- PagoFX, which is owned by Santander, is set to expand into Belgium with its app-based online money transfer service.
- Customers can download the app, get verified, and then send money for a small fee – or if they do it by a certain date and under a certain amount, free of any charge.
- A senior figure at PagoFX said that Belgium was an obvious choice for the firm when it comes to expansion.
An online money transfer app owned by the Spanish banking conglomerate Santander has revealed that its app will now launch in Belgium.
The app, called PagoFX, will be available to Belgian customers with immediate effect.
The app first launched back in April of this year in the UK.
The move to Belgium reflects the first time that it has begun operating in a new market since then.
Customers in Belgium can now create an account with PagoFX as soon as they download the mobile application to their smartphone.
From there, they will need to go through a short verification process.
They will then be able to place their transfer request and send money abroad to one of over 40 nations around the world.
The main prerequisite for a customer is that they need to have a debit card from a financial institution.
In terms of fees, meanwhile, the company says that it will charge 0.8% of the overall value of the transfer.
The exchange rate for the service will be calculated using what is known as the ‘mid-market’ exchange rate, which is the middle point between the market’s buy and sell prices at a given time.
This will be calculated instantly.
Customers can also save cash through a bonus system.
Fees will be waived if they send a maximum of £1,000 before 15th January next year.
Speed will also be an important aspect of the new service.
Recipients will be able to access their cash by the following day – though they will need to have initiated the transfer by 8pm GMT on the preceding day.
In a statement, Cedric Menager, who serves as the chief executive officer of PagoFX, said that Belgium was a sensible choice for the firm when it came to identifying a destination for expansion.
“It’s no coincidence we’ve chosen Belgium as the first country for our international expansion,” he was quoted as saying.
He went on to say that Belgium needed these services for a variety of reasons – such as the range of nationalities represented within its borders.
“Belgium is the crossroads of many nationalities, many different cultures and many people with clear needs to make international payments with transparency and low costs,” he added.
PagoFX’s brand positioning has proven interesting.
It is perceived as a direct competitor of TransferWise, another cross-border payments service.
That service has been described as a ‘unicorn’ given its valuation.
To learn more about the world of cross-border payments and what’s taking place, have a look at our reviews pages.
