Santander launches money transfer app in the UK

PagoFX works is an autonomous fintech startup with over 50 employees in Madrid, London, and Brussels

Santander

Santander launches money transfer app in the UK. Source: shutterstock.com

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.

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. 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
Ana Botín, Group executive chairman of Banco Santander

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.

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