Santander bank

Santander chooses Brussels for new fintech company

Article Summary

Spanish bank Santander has developed its own international money transfer application called PagoFX which it is now rolling out in Belgium.

The application is now available in Belgium, having launched in the UK in April. It aims to facilitate people in sending money abroad quickly, securely and at a low cost.

Santander intends to use Belgium as a laboratory to develop the concept of PagoFX. Establishing itself in the heart of Europe was therefore a priority for the company.

“The Belgian market is very dynamic,” says PagoFX CEO Cédric Menager. “Brussels is the multicultural capital of Europe. It is in the heart of the continent, close to European decision-making centers, with many expatriates and foreign workers for whom international payments are a backbone of their life,” he says.

Unlike other transfer services, PagoFX uses the interbank transaction system to transfer directly between accounts. It is not necessary to be a Santander customer to use the service and transfers are possible to 42 countries, including the United States, Australia and South Africa.