Custom House (company)
Custom House is a Canadian foreign exchange and money transfers company based in Victoria, British Columbia. It was acquired by Western Union in 2009 and now forms part of that company's "Western Union Business Solutions" division. 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 2020. 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. 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.