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Santander Launches PagoFX A Transferwise Competitor

Banco Santander, is a Spanish multinational commercial bank and financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centers as the 16th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia.

Today, the news has come out that Santander has launches there anticipated new service called PagoFx.  Banco Santander has launched a cross-border payments app PagoFX in the UK, taking on the might of rival fintech unicorn TransferWise. PagoFx has been in the works for sometimes and will allow UK residents with a debt card issued by any UK bank or financial institution to send money aboard using just their smartphone.  The product will be launched into other European countries this year, with the expectation that it will be available in 20 markets within the next four years.

CEO Cedric Menager explained that:

PagoFX is essentially an open-market version of Santander’s existing international money transfer service “One Pay FX,” which offers competitive international transfers to existing Santander customers in various countries in Europe and the Americas. He also revealed that the Pago team was mainly big tech and fintech in its background.

PagoFx does not use Ripplenet unfortunately, but Santander has been working on One Pay FX which is focusing on international payments and block chain technology.

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