By Aisling Finn on Thursday 16 April 2020
The launch is a part of Santander's four-year €20bn digital technology pledge.
Spanish bank Santander has thrown its hat into the foreign currency fintech ring and launched PagoFX, a “low-cost international money transfer service.”
Currently transfers up to a cumulative limit of £3,000 are free until 16 June 2020 and after that, a 0.7 per cent fixed fee applies.
The payment platform offers international transfers in real-time foreign exchange rates in selected currencies to all the countries in the Eurozone, Poland, Switzerland, Norway, Denmark, Sweden, Czechia and the United States.
PagoFX’s identification page is powered by Onfido, and a selfie is required alongside an official form of ID and according to the fintech, “90 per cent of customers will take less than five minutes to verify”.
PagoFX has 50 employees across offices in Madrid, London and Brussels and claims to operate as an “autonomous fintech startup” despite displaying Santander’s logo at every stage of the process in the app.
Ana Botín, group executive chairman of Banco Santander, 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,” she added.
Once a transaction has been completed, customers can track the money in the app with funds often arriving the next day.
Customers also don’t need to have an account with Santander to use PagoFX, it is open for everyone to use no matter who you bank with.