PagoFX Customer Reviews

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Average rating:  
 43 reviews
Apr 6, 2021
by miguel garcia on PagoFX

great app, very simple and good prices!!

Mar 31, 2021
by F.D. on PagoFX

Brilliant idea & great app!

Mar 31, 2021
by Dave B on PagoFX

Cheaper than using my bank to send money abroad. No complaints.

Mar 31, 2021
by Jorge on PagoFX

It's the best App for sending payments abroad

Mar 31, 2021
by maria on PagoFX

Fast and easy

Mar 31, 2021
by Diego on PagoFX

Excellent product and service, well done Santander!

Mar 31, 2021
by Jorge on PagoFX

Great app!

Mar 31, 2021
by Raquel on PagoFX

Amazing product

Mar 31, 2021
by Paul Stone on PagoFX

Amazing product and service!

Mar 31, 2021
by Remedios Diaz on PagoFX

My favourite way to send money!

Mar 31, 2021
by Carmen on PagoFX

I find the app easy to use once the registration done. Money arrives quickly to destination and there are not hidden surprises in terms of costs. I recommend it.

Mar 31, 2021
by Marcos on PagoFX

Quick and easy way to send money abroad

Mar 31, 2021
by Sonia on PagoFX

Simply, cheap and great customer service

Mar 31, 2021
by Jan Loubscher on PagoFX

Really user friendly. Great prices.

Mar 31, 2021
by Simon on PagoFX

fast & cheap

Mar 30, 2021
by Elena on PagoFX

The best money transfer app!

Mar 30, 2021
by Mario on PagoFX

It's super easy to use, quick and fast, the money arrived at my UK bank account in a couple of minutes. If you have any issues or doubts you can chat with a real person, unlike other apps.

Mar 30, 2021
by Alberto García on PagoFX

Fast, secure and cheap

Mar 30, 2021
by Jose on PagoFX

Secure, easy and quick way to send money wherever you want.

Mar 30, 2021
by JC on PagoFX

Fast, simple to use and most importantly, I know what to pay upfront! Brilliant!

Mar 17, 2021
by raul morales on PagoFX


Mar 11, 2021
by Felix on PagoFX

Awesome and Fast

Mar 11, 2021
by Andrew on PagoFX

Secure & easy way to send money from a reputable brand. Rates are great and pricing is transparent.

Mar 11, 2021
by Marta on PagoFX

User friendly and best app ever for these transactions!

Mar 9, 2021
by Alberto Garcia on PagoFX

Secure, easy and cheap. Best option to send money abroad and great user experience.

Feb 26, 2021
by Juanjo on PagoFX

Awesome UX/UI, simple, clear, fast and secure all I thought is there!

Feb 19, 2021
by Anonymous on PagoFX

Breaks constantly and people you send money to get charged for it

Feb 18, 2021
by Kam on PagoFX

App is incredibly easy to use and funds arrived on the same day!

Feb 18, 2021
by Rocio on PagoFX

Easy-to-use and simple app for making international payments, also having Santander behinds give me trust and security

Feb 17, 2021
by Lillie on PagoFX

Easy, quick and looks great

Feb 17, 2021
by Laura on PagoFX

I feel safe because it has bank-level security, the costs are very low and it is very easy to use!

Feb 8, 2021
by Charlotte on PagoFX

Very easy to use, clear and transparent. I have bank accounts in 3 countries and wish PagoFX had existed years ago, I would have saved a lot of money and stress!!

Feb 8, 2021
by Pedro on PagoFX

Super fast and secure! The Customer Service is one of the key differentiators of this app!!

Feb 8, 2021
by Ricardo on PagoFX

Works like a charm. Fast and reliable.

Feb 8, 2021
by Lina on PagoFX

I have never felt so secure when sending money abroad. Also, amazing customer service that has answered my questions in seconds! Will definitely recommend to my friends!

Feb 8, 2021
by Juan-Carlo on PagoFX

Being based away from Australia, and unable to get home thanks to the pandemic, I really valued the security behind PagoFX, its ease of use and its real-time, mid market exchange rates. As we say back home: You beauty!

Feb 8, 2021
by Mia on PagoFX

Their robust ID check reasure me that it's a very secure company to make money transfers with. Their customer support is always very helpful

Feb 8, 2021
by Alejandra on PagoFX

Quick and easy way to send money abroad!

Feb 8, 2021
by Dario on PagoFX

A super easy to use app, all is clear and payment takes seconds to arrive.

Feb 8, 2021
by David on PagoFX

Fast and easy money transfer

Feb 8, 2021
by Carolina on PagoFX

Quick, simple and safe! Offering very good exchange rates with low and transparent fees.

Feb 8, 2021
by Hugo Lastras on PagoFX

Quick setup and easy money transfer

Feb 8, 2021
by Susana on PagoFX

Super easy, fast and low price app!

