With the new multicurrency account service, Pleo automatically detects the transaction currency and deducts funds from the matching account balance, eliminating conversion costs and simplifying cross-border operations.
European spend management platform Pleo has introduced multi-currency accounts, allowing companies to hold and spend in up to six currencies from a single card. The new feature aims to help businesses avoid hidden foreign exchange fees and streamline international payments.
The convenience of the new service is that Pleo automatically detects the transaction currency and deducts funds from the matching account balance, eliminating conversion costs and simplifying cross-border operations, without extra effort on the customer’s side. The move supports Pleo’s broader goal of improving spending efficiency and reducing losses caused by fluctuating exchange rates.
Foreign exchange fees remain a major burden for small and medium-sized enterprises (SMEs), especially as global transactions grow rapidly. Pleo’s new feature addresses these costs directly, helping firms manage international expenses with greater control and transparency. “Business doesn’t stop at borders, and companies needn’t simply accept FX and transaction fees as an unavoidable cost of doing business,” said Amit Kahana, Head of Credit, Treasury and Cash Management at Pleo.
The launch was developed in partnership with Mastercard, Banking Circle, and Enfuce, which provide the technology behind the platform’s global payment and FX capabilities.
Later this year, Pleo plans to add automation tools that will allow businesses to set rules for fund transfers and currency conversions, further optimizing liquidity and cash flow management.
The initiative not only underscores Pleo’s ambition to make global business spending simpler, smarter, and more cost-effective, but also illustrates that multicurrency accounts are moving beyond niche status, being increasingly in demand among certain customers and business segments.
Many leading fintechs dealing with cross-border transactions, like Revolut, Wise, Payoneer, etc., report strong growth in balances held in multicurrency accounts. Projections suggest global multi-currency deposits could reach $4.7 trillion as soon as this year, indicating that both individuals and businesses are adopting these products at scale. Some of the traditional banks are also entering the space, e.g., HSBC offers a Global Money Account.
Although multicurrency accounts are not yet universal, there’s a growing demand for such banking products, as the number of expatriates, global nomads, remote workers, businesses that sell internationally, and shoppers who order items from abroad grows. Thus, the share of the expatriate population across the globe has tripled since the 1960s, while the B2C cross-border e-commerce market is expanding at a CAGR of over 15%.
