Santander extends money transfer business PagoFX to UK sole traders

PagoFX, the international money transfer app from Santander, is extending beyond the retail consumer segment to target UK sole traders.

Launched in the UK in April as a direct rival to fintech unicorn TransferWise, PagoFX allows UK residents with a debit card issued by any UK bank or financial institution to send money abroad using just their smartphone.

The extension of the service to the UK's 3.5 million sole traders comes with the addition of eight new currencies from the Middle East and Central and Eastern Europe, including Israel, Turkey, Romania and Croatia, and the introduction of the service on laptops via browser.

The firm, which employs 50 staff and operates as a stand-alone entity, says the real-time money transfer service will be extended to SME businesses "in the near future".

As sweetener, PagoFX is extending its no-fee programme for two

a Web months, waiving all fees on transactions up to a maximum of £3,000 until 16 August. Thereafter it will charge a fee of between 0.7% and 0.8% of the value of each transaction.

Cedric Menager, CEO at PagoFX, comments: “We’ve listened to our users and begun rolling out the new features that matter most to them. We are pleased to now support sole traders across the UK and extend our current no-fee programme to them during these uncertain times. Whether you prefer to use mobile apps or a web browser, you can expect an easy-to-use, secure and fast process with PagoFX.”