Santander’s PagoFX rolls out business offering and adds more currencies
PagoFX, the Banco Santander-backed international money transfer service which launched in the UK in April, has rolled out a new business offering for sole traders and added eight new currencies for UK users to send money in.
The bank-born fintech says it wants to help the UK’s 3.5 million sole traders – be them micro-businesses, tech developers, or creatives – send international business payments.
Sole traders can register “in a matter of minutes”, the fintech claims, and money can be sent “within minutes” as long as it is sent before business day before cut-off times – which are 16:00 for US dollars and 14:30 for euros.
“In the near future, the service will also be offered to small and medium-sized companies,” the start-up’s spokesperson said in a statement.
Eight currencies from the Middle East and Central and Eastern Europe (CEE) have also been added to the international money transfer service, including the Israeli shekel, the Turkish lira, the Romanian leu, the Croatian kuna, the Hungarian forint, the Bulgarian lev, the Qatari riyal, and the Saudi riyal.
Users can access PagoFX via their web browser, having previously only been able to access the service via the app on Google Play and the App Store.
The fintech has also extended its ‘no-fee’ window for another two months until 16 August to “those who have business across borders” and find themselves in “a difficult time” due to the current coronavirus crisis.
The ‘no-fee’ window means PagoFX will waive international money transfer fees on transactions up to a cumulative limit of £3,000 per user, after which standard fees shall apply that range from 0.7% [Eurozone] to 1.8% [Qatar and Saudi Arabia] of the sent amount.
The PagoFX team, which is made up of roughly 50 employees across Madrid, London, and Brussels, claims to be “autonomous” from its banking parent, whilst still enjoying the leg up it gets from access to Banco Santander’s 146 million customers.