Santander announces UK launch of PagoFX to allow simple low-cost international payments

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by Josh Peachey

Santander bank has announced the UK launch of PagoFX, a low-cost international money transfer service.

This new service, available via a mobile app, allows UK residents with a debit card issued by any UK bank 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.

The launch is another milestone in Santander’s four-year (2019-2022), 20 billion-euro digital technology pledge.

In light of the ongoing coronavirus pandemic, PagoFX will allow customers to use the service to transfer money abroad without any fees at all for the next two months.

Ana Botín, Group executive chairman of Banco Santander, said: “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.”

PagoFX is the open-market version of Santander’s existing international money transfer service One Pay FX, which allows speedy international transfers to its bank users in certain countries in Europe and the Americas. 

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.