What is PagoFX?

PagoFx was launched in 2020 by Banco Santander and aims to revolutionise FX money transfers. It’s an open market extension of Santander’s existing transfer service and represents their foray into the world of fast low cost money transfers. With just a smartphone app, you can quickly and affordably send money anywhere in the world. Businesses, sole traders and individuals can sign up to their system, enter their details and pick a currency to make a transfer in, all with just a few clicks.

With a simple eye-catching design, simple process and the opportunity to get real time mid-market rates, this is a formidable entry into the online forex world. It offers the speed and convenience of an online transfer service, together with the full backing of Santander.

PagoFX Currency Transfers

Transferring money with PagoFx is quick and simple. You can download the app, view live currency rates and pick from a selection of currencies. It provides full transparency of price and an open platform which can be used with a debit card from any financial entity. In doing so, it moves towards the model of fintech pioneers such as Transferwise (now known as Wise) and Azimo. However, it does this with the full backing of one of the world’s biggest banks, something they say is a unique proposition.

It aims, therefore, to offer a best of all world’s solution: the accessibility and transparency of a fintech startup with the power, reliability and reputation of a regulated bank. It believes this status gives it an edge over smaller, agile, competitors and may reassure some people who prefer the familiarity and reassurance which comes with an established, regulated bank.

PagoFX Charges and Fees

While many money transfers services have been viewed as opaque with complex fee structures, PagoFX aims to put everything out in the open. Their fees depend on where you’re sending your money to. For example, 0.5% for the Eurozone, 0.9% for Australia, Canada, the Czech Republic, 1.9% for Brazil or 1.5% for Kuwait, Qatar or Saudi Arabia.

This fee will be charged from the money being sent to the recipient. This makes it one of the more transparent and affordable options out there. Recipient banks may charge separate fees which should show up as a charge on their statement.

PagoFX Currencies

One area of perceived limitation is in the currency options. Currently you can only transfer money from GBP to other currencies. Although they are adding currencies to their lists, there are still considerable gaps which are covered by other providers.

For the time being you can currently choose from: EUR, USD, the Argentine peso, Australian Dollar, Bulgarian lev, Bahraini dinar, Brazilian real, Canadian dollar, Swiss franc, Colombian peso, Czech krona, HK dollar, Croatian kuna, Hungarian forint, Israeli shekel, Indian rupee, Kuwaiti dinar, Mexican peso, Norwegian krona, New Zealand dollar, Peruvian nuevo sol, Polish zloty, Romanian leu, Saudi riyal, Swedish krona, Singapore dollar, Turkish lira, South African rand.

They are expanding their reach with several currencies coming soon including the Japanese yen, Moroccan dirham and the UAE dirham.

PagoFX Euro Exchange Rate

At the time of writing, PagoFX was offering £1 for €1.1709 with a fee of £70. This means that if you were to transfer £10,000, the recipient would get €11,627.04 in return.

By comparison, Wise charges £35.08% at a rate of 1.17096 which means you would receive €11,668.52. Azimo offers flat fees of £1.99 and other low-cost currency providers offer no fees. Other services will take longer to come up with a quote and may involve additional bank fees and other hidden charges.

PagoFX US Dollar Exchange Rate

When sending £10,000 PagoFX charges £80. At the time of writing, the current rate between GBP and USD was £1 to $1.3943, which means the recipient should expect to get $13,831.46. This does not include any fees the receiving bank might charge. Exchange rates fluctuate throughout the day so this may change slightly depending on the direction of the markets.

Wise, offers a lower charge again of £35.64. At the time of writing their rate was £1 to $1.39415 which means you could expect your recipient to get $13,891.81. Azimo, meanwhile, offers flat fees of £1.99, while others such as OFX, TorFX and have no fees.

PagoFX App

Pago FX offers a simple online way to transfer money. You can quickly download the app for free to send money from your phone, tablet or mobile device. They do not have a telephone trading service. Everything can be done quickly and simply using any debit card from any bank online.

Getting started is easy. You can simply type in how much you want to send and in which currency. This will then show you precisely what the rate is, how much they will charge and how much your recipient will get. From there you can sign up and choose between whether you’re sending for business or personal reasons.

PagoFX & Santander

Pago FX was launched by Santander to compete with the growing number of online money transfer services. It aims to open up their existing money transfer service to users from other banks. In other words, you can use a debit card from any financial entity to send money on their platform. It’s quick, easy and much more affordable than sending money using traditional banks.

It is effectively Santander and the traditional bank system waving the white flag against the rising tide of fintechs.

Platforms such as Wise cut out the middleman providing the benefit of lower fees and more transparency. PagoFX does the same thing offering a simple online service or mobile app, cheaper fees and same day transfers. Wise still has the edge on price, but Santander hope to counter that with their scale and influence they can bring as a major global bank.

