$313.1m
$X.Xm
3,415
178
$XX.Xm
Pressures from external competition by banks offering foreign exchange services have limited growth. More foreign currency exchange houses provide services to financial institutions by participating in the supply chain of foreign exchange, supplying banks with banknotes wholesale, or providing the service directly as an outsourced agent. Alongside favorable economic trends during the majority of the five years and the proliferation of online services, operators have expanded demand by extending the reach of their services. Revenue is expected to decrease at a CAGR of 2.0% over the five years 2024, with a decrease of 1.0% to an estimated $313.0 million in 2024 alone, with profit decreasing to 1.1%.
Industry revenue has declined at a CAGR of 2.0 % over the past five years, to reach an estimated $313.1m in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Currency Exchange International Corp. | 14.2 | N/A | N/A |
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Foreign Currency Exchange Services in Canada
Industry revenue is measured across several distinct product and services lines, including Retail banking, Online foreign exchange and In-store foreign exchange. Retail banking is the largest segment of the Foreign Currency Exchange Services in Canada.
Retail banking is the industry's largest segment
The Foreign Currency Exchange Services industry in Canada 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.
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NAICS 523130 - Foreign Currency Exchange Services in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Despite lingering adverse travel conditions from the COVID-19 pandemic, revenue recovered from the pent-up travel demand endured by foreigners around the globe. Revenue is be...
Learn about an industry's products and services, markets and trends in international trade.
Retail is still the largest market for exchange houses. Although trends are shifting toward online services, physical locations are still popular due to their availability at...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Canadian foreign currency exchange houses mostly follow population and tourism trends. Nearby airports, which drive the market, also track population patterns.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Competition is very high for foreign currency exchange services. Product differentiation is often limited, so Canadian exchange houses must compete on price and reputation.
Learn about the performance of the top companies in the industry.
Large companies are increasingly relying on technology to remain competitive amid intense competition. Large currency exchange houses use technology to identify the most desi...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Economic health keeps the industry’s performance afloat. Improving economic conditions will continuously increase tourism and create more demand for currency exchange service...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Foreign currency exchange services purchase costs have been relatively stable. Evolving trends have raised the price of computer systems and programs to aid operations.
Including values and annual change:
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Key data sources in Canada include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Foreign Currency Exchange Services industry in Canada is $313.1m in 2024.
There are 178 businesses in the Foreign Currency Exchange Services industry in Canada, which has grown at a CAGR of 1.0 % between 2019 and 2024.
The market size of the Foreign Currency Exchange Services industry in Canada has been declining at a CAGR of 2.0 % between 2019 and 2024.
Over the next five years, the Foreign Currency Exchange Services industry in Canada is expected to grow.
The biggest company operating in the Foreign Currency Exchange Services market in Canada is Currency Exchange International Corp.
Providing foreign currency exchange services for consumers and Providing currency exchange services for businesses are part of the Foreign Currency Exchange Services industry.
The company holding the most market share in Canada is Currency Exchange International Corp..
The level of competition is high and increasing in the Foreign Currency Exchange Services industry in Canada.