competitive Heatmap

    • 8.6. Top player positioning, 2021

  • CHAPTER 9: COMPANY PROFILES

    • 9.1. American Express Company

      • 9.1.1. Company overview

      • 9.1.2. Key Executives

      • 9.1.3. Company snapshot

      • 9.1.4. Operating business segments

      • 9.1.5. Product portfolio

      • 9.1.6. Business performance

      • 9.1.7. Key strategic moves and developments

    • 9.2. Barclays

      • 9.2.1. Company overview

      • 9.2.2. Key Executives

      • 9.2.3. Company snapshot

      • 9.2.4. Operating business segments

      • 9.2.5. Product portfolio

      • 9.2.6. Business performance

      • 9.2.7. Key strategic moves and developments

    • 9.3. Citigroup Inc.

      • 9.3.1. Company overview

      • 9.3.2. Key Executives

      • 9.3.3. Company snapshot

      • 9.3.4. Operating business segments

      • 9.3.5. Product portfolio

      • 9.3.6. Business performance

      • 9.3.7. Key strategic moves and developments

    • 9.4. Deutsche Bank AG

      • 9.4.1. Company overview

      • 9.4.2. Key Executives

      • 9.4.3. Company snapshot

      • 9.4.4. Operating business segments

      • 9.4.5. Product portfolio

      • 9.4.6. Business performance

    • 9.5. Goldman Sachs

      • 9.5.1. Company overview

      • 9.5.2. Key Executives

      • 9.5.3. Company snapshot

      • 9.5.4. Operating business segments

      • 9.5.5. Product portfolio

      • 9.5.6. Business performance

      • 9.5.7. Key strategic moves and developments

    • 9.6. HSBC Group

      • 9.6.1. Company overview

      • 9.6.2. Key Executives

      • 9.6.3. Company snapshot

      • 9.6.4. Operating business segments

      • 9.6.5. Product portfolio

      • 9.6.6. Business performance

      • 9.6.7. Key strategic moves and developments

    • 9.7. JPMorgan Chase & Co.

