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Last updated: 11th December, 2020

What is an international money transfer app?

International money transfer apps are a convenient way of sending money, whether that be to your own account or to a friend or relative. If you’re confused by how they work and if they’re right for you, our guide to money transfer apps can help.

Most people nowadays have diverted traditional methods of sending money – the days of sending cheques and cash are long gone. Whether you’re paying bills for your holiday home in Portugal, transferring money back to your home country from Spain or sending money to your child studying in the UK, you’re going to want a convenient way to do it.

What is an international money transfer app?

An international money transfer app allows you to send money to another person or account abroad on your smartphone or tablet – most apps can be downloaded for both Android and iOS. Many apps also let you pay via your debit or credit card, while others send money from your chosen bank account.

Why might you need an app?

Money transfer apps offer you convenience – you can now transfer funds at any time of day from the comfort of your own home or on-the-go.

How to use an international money transfer app

In order to send money through an international money transfer app, you will often be required to disclose some information, such as your own bank account or card details and the recipient’s details. Some apps may ask you to provide a form of identification as well, such as a passport or national identity card.

Apps such as PagoFX by Santander will require details such as your debit card information to be able to make international payments. PagoFX is a transparent, secure and affordable service, backed by Santander, one of the world’s largest and most trusted banks.

Once you have provided the required information, you will need to input how much money you will be sending and the recipient’s currency. The relevant exchange rate and fees will be displayed before you confirm the transaction.

How secure are international money transfer apps?

It depends on the app you are using. But it is important to look out for services that are regulated by a financial services regulator, such as the Financial Conduct Authority (FCA) in the UK, the National Bank of Belgium (NBB), Bank of Spain, etc.

Because it is backed by Santander, PagoFX offers the same level of security as a large bank. Thanks to the authorization of the Belgian National Bank, you can be sure that your money is safe when you send funds via the application.  

What are the costs of using an international money transfer app?

The cost of using money transfer apps differ. Fees can vary from a percentage of the amount you’re sending or a fixed sum. Fees can also vary depending on the destination the money is sent to and if you pay from a bank account, or debit or credit card. The exchange rates provided by apps will also vary.

PagoFX is a transparent app with no hidden fees. No matter the size of your payment or how regularly you send it, all charges are clearly shown, as well as how much money your recipient will receive. The app also works in real time to offer you the most current, competitive exchange rates.

How long do international money transfer apps take to send money?

Most apps are quite quick with money transfers – payments can often arrive to the recipient on the same day. However, this can differ between the services, the location you’re sending the money to and the time you choose to send it.

Most PagoFX payments will be processed the same day or the following day, if the payment is submitted after the cut-off time. The cut-off time varies depending on the currency of the money you send.

If you are sending Bulgarian Levs or Hong Kong dollars, the cut-off time is 9:30; If you send Czech crowns, Romanian Leus or Hungarian forint the cut-off time is 10:00 am. For the Polish złoty and Turkish Liras it is 10:30 a.m. For Swiss francs, Swedish kroner, Norwegian kroner and Danish kroner and South African rands it is 11:30. For Euros, the time is 15.30 p.m. For Australian dollars, Bahraini dinars, Canadian dollars, Hong Kong dollars, Israeli shekel, Kuwaiti dinars, New Zealand dollars, Saudi Arabia riyals and Singapore dollars it is 15:00 p.m For US dollars and British pounds, it is 17.30 p.m.

The application provides you with a precise date for the arrival of your money in its new currency, so that there is no confusion about the time. Sometimes, the recipient’s bank has its own security process that your payment will have to follow before it arrives in your recipient’s account. In some cases, this can delay your payment.  

Spanish residents can now download PagoFX on the App Store or Google Play.

Disclaimer: This article is provided as general information purposes only, and is not intended to cover all aspects of the topic. We recommend that you take professional and specialised advice before taking, or refraining from, any action based on the content of this publication, as this article is not intended to constitute expert advice. We do not guarantee, explicitly or implicitly, that the content of this article is accurate, complete or up-to-date. The information in this article does not constitute legal, tax or other professional advice from PagoFX or its affiliates.