Forex Bank
Forex Bank is a Stockholm-based, Nordic travel currency specialist founded in 1965, operating 100+ retail stores, 85 ATMs, and digital channels across Sweden, Norway, Finland, and Denmark to serve over 5 million Nordic travelers with currency exchange, credit cards, money transfers, and travel insurance.
- Company typePrivate
- Founded1965
- HeadquartersStockholm, Sweden
- Headcount501–1,000
- GTM typeB2C
- OfferingServices
What Forex Bank does
Forex Bank (legal entity FOREX AB) is a Swedish private limited company founded in 1965 and headquartered in Stockholm. It operates as the Nordic region's leading specialist in travel currency, serving Nordic consumers (primarily Swedish) who travel internationally. The company operates over 100 physical retail stores positioned at high-traffic travel hubs across Sweden, Norway, Finland, and Denmark, including major airports (Arlanda, Landvetter, Malmö), central train stations, and shopping centers, supplemented by 85 ATMs and an online e-commerce platform with home delivery or in-store pickup.
The core product is currency exchange across up to 80 currencies, generating revenue through spreads between buy and sell rates. The platform is anchored by the FOREX Credit Card, a Mastercard co-branded product issued via Entercard Group AB, offering no foreign currency conversion surcharge, free cash withdrawals outside the EU/EEA, up to 55 days interest-free credit, and complimentary 90-day travel insurance. The company extends its ecosystem through Western Union-powered international money transfers, travel insurance products (Basic, Plus, Baggage), flight comparison and booking, and GetYourGuide-powered experience bookings. The proprietary FOREX Index suite provides destination cost intelligence (Summer, Ski, Cash, City, Travel indices), positioning the brand as a travel content authority. Recent operational investment includes Diebold Nixdorf's AI-powered Branch Automation Solutions for end-to-end ATM network management across the four Nordic markets.
Forex Bank generates revenue through five primary streams: currency exchange spreads (transaction fees), credit card interchange and interest (recurring), money transfer fees via Western Union, travel insurance premiums, and affiliate commissions on flight and experience bookings. The go-to-market is direct-to-consumer, combining physical retail presence at travel hubs with digital channels including the forex.se website and FOREX mobile app. The customer base exceeds 5 million people across the Nordics, equating to approximately one in three Swedes having exchanged currency with the company. The company holds GDPR and cookie-consent compliance certifications and operates under Swedish financial supervision as a licensed payment institution.
Forex Bank firmographics
Firmographics- Name
- Forex Bank
- Legal name
- FOREX AB
- Website
- https://forex.se
- Company type
- Private
- Founded year
- 1965
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Forex Bank is a Stockholm-based, Nordic travel currency specialist founded in 1965, operating 100+ retail stores, 85 ATMs, and digital channels across Sweden, Norway, Finland, and Denmark to serve over 5 million Nordic travelers with currency exchange, credit cards, money transfers, and travel insurance.
- Ownership category
- akta.pro rank
Forex Bank industry classification
Industry- Product category
- Currency Exchange and Travel Financial Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)
- akta.pro secondary industries
- Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK)
Keywords
Where Forex Bank is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices9 records
Markets served
Forex Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain
Revenue model
- Currency Exchange: FOREX earns revenue through currency exchange margins when customers buy and sell foreign currencies. The spread between buy and sell rates constitutes the primary revenue stream. They offer up to 80 different currencies with rates that may differ between online and in-store purchases.
- Credit Card Services: FOREX issues a co-branded credit card through Entercard Group AB. Revenue comes from interchange fees, interest charges (effective rate 16.27% for e-invoice, 19.90% for paper invoice as of February 2026), and annual fees. The card offers no currency conversion surcharge and free withdrawals outside EU/EEA.
- Money Transfer Services: Western Union-powered international money transfer services, generating revenue through transaction fees on cross-border money transfers to destinations including Thailand, Philippines, USA, Turkey, Ukraine, and Middle East.
