The recent pandemic has taken a great toll on how people interact with each other. Thankfully, across the UK, families, friends and businesses have come together to find ways of working together to survive. This joined up thinking has meant many people’s lives have been better than they would have been without this cooperation. Imagine if there was a financial application that supported this endeavour also. An application and service that helped you support loved ones abroad financially with market leading rates and technology. This is where I’d like to introduce PagoFX.
What is PagoFX?
Banking giant Santander has just launched a new low-cost International transfer service entitled PagoFX. The money transfer service has been set up to allow any UK resident with a debit card to make transfers abroad from the UK with minimal costs. This is an amazingly brave and transparent move by Santander. Why? Well, in general, banks are not renowned for providing the best rates on foreign transfers. Particularly in comparison to the “lighter” fintech startups with lower overheads. PagoFX however, which is backed by Santander, is looking to buck this trend and offer its customers the best rates and service it can.
For the last two months PagoFX has been putting the needs of its users first. It has been providing them with the ability to make money transfers abroad without any fees during the coronavirus pandemic on transfers up to £3000.
How can PagoFX help families and friends abroad?
The international money transfer app PagoFX is available on iOS or Android and any device through Pagofx.com. It’s available for both individuals and the 3.5 million sole traders in the UK for the first time, opening up its services for business purposes. It allows a user to quickly send money seamlessly to sources abroad with guaranteed low costs and amazing bank level in-app security. The app supports money transfers from the UK to a wide range of destinations across the US, Europe and the Middle East, with new currencies including Israel, Turkey, Romania and Croatia.
Say, for example, you were a parent with children abroad who were struggling financially with travel, accommodation, tuition fees or costs of living. PagoFX provides you with competitive and transparent rates that would allow you to transfer money abroad to your children without fearing hiked transfer rates and transaction fees. The PagoFX app features real-time, mid-market exchange rates meaning you are always in control.
As mentioned earlier in this article, the PagoFX app has been supporting -fee transfers in order to help people during the coronavirus pandemic. Currently, this -fee period is due to end on August 16th. However, even if this amazing promotional period ends and PagoFX’s come into play, it’s still a viable option. Their standard rates are competitive at 0.7% and 0.8% for GBP, EUR and USD transfers respectively.
How easy and safe is PagoFX to use?
PagoFX is stated by Santander to use bank-level security. This is the highest level of security you can expect from a consumer financial app. The app also offers an easy sign up process with simple photo and identity verification via the app. The whole sign up and verification process should only take a few minutes. There is web support available via a live chat on the website. Similarly the app itself has a built-in live chat and there’s also email support available.
PagoFX will only make money via its low-cost transaction fees, but not through foreign exchange markups. The transparent service uses the real-time, mid-market exchange rate, which is similar to those found in public sources like Google, Reuters, Bloomberg, etc. The mid-market rate is the middle point between the ‘buy’ and the ‘sell’ price of two currencies. PagoFX rates are highly competitive which will vastly exceed the offered rates of many other bank-backed money transfer services. They will provide those wishing to send money abroad with not only good rates, but the confidence of using a service backed by a heavyweight like Santander.
Transactions are usually carried out within the day, as fast as within minutes in key destinations, and the app provides you with PDF statements and receipts. PagoFX is a clever initiative. It shows that a fintech offering backed by a bank can be competitive in the current financial climate amongst other startups. PagoFX is transparent about its model and rates, unlike a lot of fintech companies that make large profits taking cuts from inflated rates. The app really does show a concerted move from Santander, as a bank and backer, to support customers in achieving better rates and fees. This is something sadly lacking in a lot of UK banks’ endeavours.
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