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Money transfer companies/remittance companies perform high volume low value transfers generally by economic migrants back to their home country. In 2007, the Aite Group estimated that there were $369 billion of remittances an increase of 8% on the previous year. The four largest foreign markets India, China, Mexico and the Philippines receive $95 billion. The largest and best known provider is Western Union with 345,000 agents globally, followed by UAE Exchange. Bureaux de change or currency transfer companies provide low value foreign exchange services for travelers. These are typically located at airports and stations or at tourist locations and allow physical notes to be exchanged from one currency to another. They access the foreign exchange markets via banks or non bank foreign exchange companies. There is no unified or centrally cleared market for the majority of trades, and there is very little cross border regulation. Due to the over the counter OTC nature of currency markets, there are rather a number of interconnected marketplaces, where different currencies instruments are traded. This implies that there is not a single exchange rate but rather a number of different rates prices, depending on what bank or market maker is trading, and where it is. In practice, the rates are quite close due to arbitrage.
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