13th January, 2020
It’s 2020 and PagoFX is coming soon
A new decade, a new way to send money abroad with confidence
We’re excited to bring you the easy way to send money abroad with confidence. Soon you’ll get your hands on PagoFX, the new low-cost international money transfer app backed by Santander, one of the world’s most trusted banks. We’re developing PagoFX so that everyone can send money abroad without compromise – no matter who you bank with. Launching first in the UK, residents will be able to enjoy bank-level security, low-costs and live customer support in one easy-to-use mobile app.
PagoFX is poised to fill a gap in the ever-growing international money transfer industry. We’re bringing together Santander’s expertise in security, international payments and foreign exchange, with learnings from the FinTech (financial technology) sector’s affordable pricing and user-friendly technologies. In a nutshell, it’s the best of both worlds.
How does PagoFX work?
PagoFX is an international money transfer app, which will first be offered to individuals via a mobile app, available on iOS and Android. We’re also currently developing a web app, which will offer payment solutions for individuals, sole traders and later for small-and-medium enterprises (SMEs).
In order to use PagoFX, once it goes live, users must create an account, via the mobile app, which will be linked to their email address. Once the account has been set up, they will need to go through the onboarding process – by taking a picture of their ID/passport and a photo of their face and by providing us with some personal details. Once their application has been submitted and approved (which will normally take a couple of minutes), users will be able to make international transfers from their country of residence. The soon-to-launch service will be first available to UK residents with UK-issued debit cards.
Do I need to be a Santander customer to use the app?
There’s no need to have a Santander bank account to use the app. While PagoFX is backed by Santander, it is open to everyone – no matter who you bank with.
The soon-to-launch app will allow non-Santander customers to take advantage of the innovation, security, and excellent customer service that come from a company backed by Santander. Santander UK customers, on the other hand, are already enjoying One Pay FX, the global bank’s low-cost international money transfer service.
What currencies will PagoFX cover?
PagoFX can convert GBP (£) to EUR (€), USD ($), PLN (Polish złoty), CHF (Swiss franc), SEK (Swedish krona), NOK (Norwegian krone), DKK (Danish krone) and CZK (Czech koruna). This means users in the UK will be able to transfer money to the Eurozone, the US, Poland, Switzerland, Sweden, Norway, Denmark and the Czech Republic. These are the destinations we’ll be offering when we launch, with plenty more to come soon.
Eurozone countries are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
What fees will I be charged?
Whether you’re making a small payment or large, we will give you a competitive rate, every time. We show you everything upfront, so you know how much you’re paying and how much your recipient will get. So, there are no hidden fees.
Our low-cost fees will differ depending on your recipient country. If you’re transferring money from the UK (GBP) to the Eurozone (EUR), Switzerland (CHF), Norway (NOK), Sweden (SEK) or the Czech Republic (CZK), we will charge you a fee of 0.70% of the sent amount.
For transfers from the UK (GBP) to the US (USD), Poland (PLN) or Denmark (DKK), our fee is 0.80% of the sent amount.
Your fee is included in the amount you are sending to the recipient, so there are no unexpected surprises. For example, if you want to convert £100 to euros, the fee you will pay is £0.70. The remaining £99.30 will be converted to euros and sent to your recipient.
Is my money safe with PagoFX?
When you’re sending money abroad, you want to know it’s being looked after. Being backed by Santander means we take money and data protection seriously. It’s why we ask for identity verification before you make your first payment, ensuring that you and your money stay protected every step of the way.
PagoFX is regulated in the UK by the Financial Conduct Authority (FCA) as an authorised payment institution, protecting payments that go through the app. Funds held with us are safeguarded until the associated payment has been sent, and you are fully protected in the case of defective execution of any payment.
We comply with all relevant legislation and regulation in the UK, Europe and in other countries in which we operate. Some of these laws and regulations require us to hold or investigate your payment before we are able to process it. Whilst this is happening, your money remains protected with us. PagoFX has also gone through the same product validation process as any Santander Group product has. This means we implement cyber security, financial crime and risk requirements needed for any Santander product.
What support will be available to PagoFX users?
We believe the best support is the one that treats you like a real person. Who better to do that than a dedicated team of real people rather than chatbots?
We have dedicated support in-app, via email and on the Web. On the app just tap ‘Chat’ and a member of our team will be happy to help. You can also send an email to email@example.com. On the website just go to our ‘Knowledge’ and ‘Support’ sections to find the information you need or click on the chat button on the lower right-hand side of any page. Our support team are available from 9:00am to 6:00pm (UK time), Monday through Friday, except bank holidays. Getting help is now as easy as saying ‘hello’.