Last update: 27/07/2020

Sending money abroad digitally has become a staple for millions of people as globalisation and technology are flourishing. And with our financial needs evolving, Santander aims to innovate and fill in the gaps in international payments through One Pay FX and PagoFX – the international money transfer services that form part of the banking group’s digital ecosystem. Together they reflect Santander´s ambition to deliver fast, simple and safe international digital payments for all. Now, let’s take a look at how each service differs and how you can benefit from them.

What is One Pay FX?

One Pay FX, created exclusively for Santander customers, is the world’s first blockchain-based, multi-corridor international payments solution. It allows Santander customers to transfer money abroad in a fast, simple and fair way through an enhanced technology and infrastructure, competitive rates and outstanding customer experience and service that the global bank is known for.

Launched in 2018, the service was designed for the convenience of Santander’s clients, supporting their international money transfers when made from their Santander account. While One Pay FX is currently available in six countries including the UK, Poland, Spain, Portugal, Brazil and Chile, Santander’s long-term goal is to make it available for customers worldwide. 

One Pay FX uses the latest market exchange rates available, which are constantly updated and shown before a transfer is done.

Watch the story of One Pay FX

What is PagoFX?

PagoFX is the new low-cost international money transfer service backed by Santander. It is the open-market version of One Pay FX. No matter who you bank with, you can now take advantage of the reliability and security that come from a company backed by Santander. 

Launched in April 2020 with the mission to give everyone complete confidence when sending money abroad, PagoFX combines the best of FinTech and banking in one easy-to-use, low-cost and reliable app. It brings together Santander’s expertise in international payments, foreign exchange and high security standards with a FinTech’s freshness, user-friendly technology and competitive pricing. 

The service is designed with the consumer at its core, providing low cost, affordable fees, and real-time mid-market exchange rates. Authorised as a payment institution by the Financial Conduct Authority (FCA) in the UK, it upholds the high security standards set by Santander by implementing the cybersecurity, financial crime and risk requirements needed, reassuring users that their money is safe. 

PagoFX is currently available to UK residents through a mobile app, available for download on the App Store and Google Play. In the near future, it will also be available in other European countries and for sole traders and small-and-medium-sized enterprises (SMEs) via the Web and mobile app.

Users go through a quick but comprehensive verification process before making their first payment. Once approved, they can immediately transfer money to the US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden and the Czech Republic with their UK-issued debit cards. Users will know exactly how much they’re paying and how much their recipient will get. More currencies and payment methods will become available in the near future.

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