PagoFX, a cross border money transfer FinTech owned by Santander, has launched its services in Spain, where its parent company is headquartered.

PagoFX is a part of PagoNxt, a new autonomous business created by Banco Santander to bring together the company’s disruptive payments businesses to compete with global digital payments platforms.

The company has 70 employees based in Madrid, London and Brussels

The company said the crossborder transfer service is open to Spanish residents regardless of their banking provider.

The service, launched in the UK and Belgium earlier this year, allows residents in Spain with any debit or credit card issued by any bank or financial entity to seamlessly and quickly send money abroad via their smartphone, with funds arriving in minutes in many cases and customer service support via in-app chat, web and e-mail.

PagoFX says it brings together the best of FinTech with the security of a banking group such as Santander.

Due to the pandemic and travel restrictions, PagoFX is helping Spanish residents with a no-fee programme, which lets 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.

From today, Spanish residents can sign up for an account once they’ve downloaded the app.

Money transfers can be sent to 50 available countries, including the euro zone, several Latin American countries, the UK, the US and others, with PagoFX planning to grow the number of countries and currencies.

Cedric Menager, chief executive 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.

He added:"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.”

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