We all entered 2020 with high hopes. But unfortunately, an unseen enemy has created a situation of worry, confusion, and panic which has disrupted lives and businesses all over the world. The struggle that humanity faced was unbearable and unimaginable. I could never have thought that schools would shut for three months and life would change so dramatically.
However, now as everything is moving back to normal, more and more individuals are shifting towards contactless payment methods as a part of social distancing measures.
Cashless transfers will soon become the most preferred option and there is a wide range of benefits of it. For instance, People can smoothly pay their bills online, schedule transactions, and manage all their finances through their laptops or smartphones. In addition to this, they are quick, safe, and help to authenticate and formalize the transactions. Shops are displaying signs requesting we pay contactless where possible and a new £45 limit was imposed to allow us to shop cashless with greater ease and flexibility. I don’t think I have taken cash out of a machine for two months now!
Perhaps, the most lucrative advantage is that they have made international transfers really easy and seamless. There are many reasons one may need to transfer money overseas such as individuals and expats supporting their loved ones residing abroad, foreign property owners with various bills to pay, parents transferring money to their children studying in a foreign country, and many other professionals as well as personal motives.
The one thing that all the individuals using online money transfer services have in common is they want their money to be sent securely and at low costs.
Although, there are many ways through which you can transfer money to a foreign country, the most convenient way is to do it through international money transfer apps.
We will be diving into the detailed discussion of going cashless with the help of new international money transfer service, PagoFX, which is one of the most competitive transfer apps for those looking to send money abroad at low cost in the UK and is backed by global bank Santander.
What is an international money transfer app?
Such apps allow you to send money to another person or account abroad through your smartphone or tablet. These apps can be downloaded for Android and IOS systems that let you transfer money abroad via credit/debit card or from your chosen bank account. These services may also be available online through their websites, which means you can access them on any device through a web browser.
Additionally, you can transfer funds at any time of day from the comfort of your home or when you are on the go.
PagoFX is one such app that has brought transparency to the core of international payments. This app is backed by Santander, so it has bank-level security, which means you get the reassurance and backing of one of the world’s largest and most trusted banks. Plus, I personally use this app and have found their services to be flawless. It’s open to any UK resident and sole trader, regardless of the bank you use.
Moreover, in the light of the pandemic, where cashless transfers are more than essential PagoFX is supporting UK residents sending money abroad to their family, friends, charities, business, as well as sole traders making business payments, with ‘No-Fees’ service on transactions up to £3,000 till 16th August 2020 (terms apply).
Why choose cashless payment through PagoFX?
Personally I found the user-interface of this app extremely simple and efficient to use. You can send money abroad from the UK in large or small, regular or one-off transactions all at a click of just one button, irrespective of where you are or whom you bank with.
The best thing is that there are NO hidden fees, and the information about how much amount you’re sending and how much will be received by the recipient is crystal-clear. And most payments through PagoFX can arrive as fast as within minutes, if sent on a business day before cut-off time. They are assured to be processed the same day or the following day if they are submitted after the cut-off time.
In addition, PagoFX offers the best exchange rates, the mid-market rate, using real-time technology – ensuring that you have the fairest rate possible without any mark-ups on foreign exchange. It has the same level of security as a high-street bank as it is backed by Santander, which means it implements high standards in cyber security, financial crime and risk requirements and protects your money and data seriously. PagoFX is regulated by the Financial Conduct Authority (FCA) as an authorised payment institution, adding to its reliability as a payments service.
Lastly, they provide excellent and highly responsive customer support via in-app chat, web, and e-mail.
How can you use PagoFX?
Any UK resident and sole trader with a debit card issued by any UK bank or financial entity can access the service by downloading the PagoFX app for iOS or Android. The service is also now available on any device through PagoFX.com.
Users go through a quick verification process where they enter their email, personal details, ID document, and photo. Following confirmation of the entered details, your secure and cost-effective international transfers will be just a few clicks away.
What are the fees and how does PagoFX make money?
PagoFX is waiving international money transfer fees on transactions up to a limit of £3,000 per user and until 16th August 2020 as discussed above.
After that, the low-cost standard fees will be 0.7% for transfers to the eurozone, Switzerland, Norway, Sweden, the Czech Republic and Bulgaria, and 0.8% for transfers to the US, Poland, Denmark, Romania and Hungary; 1% for Croatia; 1.2% for Turkey; 1.5% for Israel; 1.8% for Qatar and Saudi Arabia, and 1.9% for Bahrain and Kuwait.
After 16th August PagoFX will also make money by charging their low-cost transfer fee. PagoFX does not add any mark-up on foreign exchange.
Available Currencies
PagoFX offers international payment services from the UK to many European countries, to the US and to Middle Eastern countries, with plans to reach other European countries later this year and be present in around 20 markets in the next 3 to 4 years.
International payments can currently be made using PagoFX from the UK to the US, the eurozone, Poland, Switzerland, Norway, Denmark, Sweden, the Czech Republic, as well as the newly added recipient countries: Turkey, Romania, Bulgaria, Croatia, Hungary, Israel, Qatar, Saudi Arabia, Bahrain and Kuwait. Further currencies and payment options will be introduced in the near future.
Finally, the idea of Cashless Society was always in the picture but witnessing the recent world’s situation where people are super hesitant for any contact, the cashless scheme has gradually boomed.
The pro benefit of going cashless is security and personal safety. While we still don’t know when the world will go back to normal, this new normal is something we are trying to cope up and live with.
Above all the life pressures, transferring money shouldn’t be the major focus of our worries. This is where the necessity and importance of building a Cashless society become inevitable and the need of an hour.
Therefore, apps like PagoFX are really moving forward the purpose of such society, which not only will make our life convenient but also will boost the economy by providing hassle-free transfer options to numerous individuals and small and medium businesses. Download the app or sign up at PagoFX.com and get started today.
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