- Travel Insurance: Travel insurance products including Travel Insurance Basic, Travel Insurance Plus, Baggage Insurance, and supplementary travel insurance for credit card holders. Revenue from insurance premiums.
- Flight and Experience Booking: Commission revenue from flight search and booking services, as well as experience/activity bookings through partner GetYourGuide.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Online currency purchase with home delivery or store pickup |
| Subscription | Monthly | FOREX Credit Card with travel benefits |
| Unit Pricing | Pay-as-you-go | Travel Insurance - Basic |
| Unit Pricing | Pay-as-you-go | Travel Insurance - Plus |
| Transaction based/ take rate | Pay-as-you-go | Money Transfer via Western Union |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels7 records
Forex Bank product offering
Product offeringCore offering
FOREX is a Nordic currency exchange specialist offering foreign currency in up to 80 currencies through more than 100 physical stores, an e-commerce platform, and 85 ATMs across Sweden, Norway, Finland, and Denmark. It complements currency exchange with a travel-focused Mastercard credit card (no FX surcharge, fee-free non-EU/EEA withdrawals, 90-day complimentary travel insurance), Western Union international money transfers, standalone travel insurance products, and flight and experience booking services.
Product overview
Forex Bank operates as a Nordic travel currency specialist offering a unified platform of financial and travel services. The core offering centers on currency exchange (both online and in-store across 80+ physical locations) supplemented by the FOREX Credit Card for travel payments with no currency surcharges. The product portfolio includes travel insurance products, international money transfers via Western Union, and flight/experience booking through partnerships. The FOREX Index suite provides destination cost comparison tools. The company also operates 85 ATMs across Sweden, Norway, Finland, and Denmark, recently upgraded with AI-powered Diebold Nixdorf automation for network management. Services are accessible via the FOREX Valutaapp mobile application and online platform.
Differentiator
Problem solved
Functional benefit
Brands
- FOREX Index: Travel cost comparison index providing price indicators for various destinations including cash index, travel index, summer holiday index, city index, ski index, and winter travel index.
- FOREX Credit Card
Products and services
- Currency Exchange
Quantifiable outcome
- Over 5 million customers in the Nordics (approximately 1 in 3 Swedes)
- +3 more outcomes
Companies that use Forex Bank
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles1 record
Forex Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
AI capability1 record
Feature3 records
Forex Bank partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Diebold NixdorfcoreFOREX has implemented Diebold Nixdorf's Branch Automation Solutions for end-to-end ATM network management across its branches in Sweden, Norway, Finland, and Denmark. The new system utilizes AI-powered managed services and software to improve efficiency, security, and customer experience while optimizing operational costs. The deployment helps FOREX focus more on customer service while managing their 85 ATMs across the Nordic region.
- Entercard Group ABcoreEntercard Group AB (organization number 556673-0585), based in Stockholm, is the credit provider for the FOREX Credit Card. The co-branded credit card offers no currency conversion surcharge, free cash withdrawals outside EU/EEA, and supplementary travel insurance. FOREX markets and distributes the card while Entercard handles the credit operations and bears the credit risk.
- Western UnioncoreFOREX offers international money transfer services through Western Union, enabling customers to send money to destinations including Thailand, Philippines, USA, Turkey, Ukraine, and Middle East. Western Union provides the transfer infrastructure while FOREX acts as a distribution channel through its stores and website.
- GetYourGuideminorFOREX travel pages feature experience and activity booking through GetYourGuide partnership, allowing customers to discover and book tours and activities at their travel destinations. FOREX earns commission on bookings made through its platform.
Scale indicators6 records
Recent moves6 records
Expansion highlights4 records
Forex Bank competitors and assessment
Company assessmentDirect peers
- Travelex: Travelex is the global leader in travel currency exchange, operating physical bureaus at airports plus online FX and card services. Closest direct peer to Forex Bank's core currency-exchange plus travel-card model across multiple geographies.
