16th April, 2020
Welcome to PagoFX
The low-cost way to send money abroad with confidence
By Cedric Menager, PagoFX CEO
Updated on 16 June 2020
On behalf of our team, I’m excited to announce the launch of PagoFX in the UK.
PagoFX is an app designed with the customer in mind, bringing transparency to the core of international payments. While these are uncertain and difficult times, the need to transfer money affordably and securely is more important now than ever.
There are many reasons our customers need to transfer money today – expats supporting their loved ones back home, foreign property owners with bills to pay, UK residents sending money to organisations and charities abroad. The one thing that all our customers have in common is wanting to know that their money is sent securely at low cost.
In light of the COVID-19 outbreak, we’re launching PagoFX with no fees until 16th August to help our users support their families and friends abroad, as well as organisations and charities. Users won’t pay for any fees at all, without any mark-up on foreign exchange. This global pandemic is touching all lives, communities and industries and our commitment is to deliver this new service for those who need it the most during this time.
Why we created PagoFX
Our vision is to be the world’s most trusted and loved way to send money abroad. We want our customers to feel confident about sending money abroad, as it’s their hard-earned money that we’re handling. The best money transfer services need to combine high security standards, low costs and speed – which is why we haven’t compromised. It’s no longer enough to just offer one of these. We understand that you want your money to be safe. We understand that you don’t want to pay extortionate fees or low-value exchange rates. We understand that you do not always have days and days to wait for your money to be processed. That’s why we created PagoFX. The emergence of FinTechs has seen huge improvements in user experience and new technologies disrupting the market. We are now taking it a step forward with combining the best of tech and banking.
Why we’re different
PagoFX is simple. You can use it to send money abroad from the UK – large or small, regular or one-off transactions – all at the click of a button, no matter who you bank with and no matter where you are. All you need is your smartphone. Exactly how much you’re sending and how much will arrive in the destination bank account is crystal-clear. There are no hidden fees.
Our exchange rates use real-time technology, so we are always offering you competitive rates. As we’re backed by Santander, our app offers the same security and peace of mind as a high-street bank. We are authorised by the Financial Conduct Authority, making your trust in us tangible. PagoFX is open to everyone, regardless of the bank you’re using in the UK.
All of this means that PagoFX is the best of both worlds – bringing the trust and safety of a global bank together with the ease and affordability of a FinTech. And we are pleased to say that this is exactly what the users in our product tests had said about PagoFX. They were amazed that we can compete with the low prices of challengers, offer the reassurance of banking practice and provide intuitive design and user experience. That’s what sets us apart from the competition.
What PagoFX means to me
As the CEO of PagoFX, I have had the pleasure of driving a groundbreaking project, giving direction when needed and coordinating a highly talented, diverse team. Together we are working to deliver the best possible service. Diversity is hugely important to us – a big part of our culture – and it helps us to better understand our customers, their international interests and how our app can work for them. We may be young, but we’re international – we already have offices in London, Madrid and Brussels, leveraging Santander’s global footprint.
Having worked with various startups in the past, I have always had a passion for launching new products, which has really come into play with our mission. We want to bring financial innovation to the wider public, with an-easy-to-use international money transfer app.
We only started working on PagoFX just over a year ago, so to be launching now is really exciting, especially considering the amount of work needed, not only for the tech itself but also for the financial services security and regulations. Bringing the app to the UK will give our users the confidence they need in the midst of this crisis, and that’s really the most important thing.
This article was updated on 16 June 2020 to reflect the extension of our no-fee programme until August.