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Foreign Currency Exchange Services in Canada - Industry Market Research Report

Foreign Currency Exchange Services in Canada - Industry Market Research Report

  • May 2019
  • 29 pages
  • ID: 5776452
  • Format: PDF
  • By Ibisworld

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Rolling in dough: Pressure from external competition by banks has limited industry expansion

Abstract

Foreign Currency Exchange Services in Canada
The Foreign Currency Exchange Services industry in Canada is expected to flourish over the five years to 2019, as operators expand their service offerings and favourable economic trends boost demand. Pressure from external competition by banks offering foreign exchange services has held back the industry’s expansion significantly. Alongside favourable economic trends and the proliferation of online services, operators have expanded the demand pool by extending the reach of their services. The growing number of operators offering online services through platforms has expanded the reach of companies, which has grown the demand pool to the benefit of revenue. However, this trend has increased the level of internal competition. The industry is expected to grow at a slower pace over the five years to 2024. The proliferation of operators offering online platforms for their services is expected to continue alongside the growth of foreign exchange services for financial institutions.

This industry 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.

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