PagoFX, the new low-cost international money transfer service backed by Santander, has launched in the UK, and is available to any UK residents with a debit card issued by any bank or financial entity. 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. 

PagoFX is available via a mobile app on iOS and Android and allows users to seamlessly and quickly send money abroad from their smartphone with guaranteed low costs, bank-level security and customer support via in-app chat, web and e-mail. This new service is one of the most affordable providers through its competitive and transparent pricing, including real-time foreign exchange rates.


Until 16 June 2020, PagoFX shall waive fees on transactions up to a limit of 3,000 GBP per user for people who need to support loved ones, organisations and charities abroad during these uncertain times. 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, which works as an autonomous fintech (financial technology) start-up with more than 50 employees 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. 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 global payments team at Santander, which includes executives with strong digital and banking backgrounds.

Ana Botín, Group executive chairman of Banco Santander, said: “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, 20 billion-euro digital technology pledge. Payments are a cornerstone of Santander’s open financial services platform, which aims to create fast, simple and safe digital services for consumers, merchants and SMEs around the world. Capitalising on successful and proven technologies, PagoFX is an 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 customers at its core, benefiting from 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 Santander’s high standards in cyber security, 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. 
  • A dedicated support team of real people provide PagoFX users with expert advice and assistance for any type of enquiry via in-app chat, web and e-mail.

PagoFX 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 also 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 this year and be present in around 20 markets in the next three to four years.

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