PagoFX, the new low-cost money transfer app backed by Banco Santander, is one of the most affordable providers through its competitive and transparent pricing, including real-time foreign exchange rates.

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

The product, which is open for everyone no matter who the user banks with, is expected to be launched in other European countries this year and be present in 20 markets in three to four years.

London and Madrid, 16 April 2020 - PRESS RELEASE 
Banco Santander today announced the launch of PagoFX, a low-cost international money transfer service, in the UK. This new service, available via a mobile app, 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 at all for the next two months.

PagoFX, which works as an autonomous fintech start-up with more than 50 people in Madrid, London and Brussels, brings together the best of both worlds through an easy-to-use app: Santander’s expertise in international payments, foreign exchange and high security standards, with the digital innovation and competitive pricing of the fintech sector. It is one of the most affordable providers through its competitive and transparent pricing, including real-time foreign exchange rates.

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.”

The launch is another milestone in Santander’s four-year (2019-2022), 20 billion-euro digital technology pledge. Payments are a cornerstone of the banking group’s open financial services platform, being delivered to create fast, simple and safe digital services for consumers, merchants and SMEs around the world. Capitalising on successful and proven technologies, 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 is designed with trust, safety and the consumer at its core, featuring Santander’s extensive and thorough bank-grade product validation process:

  • Quick but comprehensive verification process before making the first payment to guarantee the protection of data and money. 
  • Every cost shown upfront with no hidden fees: users will know exactly how much they’re paying and how much their recipient will get. This includes real-time foreign exchange rates.
  • Bank-level security with the same product validation process as any Santander Group product has, this means the company implements cybersecurity, financial crime and risk requirements.
  • PagoFX is authorised and regulated by the Financial Conduct Authority (FCA), the UK regulator for financial services firms. This safeguards funds until the associated payment has been sent, so users are fully protected in the case of defective execution of any payment.
  • dedicated support team of people provide PagoFX users with expert advice and assistance for any type of enquiry via in-app chat, web and e-mail.

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.

As a fintech start-up, PagoFX has attracted talent from several big tech companies, such as Amazon, PayPal and Intuit, and start-ups, and works together with the strong global payments team at Santander, which includes executives with digital and banking backgrounds.

The no-fee programme, deployed due to the coronavirus pandemic, is available to all registered UK users of the PagoFX app on Android or iOS. Until 16 June 2020, PagoFX shall waive international money transfer fees on transactions up to a limit of 3,000 GBP per user. This limit is cumulative – once you submit a single or multiple transactions above the 3,000 GBP limit, PagoFX’s standard fees shall apply on all amounts above the limit. Standard low-cost fee for transferring money to the eurozone, Switzerland, Norway, Sweden and the Czech Republic is 0.70% of the sent amount. For transfers to the US, Poland and Denmark, the fee is 0.80% of sent amount. PagoFX shows all the information upfront and offers real-time foreign exchange rates.

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in Europe and the Americas, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of 2019, Banco Santander had EUR 1.05 trillion in total funds, 145 million customers, of which 21.6 million are loyal and 37 million are digital (52% of active customers), 12,000 branches and 200,000 employees. Banco Santander made underlying profit of EUR 8,252 million in 2019, an increase of 2% compared to the previous year.