      • 9.7.1. Company overview

      • 9.7.2. Key Executives

      • 9.7.3. Company snapshot

      • 9.7.4. Operating business segments

      • 9.7.5. Product portfolio

      • 9.7.6. Business performance

      • 9.7.7. Key strategic moves and developments

    • 9.8. Standard Chartered

      • 9.8.1. Company overview

      • 9.8.2. Key Executives

      • 9.8.3. Company snapshot

      • 9.8.4. Operating business segments

      • 9.8.5. Product portfolio

      • 9.8.6. Business performance

    • 9.9. Western Union Holdings

      • 9.9.1. Company overview

      • 9.9.2. Key Executives

      • 9.9.3. Company snapshot

      • 9.9.4. Operating business segments

      • 9.9.5. Product portfolio

      • 9.9.6. Business performance

      • 9.9.7. Key strategic moves and developments

    • 9.10. Wells Fargo

      • 9.10.1. Company overview

      • 9.10.2. Key Executives

      • 9.10.3. Company snapshot

      • 9.10.4. Operating business segments

      • 9.10.5. Product portfolio

      • 9.10.6. Business performance

      • 9.10.7. Key strategic moves and developments

  • LIST OF TABLES

  • TABLE 01. GLOBAL FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 02. FOREIGN EXCHANGE SERVICES MARKET FOR CURRENCY EXCHANGE, BY REGION, 2021-2031 ($MILLION)
    TABLE 03. FOREIGN EXCHANGE SERVICES MARKET FOR REMITTANCE SERVICES, BY REGION, 2021-2031 ($MILLION)
    TABLE 04. FOREIGN EXCHANGE SERVICES MARKET FOR FOREIGN CURRENCY ACCOUNTS, BY REGION, 2021-2031 ($MILLION)
    TABLE 05. FOREIGN EXCHANGE SERVICES MARKET FOR OTHERS, BY REGION, 2021-2031 ($MILLION)
    TABLE 06. GLOBAL FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 07. FOREIGN EXCHANGE SERVICES MARKET FOR BANKS, BY REGION, 2021-2031 ($MILLION)
    TABLE 08. FOREIGN EXCHANGE SERVICES MARKET FOR MONEY TRANSFER OPERATORS, BY REGION, 2021-2031 ($MILLION)
    TABLE 09. FOREIGN EXCHANGE SERVICES MARKET FOR OTHERS, BY REGION, 2021-2031 ($MILLION)
    TABLE 10. GLOBAL FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 11. FOREIGN EXCHANGE SERVICES MARKET FOR BUSINESSES, BY REGION, 2021-2031 ($MILLION)
    TABLE 12. FOREIGN EXCHANGE SERVICES MARKET FOR INDIVIDUALS, BY REGION, 2021-2031 ($MILLION)
    TABLE 13. FOREIGN EXCHANGE SERVICES MARKET, BY REGION, 2021-2031 ($MILLION)
    TABLE 14. NORTH AMERICA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 15. NORTH AMERICA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 16. NORTH AMERICA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 17. NORTH AMERICA FOREIGN EXCHANGE SERVICES MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 18. U.S. FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 19. U.S. FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 20. U.S. FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 21. CANADA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 22. CANADA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 23. CANADA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 24. EUROPE FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 25. EUROPE FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 26. EUROPE FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 27. EUROPE FOREIGN EXCHANGE SERVICES MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 28. UK FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 29. UK FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 30. UK FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 31. GERMANY FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 32. GERMANY FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 33. GERMANY FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 34. FRANCE FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 35. FRANCE FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 36. FRANCE FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 37. ITALY FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 38. ITALY FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 39. ITALY FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 40. SPAIN FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 41. SPAIN FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 42. SPAIN FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 43. REST OF EUROPE FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 44. REST OF EUROPE FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 45. REST OF EUROPE FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 46. ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 47. ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 48. ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 49. ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 50. CHINA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 51. CHINA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 52. CHINA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 53. JAPAN FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 54. JAPAN FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 55. JAPAN FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 56. INDIA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 57. INDIA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 58. INDIA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 59. AUSTRALIA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 60. AUSTRALIA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 61. AUSTRALIA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 62. SOUTH KOREA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 63. SOUTH KOREA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 64. SOUTH KOREA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 65. REST OF ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 66. REST OF ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 67. REST OF ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 68. LAMEA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 69. LAMEA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 70. LAMEA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 71. LAMEA FOREIGN EXCHANGE SERVICES MARKET, BY COUNTRY, 2021-2031 ($MILLION)
    TABLE 72. LATIN AMERICA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 73. LATIN AMERICA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 74. LATIN AMERICA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 75. MIDDLE EAST FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 76. MIDDLE EAST FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 77. MIDDLE EAST FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 78. AFRICA FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021-2031 ($MILLION)
    TABLE 79. AFRICA FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021-2031 ($MILLION)
    TABLE 80. AFRICA FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021-2031 ($MILLION)
    TABLE 81. AMERICAN EXPRESS COMPANY: KEY EXECUTIVES
    TABLE 82. AMERICAN EXPRESS COMPANY: COMPANY SNAPSHOT
    TABLE 83. AMERICAN EXPRESS COMPANY: SERVICE SEGMENTS
    TABLE 84. AMERICAN EXPRESS COMPANY: PRODUCT PORTFOLIO
    TABLE 85. AMERICAN EXPRESS COMPANY: KEY STRATERGIES
    TABLE 86. BARCLAYS: KEY EXECUTIVES
    TABLE 87. BARCLAYS: COMPANY SNAPSHOT
    TABLE 88. BARCLAYS: SERVICE SEGMENTS
    TABLE 89. BARCLAYS: PRODUCT PORTFOLIO
    TABLE 90. BARCLAYS: KEY STRATERGIES
    TABLE 91. CITIGROUP INC.: KEY EXECUTIVES
    TABLE 92. CITIGROUP INC.: COMPANY SNAPSHOT
    TABLE 93. CITIGROUP INC.: SERVICE SEGMENTS
    TABLE 94. CITIGROUP INC.: PRODUCT PORTFOLIO
    TABLE 95. CITIGROUP INC.: KEY STRATERGIES
    TABLE 96. DEUTSCHE BANK AG: KEY EXECUTIVES
    TABLE 97. DEUTSCHE BANK AG: COMPANY SNAPSHOT
    TABLE 98. DEUTSCHE BANK AG: SERVICE SEGMENTS
    TABLE 99. DEUTSCHE BANK AG: PRODUCT PORTFOLIO
    TABLE 100. GOLDMAN SACHS: KEY EXECUTIVES
    TABLE 101. GOLDMAN SACHS: COMPANY SNAPSHOT
    TABLE 102. GOLDMAN SACHS: SERVICE SEGMENTS
    TABLE 103. GOLDMAN SACHS: PRODUCT PORTFOLIO
    TABLE 104. GOLDMAN SACHS: KEY STRATERGIES
    TABLE 105. HSBC GROUP: KEY EXECUTIVES
    TABLE 106. HSBC GROUP: COMPANY SNAPSHOT
    TABLE 107. HSBC GROUP: SERVICE SEGMENTS
    TABLE 108. HSBC GROUP: PRODUCT PORTFOLIO
    TABLE 109. HSBC GROUP: KEY STRATERGIES
    TABLE 110. JPMORGAN CHASE & CO.: KEY EXECUTIVES
    TABLE 111. JPMORGAN CHASE & CO.: COMPANY SNAPSHOT
    TABLE 112. JPMORGAN CHASE & CO.: PRODUCT SEGMENTS
    TABLE 113. JPMORGAN CHASE & CO.: PRODUCT PORTFOLIO
    TABLE 114. JPMORGAN CHASE & CO.: KEY STRATERGIES
    TABLE 115. STANDARD CHARTERED: KEY EXECUTIVES
    TABLE 116. STANDARD CHARTERED: COMPANY SNAPSHOT
    TABLE 117. STANDARD CHARTERED: SERVICE SEGMENTS
    TABLE 118. STANDARD CHARTERED: PRODUCT PORTFOLIO
    TABLE 119. WESTERN UNION HOLDINGS: KEY EXECUTIVES
    TABLE 120. WESTERN UNION HOLDINGS: COMPANY SNAPSHOT
    TABLE 121. WESTERN UNION HOLDINGS: SERVICE SEGMENTS
    TABLE 122. WESTERN UNION HOLDINGS: PRODUCT PORTFOLIO
    TABLE 123. WESTERN UNION HOLDINGS: KEY STRATERGIES
    TABLE 124. WELLS FARGO: KEY EXECUTIVES
    TABLE 125. WELLS FARGO: COMPANY SNAPSHOT
    TABLE 126. WELLS FARGO: SERVICE SEGMENTS
    TABLE 127. WELLS FARGO: PRODUCT PORTFOLIO
    TABLE 128. WELLS FARGO: KEY STRATERGIES
  • LIST OF FIGURES

