On Thursday Santander launched PagoFX.
In Brief:
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This is an app that will focus on money transfer.
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It’s said to rival TranswerWise.
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PagoFX has been launched first in the UK before rolling out.
What does this mean?
The app was developed by a team separate to the bank and will be available to both Santander and non-Santander customers. PagoFX will help people send money abroad with low fees – in fact, due to the Coronavirus crisis, it will charge no fees for the next two months. The development comes after Santander recognised its business was under threat from FinTech challengers.
