Banco Santander’s PagoFX announces availability in Spain

By Megha Bhattacharya

International money transfer service provider, PagoFX announced that it is now available in Spain. The service is a part of PagoNxt, an autonomous business created by Banco Santander. PagoFX will allow residents in Spain with any debit or credit card to send money abroad via their smartphone.

The company stated that it will be helping Spanish residents with a no-fee programme, thus letting all users to send up to €1.000 in different transactions at no fee until 28 February 2021, and higher amounts at a low cost.

Cedric Menager, CEO at PagoFX, said, “We have been looking forward to launching PagoFX in Spain since we started the project. In Spain, there are many people who often send money to family and friends from other countries. Now they will have it easier than ever with PagoFX thanks to the speed, security, transparency and low cost. Our vision is to be the world’s most trusted and loved way to send money abroad and we want all our customers to feel confident about sending money overseas.”

Spanish residents can now sign up for an account, after downloading the app. They can begin international money transfers after a verification process. PagoFX stated that it offers a quick verification process before a customer’s first payment, shows every cost upfront and offers bank-backed security.

Recently, PagoFX was made available to 3.5 million UK sole traders. This will allow sole traders to register and transfer money abroad with the transparency of fees and real-time exchange rates. The service has also seen the addition of eight new currencies from the Middle East and Central and Eastern Europe, including Israel, Turkey, Romania and Croatia.