Last updated: 8th January, 2021
PagoFX launches international money transfer service for UK small business
• PagoFX, the low-cost international money transfer service is now available to UK small businesses, no matter who they bank with
• PagoFX for Business is open to UK limited companies looking to send money abroad with confidence and low costs
• Businesses can transfer to more than 40 different currencies, with more on the way.
London, 1 December 2020 – FOR IMMEDIATE RELEASE
PagoFX, the low-cost international money transfer service, is available from today for small businesses in the UK with the launch of PagoFX for Business. As the service is open to UK-based small to medium enterprises, no matter who they bank with, millions now have access to PagoFX’s fast, secure, and low-cost international payments for business purposes. PagoFX is a part of PagoNxt, a new autonomous business created by Banco Santander to bring together its most disruptive payments businesses to compete with global digital payments platforms.
PagoFX for Business brings together the best of fintech with the smarts and security of a major bank. Business customers get access to fast international transfers through an easy-to-use app or via PagoFX.com, backed up by bank-level security and dedicated customer service.
Small business owners can now set up their account in a matter of minutes to quickly send money abroad while seeing exactly what they’ll need to pay in fees using real-time, mid-market exchange rates. The transfer can arrive within minutes, if sent on a business day before cut-off times, which is 4.30pm for US dollars and 2.30pm for euros (GMT).
PagoFX for individuals was launched in April this year to all UK residents for fast, low-cost international money transfers, and extended to UK sole traders in June. With the launch of PagoFX for Business, the service can now be used by all UK-based small to medium enterprises to save both time and money when sending money abroad to vendors, suppliers, freelancers and more. Since launching, the mobile app for PagoFX has received very positive reviews on the App Store, Google Play and on TrustPilot.
Small businesses can sign up for a PagoFX for Business account on PagoFX.com and will need to complete a quick verification process, including taking a selfie. Once finalised, they’ll be able to make a transfer within seconds.
Cedric Menager, CEO at PagoFX, says: “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.”
ABOUT PAGOFX BY PAGONXT
PagoFX is a fintech start-up with more than 70 employees based in Madrid, London, and Brussels. It is part of PagoNxt, a new autonomous business created by Banco Santander which will focus on accelerating growth in three business areas: merchant solutions; trade solutions for SMEs which trade internationally and want services once only accessible to corporates; and consumer digital products and services, such as PagoFX and Superdigital, the inclusive financial platform already available in five Latin American markets.
PagoFX was designed with trust, safety, and the consumer in mind, featuring the extensive and thorough Santander Group product validation process:
• Comprehensive – but quick – verification process before making the first payment to guarantee the protection of data and money
• Every cost shown upfront with no hidden fees: users will know exactly how much they are paying and how much their recipient will get. This includes real-time, mid-market exchange rates.
• Bank-level security with the same product validation process as any Santander Group product, this means the company implements cybersecurity, financial crime, and risk requirements
• Financial Conduct Authority (FCA) approved institution: as an authorised payment institution, PagoFX protects customer funds by safeguarding them in a separate bank account until the relevant payment has been sent.
• A dedicated support team of real people provides PagoFX users with expert advice and assistance for any type of enquiry via in-app chat, web, and e-mail every day of the week, including bank holidays.
International payments can currently be made using PagoFX from the UK (GBP) to Australia (AUD), Bahrain (BHD), Bulgaria (BGN), Canada (CAD), Croatia (HRK), Czech Republic (CZK), Denmark (DKK), Eurozone countries (EUR), Hong Kong (HKD), Hungary (HUF), India (INR), Israel (ILS), Kuwait (KWD), New Zealand (NZD), Norway (NOK), Poland (PLN), Qatar (QAR), Romania (RON), Saudi Arabia (SAR), Singapore (SGD), South Africa (ZAR), Sweden (SEK), Switzerland (CHF), Turkey (TRY), and the United States of America (USD). Further currencies and payment options will be introduced in the near future.
Andrew Rogers / Anita Lo
+44 (0)20 3971 4282