Santander launches international money transfer app PagoFX in the UK

Maria Nikolova

The new service allows UK residents with a debit card issued by any UK bank or financial entity to seamlessly and quickly send money abroad from their smartphone.

Banco Santander today announces the launch of PagoFX, a low-cost international money transfer service, in the UK.

This new service is available via a mobile app. It allows UK residents with a debit card issued by any UK bank or financial entity to seamlessly and quickly send money abroad from their smartphone with low costs, bank-level security and customer support via in-app chat, web and e-mail. In light of the ongoing coronavirus pandemic, PagoFX will allow customers to use the service to transfer money abroad without any fees for the next two months.

PagoFX is the open-market version of Santander’s existing international money transfer service One Pay FX, which offers transparent and quick international transfers to its bank customers in key countries in Europe and the Americas.

PagoFX features quick but comprehensive verification process before making the first payment to guarantee the protection of data and money. Costs are shown upfront with no hidden fees: the bank promises to users that they will know exactly how much they are paying and how much their recipient will get. This includes real-time foreign exchange rates.

With the PagoFX service, international payments can currently be made in selected currencies from the UK to the US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden and the Czech Republic, with plans to introduce further currencies and payment options in the short term.

The service will be rolled-out to sole traders and small-and-medium-sized enterprises in the UK via the PagoFX website and mobile app in the near future. In addition, PagoFX will be launched in other European countries later this year and be present in around 20 markets in the next three to four years.

The no-fee program, deployed due to the coronavirus pandemic, is available to all registered UK users of the PagoFX app on Android or iOS. Until June 16, 2020, PagoFX shall waive international money transfer fees on transactions up to a limit of 3,000 GBP per user.

Read this next

Institutional FX

PrimeXM reports lower volumes for July as summer lull bites

PrimeXM has reported weaker trading volumes for July 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Retail FX

FCA warns of ATFX Global Trading / ATFXcoin

In its latest clampdown against the specific type of ‘clone fraud’, the Financial Conduct Authority (FCA) has warned local investors to watch out for a company called ATFX Global Trading / ATFXcoin.

Digital Assets

CME Group to roll out options on Ether futures next month

Derivatives exchange CME Group is set to roll out options on Ether futures on September 12 in a move to bring another level of diversification to cryptocurrency traders.

Industry News, Podcasts

Finance Feeds launches Podcasts: Listen to Ep. #1 feat. Dmitri Galinov of 24 Exchange

The team at Finance Feeds are happy to announce the launch of our Podcast series, available on Spotify and other audio services and hosted by our Editor-in-Chief Nikolai Isayev.

Digital Assets

Madfish launches Yupana.Finance, the first lending protocol on Tezos

Yupana, which aims to provide a similar experience to Aave or Compound, currently supports TEZ, cTEZ, kUSD, tzBTC, uUSD, and uBTC.

Industry News

SEC charges barred broker Anthony J. Mastroianni with $1.2m fraud targeting elderly

Instead of using investor monies to generate income, Mastroianni withdrew over $486,000 of investors’ money from his firm’s bank account and used ill-gotten funds for personal expenses on luxury items, the SEC alleged. 

Digital Assets

Unizen names crypto veteran Michael Healy as chief strategy officer

CeDeFi exchange Unizen has onboarded crypto industry veteran Michael Healy, who originally worked for Wikileaks and built their android application in 2010, as Chief Strategy Officer.

Institutional FX

Sterling Trading Tech adds FX and Crypto to risk and margin system

The Risk-as-a-Service solution provides supports FX spot, forward, and swap trades and positions, in any currency pair, as well as Crypto including crypto priced in any currency.

Interviews, Metaverse Gaming NFT

Exclusive: Wayne Marcel explains FIO Protocol amid fight against fraud on NFT markets

It’s been 12 years since Satoshi Nakamoto released the white paper that introduced Bitcoin to the world.

<