Comprehensive dataset containing 16,186 verified Money transfer service businesses in United Kingdom with complete contact information, ratings, reviews, and location data.

Money transfers to other countries outside the United Kingdom were nearly ** times higher in 2021 than money received. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about *** in ***** people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For the United Kingdom, the top five recipient countries for remittances in 2021 included India, Pakistan, Nigeria, France, and Germany. The UK's five main sources for remittances were Australia, the United States, Canada, Spain, and Ireland.

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Money Transfer Agencies Market Size 2024-2028

The money transfer agencies market size is estimated to grow by USD 15.84 billion at a CAGR of 11.54% between 2023 and 2028. In today's rapidly advancing world, technological innovations have significantly transformed the educational landscape. An increasing number of students are seizing the opportunity to expand their horizons by studying abroad, benefiting from diverse cultural experiences and world-class education. Simultaneously, the tourism industry is thriving, offering travelers unique experiences and connections to different parts of the globe. These trends are interconnected, as technological advancements facilitate international education and travel, making the world more accessible than ever before. The fusion of technology, global education, and tourism is revolutionizing personal and professional growth, fostering a more interconnected and dynamic world.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market encompasses a diverse range of players, including banks, Money Transfer Operators (MTOs), and various service providers. This sector caters to the monetary needs of individuals, businesses, and industries, facilitating international remittances and business payments. Financial technology innovations have significantly transformed the industry, enabling user-friendly mobile apps and online platforms for seamless transactions. Digital technologies and mobile devices have become integral to the MTA market, with retail agents and payout locations offering cash pickups and bank deposits as options. The market adheres to industry standards, ensuring secure and efficient monetary asset transfers across international borders. Intermediaries play a crucial role in the process, facilitating financial investments and promoting financial inclusion. The MTA market continues to evolve, with digital platforms and mobile applications revolutionizing the way funds are transferred between parties. The market's growth is driven by the increasing demand for convenient and accessible financial services, making it an essential component of the financial services industry. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Technological advancements are notably driving market growth. The market has experienced significant growth due to the digital transformation in the financial services industry. With advancements in technology, banks, and financial establishments can now offer contemporary services such as cross-border e-commerce, multicurrency accounts, and real-time transaction tracking. Fintech disruptors have also entered the scene, providing innovative solutions for remittance services and money transfer operations. However, the market faces challenges in addressing financial crimes and ensuring security during international transactions. Remittance companies and money transfer operators facilitate funds transfer across international borders, acting as intermediaries for financial investments and financial inclusion.

Furthermore, retail agents, mobile applications, and cash pickups provide convenience for migrants, expatriates, students, and travelers. Payout locations and home addresses can be specified for funds transfer, making it easier for individuals to receive their remittances. Digital technology and mobile platforms have revolutionized cross-border payments, enabling currency exchange and mobile wallet transfers. Exchange rates and traditional financial institutions, including digital banks and wire transfers, continue to play a role in the market. Correspondent banks and partners collaborate to facilitate seamless transactions and expand reach. Overall, the Money Transfer Agencies Market is expected to continue growing as it adapts to the evolving needs of the global economy. Thus, such factors are driving the market's growth during the forecast period.

Significant Market Trends

The rising number of start-ups is the key trend in the market. The market is undergoing significant transformation, with fintech start-ups such as TransferWise and Revolut disrupting the industry by offering innovative solutions. These companies are attracting substantial financial investments and expanding their market share, posing a challenge to traditional remittance companies and money transfer operators (MTOs). According to recent reports, Paypal's Xoom holds approximately 23% of the market share. The payments landscape is expected to undergo substantial change during the forecast period, with the rise of digital technology and cross-border e-commerce. Financial crimes and security concerns are major ch

