In this article we are going to list the 15 biggest money transfer companies in the world. Click to skip ahead and jump to the 5 biggest money transfer companies in the world. Nowadays, the world is more connected than ever. With air travel becoming incredibly common in the last few decades, people now have the ability to travel between continents separated by thousands of miles of seawater with little difficulty. If one has the means to do so, an urgent trip to visit family members in a different country can be fulfilled in a matter of days.
Moreover, the contribution of technological advancements such as the internet and social media networks have contributed to making our vast planet feel even more like a “global village”. There are over a dozen applications designed for communication in the mainstream market today, with many more still being developed. Applications such as Zoom (NASDAQ:ZM), Google Meet (NASDAQ:GOOG), and Discord have made it possible for employees of the same company to communicate with one another without ever leaving their homes. The freelancing industry has also greatly benefitted form this, with platforms such as Fiverr and Upwork becoming incredibly common. Instead of working for a specific company, any person can sell their skill to an interested buyer for a fixed price. In this way, talented people from all over the world are able to get a chance to earn money for themselves, regardless of where they live. In addition to buying services, people can also buy a huge range of products from online stores. With just a simple tap on a screen, users are able to buy products worth hundreds of dollars from the comfort of their homes.
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Naturally, as people from across the world become more connected with one another, the need for methods to transfer money began to resurface. Some required a foolproof way to send part of their salary to family back home. Others needed a safe medium through which to pay employees living in a different country or state. Once money is transferred, families or individuals can use the money to buy assets, invest in real estate, or pay back a loan. To see who to consult regarding these decisions, check out the list of 16 largest financial services companies in the world. But before these decisions can be made, there must be some process in which money is safely transferred. Money transfer companies have played a huge role in facilitating these interactions.
This brings us to our list of biggest money transfer companies in the world. The money transfer market is huge, and only growing. In 2018, the value of transactions related to money transfers amounted to more than $64 billion. This number is expected to grow significantly and even achieve a value of around $143 billion by 2020 alone.. However, it is possible that the coronavirus pandemic affects this number negatively, as remittances to developing countries have declined considerably since the virus hit. Alexandra Klopfer Hernandez, a spokesperson from the World Bank, stated, “We predict a further decline of remittances because of high global unemployment among migrants and the economic crisis.”
Despite suffering a loss in business because of the pandemic, money transfer companies still hold great importance for many users all over the world. For this reason, we have prepared a list of the biggest money transfer companies in the world. To prepare our ranking, we have used Owler as our source, ranking the companies based on revenues of the company, as well as mentioning assets, profits and employees of the company where applicable. We excluded companies from our list that don’t operate in Asia. So now let’s take a look at the 15 biggest money transfer companies in the world, starting with number 15:
15. CurrencyFair
Total revenue of the company in 2019 (in millions of dollars): 8
Total employees of the company in 2019: 70
Operating for over 10 years, CurrencyFair is a solution for expatriates looking for a cheap and simple way to move money to and from their original countries. This money transfer company grew from a mere conception to a global organization, now boasting more than $10 million worth of exchanges since its birth.
Pixabay/Public Domain
