Today Banco Santander announced the launch of a money transfer service called PagoFX in the UK. PagoFX will operate as a separate entity and allow UK residents to send money abroad using a mobile application.
PagoFX enables users to make cross border payments using debit cards issued by any UK bank or financial institution. In the current climate of the COVID-19 pandemic, the service will be available free of cost until mid-June up to a cumulative transfer limit of £3,000 ($3,750)per user. Otherwise, normal fees are 0.7% to 0.8%.
Banco Santander Group is headquartered in Spain and, as of 2017, ranked as the fifth-largest bank in Europe with $1.4 trillion in total assets under management.
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