On Thursday Santander launched PagoFX.
This is an app that will focus on money transfer.
It’s said to rival TranswerWise.
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.