United Kingdom UK: Expenditure: Subsidies and Other Transfers data was reported at 419,179.000 GBP mn in 2016. This records a decrease from the previous number of 419,969.000 GBP mn for 2015. United Kingdom UK: Expenditure: Subsidies and Other Transfers data is updated yearly, averaging 160,609.000 GBP mn from Dec 1972 (Median) to 2016, with 45 observations. The data reached an all-time high of 419,969.000 GBP mn in 2015 and a record low of 5,761.000 GBP mn in 1972. United Kingdom UK: Expenditure: Subsidies and Other Transfers data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Government Revenue, Expenditure and Finance. Subsidies, grants, and other social benefits include all unrequited, nonrepayable transfers on current account to private and public enterprises; grants to foreign governments, international organizations, and other government units; and social security, social assistance benefits, and employer social benefits in cash and in kind.; ; International Monetary Fund, Government Finance Statistics Yearbook and data files.; ;

Personal remittances coming into the UK increased for the fourth year in a row in 2024, but did not reach the heights of 2007. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on an annual basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Most of the remittances coming into the UK are said to come from Australia, although those estimates are solely based on migrant stock.

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Digital Remittance Market Size 2024-2028

The digital remittance market size is forecast to increase by USD 15.2 million at a CAGR of 14.08% between 2023 and 2028. The market is experiencing significant growth due to the quickness and convenience of fund transfers through user-friendly digital payment solutions. With the rising global migration and cross-border remittance processes, the demand for digital platform solutions, including electronic wallets and mobile remittance applications, has increased. Mobile devices and mobile wallets have become essential tools for sending and receiving money across borders. Technological advancements, such as blockchain technology, have enhanced security and transparency, leading to faster transaction settlements. However, the implementation of know-your-customer (KYC) regulations adds complexity to the remittance process. To address this challenge, digital wallet providers are investing in mobile apps and digital wallets to streamline KYC procedures. As the trend of rising cross-border migration continues, the need for efficient and secure digital remittance solutions will remain high. The market is witnessing growth due to technological advancements, user-friendly digital payment solutions, and government initiatives promoting online payments. Cross-border migration and the need for quick and secure fund transfers have led to the increasing popularity of mobile wallets and mobile remittance apps. Blockchain technology enhances security and transparency, enabling faster transaction settlements.

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The market is witnessing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. This shift is particularly prominent among migratory workers and families sending money to each other. Traditional methods of sending money, such as physical cash and paper-based transactions, are being replaced by mobile-based payment channels and digital transfer platforms. These electronic devices enable faster, more convenient, and cost-effective online transactions. Cross-border remittances have become an essential part of the global economy, with families and business associates relying on money transfer operators to facilitate these transactions.

However, the use of intermediaries and hidden charges have long been a concern for those sending and receiving money. Digital technology, including fintech innovations like artificial intelligence, data analytics, and chatbots, is revolutionizing the remittance industry. Digital platforms offer a more transparent and efficient way to send and receive money, reducing the need for intermediaries and minimizing hidden charges. Mobile money, a type of digital transfer platform, is becoming increasingly popular for family-to-family money transfers. This technology enables users to send and receive money using their mobile devices, making cross-border transactions faster and more convenient. Online transfer services offer several advantages over traditional methods, including reduced money transfer time, increased security, and the ability to track transactions in real-time.

Moreover, digital technology also enables users to access their account information and perform transactions from anywhere in the world. The market is expected to continue expanding as more individuals and businesses embrace digital transfer platforms. The convenience, efficiency, and cost-effectiveness of digital remittances make them an attractive alternative to physical cash and paper-based transactions. In conclusion, the market is experiencing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. Digital technology, including mobile money and online transfer services, offers a faster, more convenient, and cost-effective way to send and receive money, making it an essential part of the global economy.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Personal
  Small business
  Migrant labor workforce
  Others


Type

  Outward digital remittance
  Inward digital remittance


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC



  Middle East and Africa



  South America

By End-user Insights

The personal segment is estimated to witness significant growth during the forecast period. The market has witnessed substantial growth in the personal segment due to various factors. Technological advancements and changing demographics are key drivers, with an increasing number of people using digital platforms for international money transfers. This trend is particularly prevalent among younger generations who a

Personal remittances sent from the UK almost reached their highest level in 2024, nearly reaching the same height as in 2014. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on an annual basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Most of the remittances leaving the UK are said to go to India, although those estimates are solely based on migrant stock.

