Transfers typically take
Fees (Pay by Bank Transfer)
Minimum Transfer Amount
|Minimum Transfer Amount||£2|
|Pay By||Debit card|
|Receiving Options||Bank account|
|Customer Service||Live chat, Email|
|Available Currencies||AED, ARS, AUD, BGN, BHD, BRL, CAD, CHF, COP, CZK, DKK, DOP, EUR, GBP, HKD, HUF, ILS, INR, KWD, MAD, MXN, NOK, NZD, PEN, PLN, QAR, RON, SAR, SEK, SGD, TRY, USD, ZAR|
|Bank Account Required?||Yes|
|Personal Account Manager?||No|
What's in this guide?
- PagoFX exchange rates and fees
- Available currencies
- What types of transfers can you make with PagoFX?
- How long does a transfer with PagoFX take?
- What payment methods does PagoFX accept?
- Is PagoFX safe to use?
- How do you register an account and make a money transfer?
- What is PagoFX?
- In a nutshell
- How does PagoFX compare to other services?
- Frequently asked questions
PagoFX exchange rates and fees
Until 16 August 2020, PagoFX is waiving international money transfer fees on transactions up to a limit of £3,000 per user.
After you’ve exceeded this limit, PagoFX’s standard fees will apply: 0.7% for transfers to the Eurozone, Switzerland, Norway, Sweden and the Czech Republic, and 0.8% for transfers to the US, Poland and Denmark. Standard fees will apply to all transfers after 16 August 2020.
PagoFX also adds a margin to real-time mid-market exchange rates.
PagoFX currently offers international payments from the UK to the US and many European countries, with plans to roll out to other markets later this year. Some of the popular currencies include:
- EUR euro
- USD US dollar
- CHF Swiss franc
- CZK Czech krona
- DKK Danish krone
- NOK Norwegian krone
- PLN Polish zloty
- SEK Swedish krona
What types of transfers can you make with PagoFX?
PagoFX is best for making one-off or regular payments directly to a recipient’s bank account, using the PagoFX app.
The minimum amount you can send is £100 for USD and £2 for all other currencies. Maximum transfer limits vary based on the currency and the recipient’s country.
How long does a transfer with PagoFX take?
Payments normally arrive on the same day or the next working day. The app will tell you when the payment should reach the recipient before you complete the transaction.
What payment methods does PagoFX accept?
There’s just one way to make a transfer with PagoFX at the moment: you must use the app to pay with a debit card into a bank account.
Is PagoFX safe to use?
- Regulation: Regulated by the Financial Conduct Authority (FCA)
- Established: 2020
- Reviews: PagoFX has only just recently launched so we’ll have to wait a bit for these.
PagoFX is owned by Santander and says its app has “bank-level security”. This means that it adheres to the high security standards set by Santander as a global financial institution.
How does PagoFX make money?
PagoFX adds a small margin to the interbank exchange rate, which is why the exchange rate you might see on Google is slightly different to the one PagoFX is quoting. From mid-August, PagoFX will also start to make money by charging transfer fees, as mentioned above.
How do you register an account and make a money transfer?
What is PagoFX?
PagoFX is an international money transfer service backed by Santander for UK residents to make secure, low-cost international payments to the US and Europe.
Launched in April 2020, it’s currently only available via app, but says that its web service will launch later in the year.
In a nutshell
- Free transfers and low fees. Transfers are free until 16 August 2020, or until you transfer more than £3,000 over that period.
- Simple and secure sign-up process. You can sign up and verify your ID in minutes.
- Fast transfers. Money is sent on the same day or by the next working day.
- Bank-level security. It’s backed by Santander and so must adhere to its international banking standards.
- Virtual receipts. Just tap on any payment on the app and hit the “Need a receipt?” button to create a PDF of your receipt.
- Live chat and email support. The customer service team are available during the UK’s business hours.
- No cash pick-up. Bank transfers only.
- Debit card payment only. More payment options will be added soon.
- App only. As well as your smartphone, you can also download the app onto Android-supported tablets, but not to iPads. PagoFX plans to launch web services before the end of 2020.