Santander’s PagoFX Starts International Payment Services in Spain

Banco Santander’s subsidiary platform, PagoFX has launched its cross-border money transfer service to Spanish residents, it announced on Monday.

Operated by PagoNxt, the service will allow the Spanish residents to transfer money internationally, using any debit or credit card. Currently, the platform supports cross-border transfers to the Eurozone and other European countries and several nations across Asia, Oceania and the Americas.

At this stage, the platform is supporting money transfers to 50 countries in total and has plans to further expand this list.

The Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform was launched in April this year in the United Kingdom, and later the services were expanded to Belgium. Spain is the third country for PagoFX’s launch.

“We have been looking forward to launching PagoFX in Spain since we started the project,” PagoFX CEO, Cedric Menager said on the development.

Low-Cost International Transfer

The Banco Santander subsidiary services were launched in the middle of the pandemic, and the platform is also offering concessions to its users.

The platform is allowing Spanish residents to transfer up to €1,000 in different transactions without any transactional fees till February 28, 2021. After that, it will charge a 'low' fee for cross-border transfers.

“In Spain, there are many people who often send money to family and friends from other countries. Now they will have it easier than ever with PagoFX thanks to the speed, security, transparency and low cost. 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,” Menager added.