PagoFX launches international money transfer service for UK SMEs

By Aisling Finn on Tuesday 1 December 2020

Digital Banking

As of today, SMEs will be able to open an account with PagoFX and send money abroad in over 40 currencies.

PagoFX launches international money transfer service for UK SMEs
Image source: PagoFX

Santander-backed low-cost international money transfer app PagoFX has today launched a service for small businesses in the UK.

British SMEs will be able to send money abroad using the PagoFX app, no matter who they currently bank with. 

SMEs will be able to download the app from today and see what fees they have to pay for transferring over 40 currencies using real-time, mid-market rates.

Cedric Menager, CEO at PagoFX, said: “At PagoFX, our mission has always been to bring the best of technology and finance to everyone.”

“The launch of PagoFX for small business takes us another step further, ensuring that UK small businesses can send money abroad quickly and at low and transparent costs.”

Transfers sent via PagoFX often arrive within minutes if sent on a business day before the cut-off time, which is 4:30pm for US dollars and 2:30pm for Euros.

PagoFX officially launched back in April 2020 as a TransferWise rival with the hopes of disrupting the international currency transfer sector, currently offering transfers in over 40 currencies with plans to offer more imminently. 

Last week the fintech made its first international expansion, launching in Belgium, with a €1,000 fee-free transfer offering until January to entice new customers.

The Santander-powered app has 70 employees across three offices in Madrid, London and Brussels and is part of PagoNxt, an “autonomous business” created by Santander.

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