- Cambio: Cambio is a Danish currency-exchange and gold-dealer network with airport and city bureaus. Directly comparable Nordic travel-FX peer, especially within Denmark where Forex Bank also operates.
Emerging players
- Revolut: Revolut offers multi-currency accounts, near-spot FX, and a travel card with no conversion fees across Europe. Targets the same digitally native Nordic traveler segment Forex Bank serves, competing directly on card and FX economics.
- Wise: Wise (formerly TransferWise) provides multi-currency accounts, low-cost international money transfers, and a multi-currency card. Competes head-on with Forex Bank's remittance (Western Union) and travel-card value propositions.
- Remitly: Remitly is a digital-first cross-border remittance provider with strong Nordic-to-Philippines and Nordic-to-South Asia corridors. Comparable on money-transfer customer overlap, competing with Forex Bank's Western Union offering.
- TransferGo: TransferGo is a European digital remittance and FX provider with strong UK-Nordic and emerging-market corridors. Comparable on cross-border payments and FX for the same diaspora-driven Nordic customer base Forex Bank targets.
Broad incumbents
- Western Union: Western Union is the incumbent global money-transfer network and Forex Bank's remittance partner. Comparable as a broad cross-border money-movement platform with FX conversion, even though Forex Bank is a downstream agent.
- Euronet Worldwide: Euronet operates one of the largest ATM networks globally plus money-transfer (Ria) and FX services. Comparable through ATM infrastructure footprint and cross-border consumer payment services, though at far broader global scale.
- MoneyGram: MoneyGram is a global incumbent in cross-border money transfer and FX, with both digital and retail agent networks. Broad peer to Forex Bank's remittance business and adjacent to its core currency-exchange offering.
Regional players
- No1 Currency: No1 Currency is a UK-based travel currency-exchange bureau with airport and high-street presence plus online ordering. Closely comparable operating model to Forex Bank, though concentrated in the UK rather than the Nordics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Forex Bank social profiles
Digital presenceForex Bank compliance and trust
Trust signalCompliance3 records
Forex Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Forex Bank leadership team
Management profileNumber of profiles
Profiles1 record
Forex Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Forex Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Forex Bank
What does Forex Bank do?
FOREX is a Nordic currency exchange specialist offering foreign currency in up to 80 currencies through more than 100 physical stores, an e-commerce platform, and 85 ATMs across Sweden, Norway, Finland, and Denmark. It complements currency exchange with a travel-focused Mastercard credit card (no FX surcharge, fee-free non-EU/EEA withdrawals, 90-day complimentary travel insurance), Western Union international money transfers, standalone travel insurance products, and flight and experience booking services.
Is Forex Bank a public or private company?
Forex Bank is a private company. It is classified as management employee owned and is currently operating.
When was Forex Bank founded?
Forex Bank was founded in 1965. It employs 501 to 1,000 people.
Where is Forex Bank based?
Forex Bank is headquartered in Stockholm, Sweden, in the Europe region.
How does Forex Bank make money?
Five revenue lines are on record. Currency Exchange is the primary driver. The others are credit Card Services, money Transfer Services, travel Insurance and flight and Experience Booking.
Who are Forex Bank's main competitors?
Direct peers on record are Travelex and Cambio. Emerging players are Revolut, Wise, Remitly and TransferGo. Broad incumbents are Western Union, Euronet Worldwide and MoneyGram. No1 Currency is listed as a regional player.
Does Forex Bank have an API?
No public API is recorded for Forex Bank.
What industry is Forex Bank in?
Forex Bank's product category is Currency Exchange and Travel Financial Services. Its primary akta.pro industry code is THALAHAE, Cross-Border Payments & FX (multi-currency wallets, DCC, remittance), with a secondary code of FSAGAKAF, Multi-Currency Accounts, Wallets & FX Management (Consumer/SME). Its NAICS code is 52232 and its SIC code is 6199.