United Kingdom UK: Average Transaction Cost of Sending Remittances from a Specific Country data was reported at 7.009 % in 2017. This records a decrease from the previous number of 7.349 % for 2016. United Kingdom UK: Average Transaction Cost of Sending Remittances from a Specific Country data is updated yearly, averaging 7.562 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 8.400 % in 2013 and a record low of 7.009 % in 2017. United Kingdom UK: Average Transaction Cost of Sending Remittances from a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Payment System. Average transaction cost of sending remittance from a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database from a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;

Personal remittances sent from the UK grew substantially in ** 2023 when compared to the previous year, although it was not the highest growth rate. This is according to a calculation that looks at personal money transfers and cross-country compensation of employees, on an annual basis. These two types of payments together form "personal" remittances. While technically not the same as "total" remittances, oftentimes the two types of remittances have the same figures due to a general lack of data tracking. Most of the remittances leaving the UK are said to go to India, although those estimates are solely based on migrant stock.

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Remittance Market Size 2024-2028

The remittance market size is forecast to increase by USD 57 bn at a CAGR of 13.54% between 2023 and 2028.

The market is experiencing significant growth, driven by technological advancements and government initiatives to promote digital payments. Keywords such as payments, wallets, and software are transforming the industry through FinTech innovations. The integration of blockchain technology, artificial intelligence, big data, and R analytics is revolutionizing the remittance landscape. Digital remittance solutions are increasingly popular, offering convenience, speed, and cost savings. However, challenges persist, including security concerns, regulatory compliance, and the need for financial education to ensure users fully understand the benefits and risks of digital remittances. As the market continues to evolve, staying informed about these trends and challenges is essential for businesses and individuals alike.

What will be the Size of the Remittance Market During the Forecast Period?

Request Free SampleThe market encompasses money transfers initiated by migratory workers and individuals seeking to send funds across borders. This market is characterized by a significant volume of cross border transactions, facilitated through digital transfer platforms and online transactions. Electronic devices, including mobile phones, have become increasingly important tools for executing these transactions, leading to the growth of digital remittance services. Financial security and anonymity are key considerations for users, who often incur extra fees and navigate complex paperwork to complete transactions. Regulators play a crucial role In the digital remittance business, implementing regulations to mitigate risks such as money laundering and terrorism funding.Despite these challenges, the market continues to expand, driven by the increasing popularity of digital payments and the need for convenient, cost-effective cross border payments. Money transfer costs remain a significant concern for users, with fees varying widely among different providers. Lack of knowledge and security barriers can also hinder adoption, necessitating education and innovation to address these concerns.

How is this Remittance Industry segmented and which is the largest segment?

The remittance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. MethodNon-digitalDigitalTypeInwardOutwardGeographyNorth AmericaUSEuropeUKAPACMiddle East and AfricaSouth America

By Method Insights

The non-digital segment is estimated to witness significant growth during the forecast period. The non-digital segment dominates The market, accounting for the largest revenue share in 2023. Traditional methods such as Automated Teller Machines (ATMs) and cheques offer accessibility to senders and recipients, flexible remittance channels, and fund accessibility to recipients. The sense of security experienced through offline transactions is a significant factor contributing to the growth of this segment. Prior to the emergence of digital channels, non-digital methods were the only means for international remittances. Key advantages of non-digital remittance include ease of use, convenience, and the absence of digital barriers for international residents. These factors are expected to drive the growth of the non-digital segment In the market during the forecast period.Cross-border transactions continue to be a crucial aspect of the international economy, with migratory workers playing a significant role in driving remittance volumes. Regulators play a crucial role in ensuring financial security and preventing money laundering and terrorism funding through digital remittance services. Digital payment solutions, including mobile wallets and blockchain technology, are gaining popularity but still trail behind non-digital methods in terms of market share.

