FOREX’s business concept is to supply travellers from within or outside the country with appropriate currencies:
- at convenient hours
- from well-situated locations
- at the best rates
- at the lowest service charges
History
From a barber shop to over 120 branches in five countries: FOREX has been around since 1927. It all started at Gyllenspets’ barber shop at Central Station in Stockholm. He learnt that many of his customers were tourists, who also had a big need for currencies (local and foreign). With time, his barber shop turned into a small foreign exchange bureau that was run up until the 1960s by the Swedish State Rail Authority.
In 1965, travel agent Rolf Friberg, FOREX’s current CEO, was offered the opportunity to buy the foreign exchange bureau business to be able to provide a foreign currency service to his travel agency’s customers.
Until the beginning of the 1990s, FOREX was the only company besides the banks that was licensed by the Bank of Sweden to trade in currencies.
Today
Today, FOREX is one of the world’s biggest foreign exchange bureaus with a turnover in 2008 of more than 40 billion SEK from our branch offices in Sweden, Denmark, Finland and Norway