Tracking changes in the high-value consumer money transfers market
A few years ago, we took a closer look at the high-value consumer transfers market – serving customers such as expats, overseas property buyers and investors. In 2024, the market looks quite different – due to consolidation, rebrands and even some companies going out of business.
Several key transfers companies have seen consolidation and rebranding, with much of this shift directed more towards B2B payments – see Fleetcor (now Corpay), which acquired Global Reach in 2023 to help strengthen its portfolio of UK and European customers. Back in 2016, Global Reach – a corporate-focused business – bought consumer money transfer business FC Exchange, which was then rebranded as Global Reach.
Australian transfer provider OFX has moved increasingly towards B2B after its acquisitions of Paytron and Firma, while Moneycorp has been shifting its focus towards B2B payments and its banknotes business. PagoNxt – Santander’s payments arm – discontinued its money transfer app PagoFX to target its B2B and merchant acceptance businesses (Ebury and Getnet, respectively).
We’ve also seen rebrands, with Foreign Currency Direct now going to market as Lumon (who bought other B2B businesses), and Currencies Direct recently becoming Redpin. The latter is still going to market with Currencies Direct and TorFX as its consumer-facing brands, but Redpin’s market focus is on the payments for global residential property. Simplifying the global property market for customers worldwide – along with the movement of expats – are primary drivers for high-value consumer transfer services. UK based Smart Currency Exchange remains one of the few independent players with a heavy focus on overseas property.
Historically, banks dominated high-value consumer transfers (and still have a large share), but for 20 years this has been shifting to the players mentioned above and, in the last 10 years, new digital players such as Wise. Banks have responded in different ways. Some have partnered with payments companies to expand their reach and offerings, while others have focused on developing their own offerings. This can be seen with HSBC’s launch of its multicurrency Global Money Account in 2022 and more recently, under a separate brand, setting up Zing (our analysis) to take on players such as Wise and Revolut.
Expect more change as the broader money transfer industry continues to face pressure from consumers and governments to move towards lower prices and faster transfers – the FSB’s G20 targets (also underpinned by FXC’s data).
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