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The Non-digital segment was valued at USD 34.00 bn in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The digital the market is experiencing significant growth due to the increasing number of migratory workers requiring cross-border transactions. Digital transfer platforms and online transactions have become increasingly popular, facilitated by the widespread use of electronic devices. Cross-border payments are now easier and more convenie

TransferWise is a global cross-border money transfer solution. Founded in the UK in March 2010, the solution now enables users to transfer money globally in 49 currencies to recipients’ bank accounts. Read More

United Kingdom Weekly Household Exp: Avg: OE: Money Transfer & Credit (MT) data was reported at 13.000 GBP in 2016. This records an increase from the previous number of 10.900 GBP for 2015. United Kingdom Weekly Household Exp: Avg: OE: Money Transfer & Credit (MT) data is updated yearly, averaging 11.000 GBP from Dec 2006 (Median) to 2016, with 11 observations. The data reached an all-time high of 13.000 GBP in 2016 and a record low of 0.100 GBP in 2011. United Kingdom Weekly Household Exp: Avg: OE: Money Transfer & Credit (MT) data remains active status in CEIC and is reported by Office for National Statistics. The data is categorized under Global Database’s UK – Table UK.H023: Average Weekly Household Expenditure.

United Kingdom UK: GDP: Real: Net Current Transfer from Abroad data was reported at -16,012.095 GBP mn in 2013. This records a decrease from the previous number of -5,375.578 GBP mn for 2012. United Kingdom UK: GDP: Real: Net Current Transfer from Abroad data is updated yearly, averaging 0.000 GBP mn from Dec 1960 (Median) to 2013, with 54 observations. The data reached an all-time high of 28,210.320 GBP mn in 2008 and a record low of -16,012.095 GBP mn in 2013. United Kingdom UK: GDP: Real: Net Current Transfer from Abroad data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Gross Domestic Product: Real. Current transfers comprise transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net current transfers from abroad is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. Data are in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Wise (formerly TransferWise) is a global cross-border money transfer solution. Founded in the UK in March 2010, the solution now enables users to send money globally in more than 50 currencies to recipients’ bank accounts. Wise operates on a peer-to-peer (P2P) money transfer model with a network of international accounts around the world. Instead of transferring the sender's money directly to the recipient in a foreign country, Wise redirects them to the recipient of another transfer going in the opposite direction, thereby eliminating the need for currency conversions and for funds to cross borders. This means Wise can offer lower transaction fees than its competitors. Read More

Cross currency swap differs from single currency swaps in that the interest rate payments on the two legs are in different currencies. At inception of the trade, the notional principal amounts in the two currencies are usually set to be fair given the spot exchange rate. Contrary to single currency swap, there is an exchange of principals at inception and maturity, or even in each period of the swap.

Cross currency swaps are powerful instruments to transfer assets or liabilities from one currency to another. The market charges for this is a liquidity premium – the cross-currency basis spread. Thus, the market quoted cross-currency basis spreads usually relative to a liquidity benchmark.

For a cross currency trade between one currency and another currency. If there is a higher demand for the currency, the party lending the dollar will ask for a premium. This premium is referred to as the cross currency basis. In general, the cross currency basis is a measure of the dollar shortage in the market. The more negative the basis is, the more severe the shortage.

Cross currency basis is an important element of currency management. To price a cross-currency product, the cross-currency basis spread has to be taken into account by adjusting either discounting or forecasting curves. For domestic currency investor, negative basis can work in their favor when they hedge currency exposures. For foreign investors, however, the basis can increase their hedging cost.

Debit and prepaid cards were the most popular method of POS transactions in the United Kingdom in 2024, accounting for ** percent of transactions. This was far higher than transactions with banknotes or coins, accounting for ** percent of brick-and-mortar payments in 2024. The UK's share of cash was one of the lowest worldwide, according to both a global survey on cash use across 41 countries and domestic research involving payment diaries across multiple countries. Cash on a decline in the UK Calculations using cash withdrawals and payment transactions indicate that the share of cash in the UK declined the fastest during the coronavirus pandemic. Numbers are estimates as no data exists on non-digital transactions in retail payments. Payment diaries are the only way central banks can map out consumers' use of cash in shops. The numbers provided may still not be accurate, as not all payment data required to make such estimates is readily available. Do digital payments in the UK grow faster than in other countries? The United Kingdom's preference for digital payments over cash is more pronounced than for most of Europe. Europe, however, is not the main region in the world when it comes to digital payments. The number of digital payments in Asia-Pacific will triple between 2022 and 2026, a substantially higher growth rate than in North America and Europe combined. Latin America will see the highest increase in digital payment transaction value between 2021 and 2026, with North America seeing the least.

