Pleo review September 2019

Pleo automates expenses and streamlines company spending.

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Pleo

Pleo is a growing fintech business aiming to streamline money management for businesses. Pleo defines itself from other challenger banks by approaching a new market. Instead of trying to sell itself to every day consumers, Pleo hopes to appeal to businesses, creating a system which helps manage employees’ business expenses from a single app.

What is Pleo?

Pleo is aiming to introduce a solution to company expense management, making it easier for businesses to control their spending and see where their money is going. Pleo sells itself as a “solution”, a way of bringing together employee transactions onto one platform and as a result making business financing simpler.

An alternative to Pleo

Starling Business Account

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  • Get real-time payment notifications & categorised transactions
  • Flexible overdraft facility with clear, reasonable rates
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How does Pleo work?

Pleo works from an app on your smartphone, the only physical aspect of it being the company cards which you can hand out to your employees. The app keeps track of your cards, your business’ budget and where it is being spent. This data is recorded and displayed on the app, acting as a bookkeeper and helping you make better decisions for your company.

The Pleo app only offers what it needs to, there are no extra features, nothing to distract you from its core functions. These include:

  • Cards: View your virtual cards, the ones on smartphones, and your physical cards. Check their status and details, who owns them and what company they are under.
  • Expenses: View transactions from every card on one page, check that every payment is necessary and company money isn’t being wasted. Cardholders can also document their receipts from here, making it easier to sort your expenses.
  • Profile: The company and personal profile registered with Pleo. Check details, manage your account and view personnel on the account.

Pleo also offers credit cards, allowing you to borrow a bit extra at competitive rates. As mentioned above, Pleo also aim to offer savings accounts too.

Using Pleo abroad

Pleo cards can be used on business trips in the same way they can be used in the UK. The base fees for transactions and withdrawals abroad are the same as those at home, however there is an administrative fee of 1.5% on any POS transactions and 2% on withdrawals on top of the base charges.

Pleo fees and limits

To maintain a Pleo account you will have to pay a £7 a month subscription fee. Along with the subscription are a number of fees for certain functions on your Pleo account, these include:

  • A £10 fee on any cards you add after opening your account. The first card you receive costs nothing.
  • Replacement cards will cost you £2.50.
  • Topping-up your Pleo account is free if you decide to top up via bank transfer. However, if you decide to load by debit or credit card you’ll be charged for 2% or 2.5% of the transfer respectively.
  • Domestic and international withdrawals cost £4 each. Transactions and balance enquiries cost nothing.
  • As mentioned above, international transactions come with a 1.5% charge and withdrawals with 2%.
  • Customer refunds will cost you £25.

Is Pleo safe?

Pleo understands how important your company (and its finances) is to you and as a result keeps security high on their priority list. All their data is protected with industry standard encryption, with a number of other measures in place to defend from any malicious attacks. Your account is kept behind a password of your choosing.

Pros and cons of Pleo

Pros

  • Once invited registration takes minutes.
  • Multiple cards can be used on the same account.
  • A simple way of documenting your expenses and managing your company’s finances.
  • Document receipts by simply taking a photo.
  • Simple, functional app.
  • Safe and secure.
  • FCA and PRA registered.

Cons

  • The £7 subscription fee is more expensive than many other fintech apps.
  • Additional fees on withdrawals and transactions, with further charges for international use.
  • You may want to consider the size of your business before considering registering with Pleo.

The verdict

Pleo definitely offers a solution to company expense management, however it may be worth considering how useful its function would be to your company and employees before deciding to shell out £7 a month plus fees.

Compare Pleo against its competitors

Updated September 20th, 2019
Name Product Fees and charges Delivery speed
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
N26
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
None
Between 3-5 business days
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

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Updated September 20th, 2019
Name Product Foreign ATM withdrawals Foreign transactions fee Card cost Delivery speed
Free
No fees
Free
Between 3-5 working days
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
£200 free monthly
No fees
Free with finder.com, otherwise card delivery is £4.99
Up to 9 working days
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
N26
1.7% of amount drawn
No fees
Free
5-7 working days
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Withdrawals of £200/$200/€200 or more – free
smaller withdrawals – a charge of £1.50 per withdrawal

No transaction fees (if you spend in one of the 18 wallet currencies)
Free
Between 3-5 working days in the UK, or within 10 days if you live outside the UK

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Updated September 20th, 2019
Name Product Fees and charges Interest Savings goals
N26
Free
None
n26 'Spaces' feature lets the user open sub-accounts to stash your money away
Free with finder.com, otherwise card delivery is £4.99
No interest
Set budgets in the app
Free
0.5% AER up to £2,000, 0.25% over £2,000 to £85,000
Create different spending goals and protect money from daily spending
None
No interest
Not a feature

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Updated September 20th, 2019
Name Product Direct debits UK ATM withdrawals Payments Freeze your card
N26
Yes
Free
Use MoneyBeam to transfer money instantly. Is partnered with Transferwise so can send money to 16 countries.
Yes: touch of a button in app
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut currently only supports direct debits with the Euro IBAN account
£200 free monthly
Easy UK payments and can transfer money between 23 countries
Yes: touch of a button in app
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Yes - future Direct Debits shown as alerts
Free
Pay via bank transfer or using PayPal or Google Nearby
Yes: touch of a button in app
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
Yes - can cancel with touch of a button too
£200 free monthly
Pay via bank transfer, easier to send to another Monese account.
Report lost/stolen in app to be sent replacement
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app

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FAQs

Back to top
Starling
Starling

What is it?

Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
N26
N26

What is it?

App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
Revolut (Standard)
Revolut (Standard)

What is it?

App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
Monese (Starter)
Monese (Starter)

What is it?

A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
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