Santander Launches PagoFX in the United Kingdom to Offer Fast, Secure and Low-cost International Transfers, and Without Commissions for Two Months

PagoFX, Banco Santander’s low-cost transfer app, offers one of the most competitive prices, transparency and real-time currency exchange rates.

Due to the coronavirus pandemic, PagoFX will allow customers to transfer money abroad without commissions for the next two months.

PagoFX, which is open to everyone regardless of the user’s bank, will launch in other European countries this year and will be present in 20 markets in three to four years.

Banco Santander announced the launch in the United Kingdom of PagoFX, a low-cost international transfer service. Available in a mobile app, this new service allows any UK resident with a debit card issued by a British financial institution to send money abroad quickly, without complications, at low cost and with bank security. It has customer service through a chat within the app or via the web and by email. Due to the coronavirus pandemic, PagoFX will allow customers to transfer money abroad without commissions for the next two months.

PagoFX, which works as an  autonomous financial technology  start-up ( fintech ), has more than 50 employees in Madrid, London and Brussels, and brings together the best of both worlds with an easy-to-use app: Santander’s payments experience international, currencies and high security standards, with digital innovation and competitive prices in the fintech sector  . It offers one of the most competitive prices, transparency and real-time currency exchange rates.

Ana Botín, President of Banco Santander , said: “ With PagoFX it is possible to make international transfers with ease, at low cost, and with the security and tranquility offered by a regulated entity owned by an international bank. We are launching a unique proposal and we hope that it will help many people and companies. Thanks to first-class technology and great talent, we can offer a new service that is in great demand for everyone in the open market . ”

This launch is another milestone within the four-year period (2019-2022) in which Santander plans to allocate 20,000 million euros in digital transformation and technology. Payments are the cornerstone of Santander’s open financial services platform, which aims to create fast, simple and secure digital services for individuals, businesses and SMEs around the world. Building on successful technologies, PagoFX is the open market alternative to One Pay FX bank’s current international transfer service, which offers fast and transparent payments to its clients in various markets in Europe and America.

Trust, security and customer experience are key to PagoFX, which has gone through a comprehensive and exhaustive Santander validation process, that is, at the banking level:

• Users will register with a quick but complete verification process  before making their first transfer to ensure the protection of their data and money.
• All costs are displayed transparently , with no hidden fees – users will know exactly how much money they send and how much money the recipient will receive. Real-time currency exchange rates are offered.
• Bank security level . PagoFX has undergone the same validation process as any other Santander product, which implies the implementation of cybersecurity, financial crime and risk requirements.
• PagoFX is licensed and regulated in the UK by the Financial Conduct Authority (FCA), the UK regulator of financial institutions. This guarantees the funds until the payment has been sent, so that  users are fully protected  if any error occurs in the process.
• A  customer service team  offers PagoFX users expert advice and assistance in any type of consultation through an in-app chat or via the web and by email.

With PagoFX you can make international payments from the United Kingdom to the United States, the Eurozone, Poland, Switzerland, Norway, Denmark, Sweden and the Czech Republic. The incorporation of more countries and payment options is planned soon.

The service will also be offered to freelancers and SMEs in the UK via the web and the app soon. In addition, PagoFX will launch in other European countries this year and will be present in some 20 markets in the next three to four years.

As a  fintech start-up , PagoFX has attracted talent from large technology companies, such as Amazon, PayPal and Intuit, and other  start-ups , and collaborates with Santander’s strong global payments team, which has teams with great digital knowledge and banking.

The commission-free program, rolled out for the coronavirus pandemic, is available to all registered UK users on Android and iOS apps. Until June 16, 2020, PagoFX will not charge the transfer fee up to a limit of £ 3,000 per user. This limit is cumulative: once one or more transfers are sent above the £ 3,000 limit, standard PagoFX rates will apply to any amount that exceeds that limit. The standard fee for transferring money to the Eurozone, Switzerland, Norway, Sweden and the Czech Republic is 0.70% of the amount sent. For transfers to the United States, Poland and Denmark, the fee is 0.80% of the amount sent. PagoFX shows all the information before executing the transaction and offers real-time exchange rates.

More information at  PagoFX.com

Source: Santander Bank