United Kingdom UK: GDP: Net Current Transfer from Abroad data was reported at -24,349.000 GBP mn in 2016. This records an increase from the previous number of -24,699.000 GBP mn for 2015. United Kingdom UK: GDP: Net Current Transfer from Abroad data is updated yearly, averaging -4,642.299 GBP mn from Dec 1970 (Median) to 2016, with 36 observations. The data reached an all-time high of 522.682 GBP mn in 1986 and a record low of -26,863.000 GBP mn in 2013. United Kingdom UK: GDP: Net Current Transfer from Abroad data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s UK – Table UK.World Bank: Gross Domestic Product: Nominal. Current transfers comprise transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net current transfers from abroad is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Change-Receivables Time Series for Wise plc. Wise plc provides cross-border and domestic financial services for personal and business customers in the United Kingdom, rest of Europe, the Asia-Pacific, North America, and internationally. Its product portfolio includes international money transfer, wise account, international debit card, receive money, amount transfer, wise platform, business debit card, and mass payment services. The company was formerly known as 456 Newco plc and changed its name to Wise plc in June 2021. Wise plc was founded in 2010 and is based in London, the United Kingdom.

Mobile banking has become a core pillar of how U.S. consumers manage money. From fast transfers to real-time notifications, it reshapes daily finances and touches commercial branches and fintech alike. In one real-world example, banks now report that over 55% of U.S. consumers consider mobile their primary access point, outpacing...

Abstract copyright UK Data Service and data collection copyright owner.The International Passenger Survey (IPS) aims to collect data on both credits and debits for the travel account of the Balance of Payments, provide detailed visit information on overseas visitors to the United Kingdom (UK) for tourism policy, and collect data on international migration. The International Passenger Survey (IPS) aims to collect data on both credits and debits for the travel account of the Balance of Payments, provide detailed visit information on overseas visitors to the United Kingdom (UK) for tourism policy, and collect data on international migration.For the International Passenger Survey 2023, additional variables have been included in the “QReg” dataset, as detailed in the linked document. The “Custom” dataset is the updated version of “QcontCust,” with changes also outlined in the linked document. The “QReg” dataset has been expanded to provide more variables for analysis. The “Custom” dataset has been updated with extra variables for enhanced analysis and updated variable names where necessary. Main Topics: Each of the four subject areas of this study covers different topics, as it follows: 'Airmiles': quarter; flow; serial; UK port or route; direct leg overseas port; final overseas port; distance from UK port to first port; from first to second port; from UK port to second port 'Alcohol': year; quarter; month; flow; serial; money spent on spirits; wine; beer; champagne; cigarettes; hand-rolled and other tobacco 'Qreg': year; quarter; month; flow; serial; towns stayed in overnight; details of type of accommodation; number of nights spent in towns; expenditure in towns; regional stay weight; regional visit weight; regional expenditure weight; various validation checks 'Custom': year; quarter; month; flow; serial; nationality; country of visit/residence; UK counties; date visit began; purpose of visit; intended length of stay; number of people; package tour and cost; expenditure pre-, post- and during visit; flight prefix and suffix; first carrier air or shipping line; direct leg overseas port; final overseas port; long- or short-haul; type of vehicle; number travelling in vehicle; fare type and cost; class of travel; business trip; type of flight; flight origin or destination; gender; age group; UK port or route; quality of response; date of interview; money transfer, net and total expenditure; type of transport; arrivals (number of adults); departures (type of travelling group, number of adults and children); weighting variables; various validation checks Multi-stage stratified random sample Face-to-face interview