Launched as a standalone company, PagoFX will enable residents in the UK to make fund transfer overseas with the help of a mobile app
Spanish commercial bank Banco Santander (Santander Group) has introduced a cross-border payments app PagoFX in the UK.
PagoFX will enable residents in the UK to make fund transfer overseas with the help of a mobile app.
To send money abroad, one can use debit cards issued by any UK financial institution.
Santander to offer low-cost international transfers with no fees for two months
For the next two months, users do not have to pay fees for making money transfer overseas via PagoFX, up to a limit of £3,000.
Thereafter it will charge a fee of between 0.70% and 0.80% of the value of each transaction.
Banco Santander group executive chairman Ana Botín 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.”
Presently, customers can make international payments in selected currencies from the UK to the US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden and the Czech Republic.
The bank intends to add more currencies and payment options in the short term.
According to Santander, the service will be made available to sole traders and small-and-medium-sized enterprises in the UK through the PagoFX website and mobile app in the near future.
Amidst the ongoing coronavirus pandemic, the bank offered a no-fee programme, which is available to all registered users in the UK of the PagoFX app on Android or iOS.
The service will be rolled-out to other markets in Europe later in 2020.
PagoFX is expected to be available in 20 markets in the coming three to four years.