Spanish banking group Santander has introduced PagoFX, a cross-border remittance app in the UK.
PagoFX, launched as a standalone company, will enable residents in the UK to make fund transfer overseas with the help of a mobile app.
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To make the cross border payments, one can use debit cards issued by any UK financial institution.
At present, users can make international payments in selected currencies from the UK to the US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden and the Czech Republic.
The bank intends to add more currencies and payment options in the short term.
For the next two months, customers do not have to pay fees for making money transfer overseas via PagoFX.
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By GlobalDataThe bank provided the fee waiver due to the Covid-19 crisis.
Plans are on to roll out the service to other markets in Europe later this year.
The service is expected to be available in 20 markets in the coming three to four years.
Banco Santander group executive chairman Ana Botín said: “PagoFX makes it possible to transfer money internationally easily, at low cost, and with the security and peace of mind that comes from a regulated entity backed by an international bank.
“This is a unique proposition and we hope it will help many people and businesses.”
