PagoFX works is an autonomous fintech startup with over 50 employees in Madrid, London, and Brussels
Banco Santander launches PagoFX, a low-cost international money transfer service, in the UK. It enables UK residents with a debit card issued by any country’s financial institution to quickly send funds abroad from their smartphone.
According to the statement, PagoFX will allow customers to make cross-border transactions without any fees during the next 2 months due to the pandemic.
The bank revealed that the launch is another milestone in its 4 years, €20 billion digital technology pledge. PagoFX is the open-market version of Santander’s current cross-border money transfer service called One Pay FX. It provides transparent and fast international transfers to its bank customers in key countries across Europe and the Americas.
Customers can use the PagoFX service to carry out transactions in selected currencies from the UK to the US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden, and the Czech Republic.
We’ve reported that Santander has made a €30 million investment, acquiring a 50.1% stake in Spanish fintech firm Mercury TFS. This way, Santander aims to enhance its international trade offer and consolidate its position as the preferable bank for SMEs and corporates with international operations.