Santander has announces the launch of PagoFX, a low-cost international money transfer service, with a view to taking on TransferWise and others, in the UK.
The 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, and 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, it will be launched in other European countries later this year and be present in around 20 markets in the next three to four years.