International payments can be made using PagoFX from Spain to a number of foreign countries

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PagoFX is a part of Santander’s digital platform PagoNxt. (Credit: Ricardo Dagnino/Wikipedia.)

Banco Santander’s low-cost international money transfer service PagoFX has been launched in Spain.

The service is available to Spanish residents with any debit or credit card issued by a bank or a financial entity and allows them to send money to foreign countries using their smartphone.

International payments can be made using PagoFX from Spain to a number of foreign countries, including Argentina, Australia, Bahrain, Brazil, Bulgaria, Canada, Singapore, South Africa, Sweden, Switzerland, Turkey, the UK and the US.

The customers are offered service support through in-app chat, web and e-mail.

Additionally, the firm is helping Spanish residents with a no-fee programme amid the ongoing Covid-19 pandemic and travel restrictions.

This programme allows users to send up to €1,000 in different transactions at no fee until 28 February 2021, and higher amounts at a low cost.

PagoFX CEO Cedric Menager said: “We have been looking forward to launching PagoFX in Spain since we started the project. In Spain, there are many people who often send money to family and friends from other countries.

“Now they will have it easier than ever with PagoFX thanks to the speed, security, transparency and low cost. Our vision is to be the world’s most trusted and loved way to send money abroad and we want all our customers to feel confident about sending money overseas.”

PagoFX features

PagoFX is claimed to feature extensive and thorough Santander product validation process including its ‘comprehensive-but quick-verification process’ that guarantee the protection of data and money.

Besides, the users are shown every cost upfront to help them understand exactly how much they are paying and how much their recipient will get. This includes mid-market, real-time foreign exchange rates.

Moreover, it is claimed to have the bank-backed security with the same product validation process as any Santander product, meeting cybersecurity, financial crime and risk requirements.

As an authorised payment institution, PagoFX protects customer funds by safekeeping them in a separate bank account until the relevant payment is made.

PagoFX is a fintech startup with over 70 employees based in Madrid, London and Brussels.

It is a part of Santander’s digital platform PagoNxt, which combines its payments businesses in a bid to compete with digital payments platforms internationally.

PagoFX was launched in Belgium last month, following its rollout in the UK in April this year.