Australia International Remittance Market 2023 - Inbound Remittance Market to Reach $2.25 Billion by 2028, Outbound Remittance Market to Reach $14.5 Billion by 2028

DUBLIN, Dec. 19, 2023 /PRNewswire/ -- The "Australia International Remittance Market Business and Investment Opportunities - Analysis by Transaction Value & Volume, Inbound and Outbound Transfers to and from Key States, Consumer Demographics - Q2 2023" report has been added to  ResearchAndMarkets.com's offering.

The international inbound remittance market in Australia has increased at 14.3% during 2022 to reach US$ 1.29 billion in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 11.7%, increasing from US$ 1.13 billion in 2022 to reach US$ 2.25 billion by 2028.

The international outbound remittance market in Australia has increased at 24.0% during 2022 to reach US$ 6.34 billion in 2023. Over the forecast period (2023-2028), market size is expected to record a CAGR of 18.0%, increasing from US$ 5.12 billion in 2022 to reach US$ 14.50 billion by 2028.

The remittance market is poised for an accelerated growth trajectory in Australia over the next three to four years. The industry growth will be driven by the expanding fintech ecosystem and the large pool of migrant communities. The appreciation in Australian dollars will also boost the overall outward remittance value in 2023 and the trend is projected to further continue in the short term.

Leading banking institutions are also taking strategic initiatives, including the removal of international money transfer fees, to compete with new-age digital remittance service providers. Firms are also forging strategic alliances in the segment amid the growing competitive landscape. Overall, the publisher maintains a positive outlook for the market in Australia over the next three to four years.

Banking institutions are removing international money transfer fees to ease the inflation burden on customers

In a significant move aimed at easing financial burdens for customers, the Commonwealth Bank of Australia has decided to eliminate international money transfer fees. This customer-centric approach not only bolsters the bank's commitment to providing cost-effective services but also strategically positions it to capitalize on the burgeoning remittance market in Australia.

• The bank, starting June 2023, has waived off A$6 fee for international money transfers for CBA Transaction Account and Foreign Currency Account holders, who are sending remittances using NetBank, CommBank App, or CommBiz Platforms.
• By eliminating the international money transfer fee, the Commonwealth Bank ensures that its customers can send money abroad without incurring additional costs, fostering greater financial inclusivity. This user-friendly approach not only enhances customer satisfaction but also differentiates the bank in a competitive market. The removal of fees makes the bank an attractive choice for individuals engaging in international transactions, thereby expanding its customer base and consolidating its position as a preferred financial institution.

Firms are forging strategic alliances to open up new payment corridors by leveraging blockchain technology

With the remittance market projected to grow significantly over the next three to four years, firms are forging strategic alliances in the segment to tap into the lucrative growth opportunity.

• Ripple, in November 2023, announced that the firm had partnered with Onafriq for new payment corridors for Africa, Australia, the United Kingdom, and the Gulf. The partnership will enable faster and cheaper remittance services between 27 African countries and Australia. As part of the collaboration, Onafriq will make use of the blockchain technology offered by Ripple. Notably, Zazi Transfer will provide remittance services to Australia.
• In another strategic partnership, Australia-based EzyRemit collaborated with Indonesia-based Faspay in November 2023. The goal of this strategic alliance is to keep up with the ever-changing needs of the worldwide payments and money transfer markets.

Going forward, the publisher expects more such strategic collaborations to take place, thereby supporting the growth of the broader remittance market in Australia over the next three to four years.

Global players are entering the Australian market to cater to the growing demand for remittance services

The competitive landscape of the Australian remittance industry is growing at a rapid pace and the trend is projected to further continue from the short to medium-term perspective, with new and innovative startups entering the market.

• Hamro Patro, the Nepalese remittance app, announced the launch of its services in Australia in November 2023. The entry to the Australian market comes at the back of a successful launch in the United States. The service will enable Nepalese migrants in Australia to send remittances back home in a seamless manner. To make the service offering attractive for users, Hamro Patro is offering the first three transactions at zero cost.

The publisher expects more global firms, including startups, to expand their presence in the Australian market, thereby driving the competitive landscape and innovation in the fast-growing sector.

This report provides a comprehensive analysis of the international inbound and outbound remittance market in Australia. It covers the market opportunity by transaction value, transaction volume, average value per transaction, key market players, market opportunity by channel, consumer profile, and by sending/receiving countries.

Report Scope

International Inbound Market Opportunity Trend Analysis in Australia

• By Transaction Value
• By Transaction Volume
• By Average Value Per Transaction

Market Share of Key Players in Australia

International Inbound Market Opportunity Trend Analysis by Channel in Australia

• Digital (transaction value, transaction volume, average value per transaction)
• Mobile (transaction value, transaction volume, average value per transaction)
• Non-Digital (transaction value, transaction volume, average value per transaction)

International Inbound Remittance Analysis of Consumer Profile in Australia

• Analysis by age group of senders
• Analysis by income of senders
• Analysis by occupation of senders
• Analysis by occupation of beneficiaries
• Analysis by purpose

International Inbound Remittance Flow Analysis (Country to State/Region) in Australia

• Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
• Market share by transfer channel by key state/regions

International Outbound Market Opportunity Trend Analysis in Australia

• By Transaction Value
• By Transaction Volume
• By Average Value Per Transaction

International Outbound Market Opportunity Trend Analysis by Channel in Australia

• Digital (transaction value, transaction volume, average value per transaction)
• Mobile (transaction value, transaction volume, average value per transaction)
• Non-Digital (transaction value, transaction volume, average value per transaction)

International Outbound Remittance Analysis of Consumer Profile in Australia

• Analysis by age group of senders
• Analysis by income of sender
• Analysis by occupation of sender
• Analysis by occupation of beneficiaries
• Analysis by purpose

International Outbound Remittance Flow Analysis (State/Region to Country) in Australia

• Market opportunity by key sending countries (transaction value, transaction volume, average value per transaction)
• Market share by transfer channel by key state/regions

For more information about this report visit https://www.researchandmarkets.com/r/1ivenn

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