  • FIGURE 01. FOREIGN EXCHANGE SERVICES MARKET, 2021-2031
    FIGURE 02. SEGMENTATION OF FOREIGN EXCHANGE SERVICES MARKET, 2021-2031
    FIGURE 03. TOP INVESTMENT POCKETS IN FOREIGN EXCHANGE SERVICES MARKET (2022-2031)
    FIGURE 04. MODERATE BARGAINING POWER OF SUPPLIERS
    FIGURE 05. LOW BARGAINING POWER OF BUYERS
    FIGURE 06. MODERATE THREAT OF SUBSTITUTES
    FIGURE 07. HIGH THREAT OF NEW ENTRANTS
    FIGURE 08. MODERATE INTENSITY OF RIVALRY
    FIGURE 09. DRIVERS, RESTRAINTS AND OPPORTUNITIES: GLOBALFOREIGN EXCHANGE SERVICES MARKET
    FIGURE 10. FOREIGN EXCHANGE SERVICES MARKET, BY SERVICES, 2021(%)
    FIGURE 11. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR CURRENCY EXCHANGE, BY COUNTRY 2021-2031(%)
    FIGURE 12. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR REMITTANCE SERVICES, BY COUNTRY 2021-2031(%)
    FIGURE 13. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR FOREIGN CURRENCY ACCOUNTS, BY COUNTRY 2021-2031(%)
    FIGURE 14. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR OTHERS, BY COUNTRY 2021-2031(%)
    FIGURE 15. FOREIGN EXCHANGE SERVICES MARKET, BY PROVIDERS, 2021(%)
    FIGURE 16. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR BANKS, BY COUNTRY 2021-2031(%)
    FIGURE 17. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR MONEY TRANSFER OPERATORS, BY COUNTRY 2021-2031(%)
    FIGURE 18. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR OTHERS, BY COUNTRY 2021-2031(%)
    FIGURE 19. FOREIGN EXCHANGE SERVICES MARKET, BY APPLICATION, 2021(%)
    FIGURE 20. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR BUSINESSES, BY COUNTRY 2021-2031(%)
    FIGURE 21. COMPARATIVE SHARE ANALYSIS OF FOREIGN EXCHANGE SERVICES MARKET FOR INDIVIDUALS, BY COUNTRY 2021-2031(%)
    FIGURE 22. FOREIGN EXCHANGE SERVICES MARKET BY REGION, 2021
    FIGURE 23. U.S. FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 24. CANADA FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 25. UK FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 26. GERMANY FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 27. FRANCE FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 28. ITALY FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 29. SPAIN FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 30. REST OF EUROPE FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 31. CHINA FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 32. JAPAN FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 33. INDIA FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 34. AUSTRALIA FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 35. SOUTH KOREA FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 36. REST OF ASIA-PACIFIC FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 37. LATIN AMERICA FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 38. MIDDLE EAST FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 39. AFRICA FOREIGN EXCHANGE SERVICES MARKET, 2021-2031 ($MILLION)
    FIGURE 40. TOP WINNING STRATEGIES, BY YEAR
    FIGURE 41. TOP WINNING STRATEGIES, BY DEVELOPMENT
    FIGURE 42. TOP WINNING STRATEGIES, BY COMPANY
    FIGURE 43. PRODUCT MAPPING OF TOP 10 PLAYERS
    FIGURE 44. COMPETITIVE DASHBOARD
    FIGURE 45. COMPETITIVE HEATMAP: FOREIGN EXCHANGE SERVICES MARKET
    FIGURE 46. TOP PLAYER POSITIONING, 2021
    FIGURE 47. AMERICAN EXPRESS COMPANY: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 48. AMERICAN EXPRESS COMPANY: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 49. AMERICAN EXPRESS COMPANY: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 50. BARCLAYS: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 51. CITIGROUP INC.: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 52. CITIGROUP INC.: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 53. CITIGROUP INC.: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 54. DEUTSCHE BANK AG: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 55. DEUTSCHE BANK AG: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 56. DEUTSCHE BANK AG: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 57. GOLDMAN SACHS: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 58. GOLDMAN SACHS: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 59. GOLDMAN SACHS: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 60. HSBC GROUP: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 61. HSBC GROUP: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 62. HSBC GROUP: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 63. JPMORGAN CHASE & CO.: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 64. STANDARD CHARTERED: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 65. STANDARD CHARTERED: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 66. STANDARD CHARTERED: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 67. WESTERN UNION HOLDINGS: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 68. WESTERN UNION HOLDINGS: REVENUE SHARE BY SEGMENT, 2021 (%)
    FIGURE 69. WESTERN UNION HOLDINGS: REVENUE SHARE BY REGION, 2021 (%)
    FIGURE 70. WELLS FARGO: NET REVENUE, 2019-2021 ($MILLION)
    FIGURE 71. WELLS FARGO: REVENUE SHARE BY SEGMENT, 2021 (%)

