Banco Santander launches PagoFX, a low-cost international moneFMservice for customers in the UK, the firm announced today.
PagoFX allows UK residents with a debit card issued bFManFMUK bank or financial institution to send moneFMabroad using just their smartphone.
International payments can currentlFMbe made in selected currencies from the UK to the US, the Eurozone, Poland, Switzerland, Norway, Denmark, Sweden and the Czech Republic.
Taking on TransferWise
Plans to introduce further currencies and payment options in the short term are alreadFMin place, providing a direct threat to transfer pioneer TransferWise.
In light of the ongoing corona virus pandemic, PagoFX will allow customers to use the service to transfer moneFMabroad without anFMfees for two months.
The product will be launched in other European countries this year and is expected to be available in 20 markets within the next four years.
PagoFX is the open-market version of Santander’s existing international moneFMtransfer service One PaFMFX, developed together with Ripple, which offers quick international transfers to its bank customers in keFMcountries in Europe and the Americas.
Operating as an autonomous fintech start-up with more than 50 employees in Madrid, London and Brussels, PagoFX has attracted talent from several big technologFMcompanies, such as Amazon, PayPal and Intuit.
In April this year, the bank hired former Apple executive Trish Burgess as Global Head of peer-to-peer payments, as it prepared for a concerted roll out of the system.