Santander Launches Money Transfer Fintech to Compete with TransferWise

Santander has launched a new money transfer business to take on the likes of TransferWise; PagoFX was created after Santander Executive Chairman Ana Botín saw her son using a rival service; the offering launched first in the UK and will expand to other European countries later this year; they will initially waive fees on up to £3,000 of transactions per user until mid-June and then begin charging a fee of between 0.7 per cent and 0.8 per cent; Cedric Menager, CEO of PagoFX, said to the FT: “It’s strange to launch in these circumstances, but our mission is even more important today if you think about expat workers who need to send money to their families and need to be sure that money is delivered quickly.” Financial Times