PagoFX Security & Regulation

Pago FX is regulated by the Financial Conduct Authority in the UK. Any company that wishes to engage in the transfer of funds over the value of €3 million per month must have authorisation under the payments services regulation of 2017 and the electronic money regulations 2011. The FCA ensures the provider is a suitable and responsible provider for handling client money and that there is some degree of protection in place. Using an FCA regulated firm means you are using someone who has been assessed and shown to meet a certain standard of quality, reliability and suitability.

PagoFX For Individuals

Pago FX offers a simple, affordable and fast way to transfer money overseas. Users can download an app to their mobile phone or use the website to move money quickly and simply using their debit card. It offers the speed and affordability of an online money transfer service with the full backing of a major bank. You can register on the site quickly and simply and start sending money abroad almost immediately. It offers transparent and affordable transfer fees which vary depending on the currency involved. Eurozone transfers attract low fees of 0.5% while currencies outside Europe can rise beyond 1%. This is a much more affordable option than other traditional banks, but still lags behind the likes of Wise and Azimo.

PagoFX For Businesses

A secure and fast way to make international payments for businesses and sole traders. You can register a business account and access bank rate transfers with the full backing of a major global financial institution. Costs vary depending on your currency. For example, if you’re sending to the Eurozone, you’ll pay a fee of 0.5%. If you’re sending to Brazil, you’ll pay £1.6. To use their business service you will have to enter and validate your business information and verify your identity with an ID card and a quick photo.

They also offer a substantial knowledge centre for business owners with a range of guides offering advice about starting a business.

PagoFX Currency Forward Contracts

PagoFX do not offer currency forward contracts. Currently PagoFX only offers transfers using debit cards, but a number of their competitors do offer forward contracts such as MoneyCorp, TorFX and World First. However, you can purchase forward contracts through Santander.

The value of your currency can rise and fall depending on market conditions. Currency forward contracts are a way to avoid this risk. They represent an agreement between two parties to buy or sell a currency at an agreed rate. They can be taken out up to a year before the transfer for most currency pairs with around 10% of the value of the contract usually being payable upfront.

PagoFX Pros

PagoFX has a lot to like about it.

  • Speed: Everything happens quickly and smoothly. You can go online sign up, choose a currency and transfer money with your debit card.
  • Reliability: The service comes backed with the impressive power and performance of Santander. It caters to people’s desire to gain a better rate than they currently receive from their banks with a natural caution regarding fintech startups.
  • Affordability: You get real time mid-market exchange rates. This is the rate at which banks lend to themselves. In the past this was denied to ordinary people who had to make do with the opaque charges of money transfers.

PagoFX Cons

It might be a bold move towards the faster, cheaper world of online money transfers, but it still a work in progress and, as such, is limited. Cons include:

  • Limited currency options: Currently you can only transfer money from GBP to other currencies and it excludes some popular remittance destinations such as Bangladesh.
  • Debit card only: Transfers can only be made with a debit card which restricts the flexibility of services on offer and the app is still new and relatively untested.
  • Fees: Although its fees are cheaper than traditional money transfers, they are less competitive when compared against other online money transfer services.

PagoFX is expanding its offering all the time. For example, new currencies are in the pipeline. Many of these issues, therefore, may well be addressed in time.

PagoFX Alternatives

PagoFX brings the power of big banks to the world of low-cost currency exchange. This is what Santander thinks makes it unique. It comes with the trust, reliability and familiarity which comes from an established big bank provider. The clean cut website is much easier to use than its competitors making it ideal for someone who just wants to sign up and send money overseas. However, it arrives at a packed marketplace where the likes of Wise and Azimo have already developed a firm footing. It stands well against these especially in the ease of use and transparency of the app, but many of these are more established and have done more work on developing their product services. The fact that the likes of Wise can still beat them on price is a serious problem.

PagoFX FAQs:

PagoFx is something slightly different in the world of foreign exchange. Until now, there has been a divide between the established banks any the low-cost foreign exchange startups such as Wise. As such it offers the best of all worlds, with transparent and affordable charging coming with the backing and the power of Santander. It is a fast, effective service, but it is still developing and expanding its reach. Over time it will get better, but there are still options and services it can’t quite address.
Yes. PagoFX is regulated by the FCA in the UK. This means it has been assessed as being suitable and reliable for purposes. It offers high levels of safety and security with the backing of Santander offering enhanced levels of protection against fraud or other problems with the system.
Transfers should take place within a day.
Costs vary depending on the currency you with to convert to. For example, the cheapest rates are to be found with the Eurozone at £0.5 while USD will cost 0.9. Other countries such as Brazil, Argentina or Saudi Arabia are more expensive.
PagoFx was launched in 2020 by Santander as their entrance into the world of low-cost foreign exchange.

About The Author

This review was last updated 19th March 2021