PagoFX: Easy and secure international money transfers, backed by Santander

The number of options for transferring money internationally has multiplied in recent years with an array of different apps and start-up companies now offering their own services.

That’s good news but transferring money across borders can still sometimes seem costly and a little confusing, with rates and commissions not always clear.

To offer people a trusted service, backed by a well-known bank, Santander set up a new money transfer business last year.

PagoFX allows people to conduct fast, secure and low-cost international money transfers through a simple-to-use app.

PagoFX is regulated by the Financial Conduct Authority and all exchange rates and commissions are laid out before the transfer is agreed, giving customers clarity over exactly how much it will cost to transfer their money.

The service got up and running in the UK in April 2020 and is now available to customers in Spain and Belgium as well.

Expats are already using PagoFX to send money quickly and securely to family members back home, pay for rent and university fees while studying abroad or even to transfer the deposit to buy a home.

Customers with a debit card issued by any UK bank or financial institution - not just Santander - can transfer money abroad quickly and securely using just their smartphone. It’s easy to set up, open to everyone and can handle money transfers big and small.

PagoFX also offers a solution for UK small businesses looking to settle invoices with customers or suppliers overseas.

It’s free to open an account and the process takes just a few minutes. As soon as the necessary, but quick, verification procedure is complete customers can start transferring money.

PagoFX is a technology startup run by an expert team of more than 70 employees based in Madrid, London and Brussels but it’s also part of the much larger Santander group.

Transfers are available to more than 50 countries so far, including the euro zone, Singapore, India, Hong Kong and the US, with the list set to continue to grow. In many cases, depending on the currency, funds arrive within minutes.

What rates do I get?

PagoFX offers real-time, mid-market exchange rates, meaning you get a price that’s competitive. You can check the rates available now by visiting the company’s website. 

How much are the fees?

Importantly, the cost of any transfer is transparent and upfront, with no hidden fees or commissions. The company charges a fee of between 0.7 per cent and 0.8 per cent of the value of each transaction, depending on which country you are sending money to.

What if I need help using the service?

Should customers have any queries, there is a dedicated customer support team available to provide expert advice and assistance on weekdays between 9am and 6pm via in-app chat, web and e-mail.

For more information and to sign up for the service visit pagofx.com