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Increased international transactions are likely to encourage innovation in the manufacture of foreign exchange services, boosting the market during the forecast period.

The global foreign exchange services market is expected to grow from $6,793.01 billion in 2022 to $7,523.28 billion in 2023 at a compound annual growth rate (CAGR) of 10.8%. The global foreign exchange services market is expected to reach $9,724.04 billion in 2027 at a CAGR of 6.6%.

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Global Foreign Exchange Services Market Segments Include:

• By Services: Currency Exchange, Remittance Services, Foreign Currency Accounts, Other Services
• By Providers: Banks, Money Transfer Operators, Other Providers
• By End-User: Individuals, Corporate Institutes, Government, Retailers, Other End Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global foreign exchange services market in 2021.

Major Market Players in the foreign exchange services market include American Express Company, Citibank N. A, Wells Fargo Bank N.A, JPMorgan Chase & Co., Western Union Holdings., Barclays Bank PLC, BNP Paribas, Goldman Sachs Group Inc.

Technological developments are a major trend that is gaining traction in the foreign exchange service business. To maintain their market position, major corporations in the foreign exchange service sector are implementing innovative technology. EbixCash Limited, an India-based technology-enabled provider of digital products and services, for example, developed the Self Booking Corporate application for foreign currency in July 2022. Self-Booking Corporate tool provides a range of digital foreign exchange services to business and corporate travellers, as well as other corporates, allowing for more efficiency. The technology will enable clients to obtain foreign currency services digitally, with no paperwork required. It will also allow corporate clients to configure the system to their company travel policy and provide customised reports.

The Foreign Exchange Services Global Market Report 2023  provides a foreign exchange services market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The foreign exchange services market forecast analyzes foreign exchange services market size, foreign exchange services market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Foreign exchange services are the conversion of one currency into another at a predetermined foreign exchange rate. It supports international (cross-border) commerce, which includes investments, trade of products and services, and financial activities. Currency conversion is also possible for international trade investments and settlements.

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