There are 3.5 million sole traders in the UK, covering everyone from freelance creative professionals, to tech developers, to microbusinesses and homemade crafters. And from the 16th of June 2020, PagoFX, Santander’s low-cost international money transfer service, will be available to this unique group, opening up a simple way to make international business payments and increase their business opportunities.
This service makes it easy for sole traders like a homemade marmalade business to pay their suppliers abroad, or a freelance photographer to transfer money to their foreign collaborators or service providers. It also makes it easier to pay international providers for goods and services like consultancy.
The sole trader solution is a vital part of PagoFX’s roadmap and in the near future the service will also be offered to small & medium size limited companies.
PagoFX, which was launched in April this year, also takes another step forward by introducing its new web service. This follows its mobile app, which has received very positive reviews on the App Store and Google Play. Any UK resident, both individuals and sole traders, can now use PagoFX through a web browser on any device. Sole traders will need to sign up on PagoFX.com and go through a quick verification process after which they will be able to initiate a transfer within seconds.
International payments can currently be made using PagoFX from the UK to the US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden, the Czech Republic, as well as the newly added recipient countries: Turkey, Romania, Bulgaria, Croatia, Hungary, Israel, Qatar and Saudi Arabia. Further currencies and payment options will be introduced in the near future.
The new sole trader solution and web service launch demonstrates the rapid expansion of PagoFX. With PagoFX’s bank-level security and dedicated customer support, sole traders can enjoy the reliability that comes with the backing of a global bank.
It is a difficult time for sole traders, particularly those who have business across borders. To support them, as well as individual users, PagoFX is extending its no-fee programme for two months, so it will continue to waive all fees on transactions (to a total of 3,000 GBP) until the 16th August 2020 (see pagofx.com for full details).