Banco Santander launches PagoFX money transfer app
Banco Santander has today announced the launch of PagoFX, a low-cost international money transfer service, in the UK PagoFX will provide UK residents w...
Banco Santander has today announced the launch of PagoFX, a low-cost international money transfer service, in the UK PagoFX will provide UK residents w...
PagoFX will provide UK residents with a fast, secure and low-cost method of transferring money internationally through a dedicated mobile app.
The service was launched by CEO Cedric Menager, CTO Edouard Metzger, and CMO Victoria Yasinetskaya during a dedicated virtual press conference.
According to Santander, it is one of the most affordable providers as a result of its competitive and transparent pricing, which includes real-time foreign exchange rates.
In addition, in light of the impact of the coronavirus on industries and individuals worldwide, PagoFX has committed to allowing customers to transfer money abroad with no fees for two months.
More information in this can be found at www.PagoFX.com.
By using PagoFX, UK residents can send money abroad seamlessly and quickly through their smartphone, as long as they have a debit card issued by any UK bank or financial entity.
The product will be launched into other European countries this year, with the expectation that it will be available in 20 markets within the next four years.
PagoFX has been developed with trust, safety and the consumer in mind. According to Santander, this means that customers will benefit from low costs, bank-level security and extensive in-app customer support, as well as through web and email.
During the launch, several details were released about PagoFX, including:
At launch, PagoFX will facilitate payments in selected currencies from the UK to US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden and the Czech Republic.
While the service is being backed by Santander, it will operate as an autonomous fintech startup organisation manned by an innovative team in Madrid, London and Brussels.
This includes talent from companies including Amazon, PayPal and Intuit.
According to Santander, this collaborative approach “brings together the best of both worlds [...] Santander’s expertise in international payments, foreign exchange and high security standards, with the digital innovation and competitive pricing of the fintech sector.”
The launch of PagoFX forms part of Santander’s four-year, 20bn euro digital technology pledge that is running between 2019 and 2022.
The service is the open-market version of the bank’s One Pay FX international money transfer service.
Discussing the launch, Ana Botín, Group executive chairman of Banco Santander, said: “PagoFX makes it possible to transfer money internationally easily, at low cost, and with the security and peace of mind that comes from a regulated entity backed by an international bank.
She added: “This is a unique proposition and we hope it will help many people and businesses. It draws on our world-class technology and talent to deliver a new and highly relevant service for everyone in the open market.”
Find out more about PagoFX here.
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