 
 

Foreign exchange (forex or FX) services refer to the exchange of one currency for another, or the conversion of one currency into another currency. This is done for a variety of reasons, such as for facilitating international trade & investment or for facilitating travel. Moreover, foreign exchange services are typically offered by financial institutions such as banks, currency exchange bureaus, and online providers. These services allow individuals and organizations to buy, sell, and transfer different currencies at current exchange rates.

Furthermore, market players are adopting strategies such as business expansion for enhancing their services in the market and improving customer satisfaction. For instance, in September 2020, Barclays expanded its business by deploying its latest FX trading and pricing engine in Singapore, under the monetary authority of Singapore’s (MAS) FX Trading Hub strategy. This marked Barclays’ latest milestone as it continues to strengthen its FX presence in Asia-Pacific. Therefore, such strategy is anticipated to boost the foreign exchange services market in upcoming years.

Moreover, some of the key players profiled in the report are American Express Company, Barclays, Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co., Goldman Sachs, HSBC Group, Standard Chartered, Wells Fargo, and Western Union Holdings. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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FREQUENTLY ASKED QUESTIONS?

A. The Foreign Exchange Services Market will expand at a CAGR of 8.3% from 2021 - 2031

A. The market value of Foreign Exchange Services Market by the end of 2031 will be 18.21 billion

A. Growing foreign trade between countries Ease of doing business with other countries Regulatory barriers in doing foreign trade

A. American Express Company, Barclays, Citigroup Inc., Deutsche Bank AG, JPMorgan Chase & Co., Goldman Sachs, HSBC Group, Standard Chartered, Wells Fargo, and Western Union Holdings

A. By application, the Foreign Exchange Services Market is segmented into businesses and individuals

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