Custom House (global payments)

Custom House is a Canadian foreign exchange and money transfers company based in Victoria, British Columbia.[1][2] It was acquired by Western Union in 2009 and now forms part of that company's "Western Union Business Solutions" division.[3]

Custom House
TypePrivate
IndustryFinancial Services
Foreign Exchange
Fateacquired by Western Union
FoundedVictoria, BC, British Columbia, Canada (1992)
Number of employees
650

In 2015, Custom House's founder, Peter Gustavson, incorporated a new foreign exchange and global payment company, EncoreFX, which filed for bankruptcy protection in March of 2020.[4]

History

The company was founded in 1992 as a small tourist currency exchange kiosk titled "Custom House Currency Exchange" in Victoria's old waterfront customs house. In 1993, the company opened its first corporate foreign exchange office.[5]

After expanding in Canada, it began its US operations in 1997 and an Australian operations in 2000. The company was later renamed "Custom House Global Foreign Exchange", then renamed again to "Custom House". It provided small businesses and individuals with services that included wire transfers, foreign currency drafts, and forward exchange contracts.

In 2009, Western Union bought the company for $370 million USD. Custom House continues to operate in Canada as a wholly owned subsidiary, doing business as Western Union Business Solutions.[6]

References
  1. Haugeneder, Rudy. "Victoria currency trader becomes a world leader". Victoria Weekend Edition
  2. "LIST OF THE WESTERN UNION COMPANY SUBSIDIARIES". United States Securities and Exchange Commission. Retrieved 19 March 2014.
  3. "Western Union to Acquire Custom House, Ltd". Payment News. Archived from the original on 19 March 2014. Retrieved 19 March 2014.
  4. http://www.timescolonist.com/business/custom-house-founder-gustavson-returns-to-currency-game-1.1779698
  5. https://www.biv.com/article/2009/5/victoria-currency-exchange-house-sold-to-colorado-/
  6. "Online FX". Western Union Holdings, Inc. Retrieved July 30, 2013. Western Union acquired Custom House, a foreign exchange and international payments company, in 2009 and owns and operates Custom House along with its products and services under the Western Union name.
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