Navigating multi-currency card solutions: Payments without borders

The Marqeta platform enables businesses to issue cards that support spending, holding, and settlement in multiple currencies from a single account—helping fintechs, digital banks, and global enterprises deliver borderless payment experiences at scale.

Every card transaction involves three currencies: the transaction currency, billing currency, and settlement currency. Each conversion can add cost and confusion. Marqeta gives issuers control over all three through multi-currency wallets, Just-in-Time (JIT) Funding, and real-time cross-border processing, supporting comprehensive and modular program models.

Running a card program that works across currencies can be complicated. The mechanics of a single transaction; transaction currency, billing currency, settlement currency, multiply across every market you operate in, and each conversion point introduces cost, complexity, and the potential for customer confusion that erodes what you spent to build.

That complexity lands directly on the businesses operating card programs. According to Marqeta's 2026 State of Credit Report, which surveyed 5,000 consumers and SMBs across the US and UK in Q1 2026, 66% of business credit card holders work with more than one financial services provider, and 96% are intentional about which payment method they use for a given transaction, switching between them three to ten times per month. That fragmentation isn't a preference. It reflects what happens when no single provider offers the full range of tools an active, cross-border business needs.

The infrastructure gap is what makes multi-currency card issuing a design problem, not just a technical one. Managing the currency triad, transaction currency at the point of sale, billing currency posted to the cardholder's account, settlement currency transferred between issuer and network, requires control at each step. Without it, increased costs, opaque FX handling, and operational overhead follow.

The sections below cover how we approach multi-currency issuing, what the program models look like, and where operators typically find the most friction.

Understanding the currency triad: What happens during a transaction?

Every card network transaction involves three currencies:

• Transaction currency: The currency in which the merchant charges the customer.
• Billing currency: The currency used to bill the cardholder or reflect their account statement.
• Settlement currency: The currency used to settle the transaction between the card issuer and the network.

Without the right infrastructure, those conversion points create higher costs, customer confusion, and operational overhead. Marqeta gives issuers control over all three.

Marqeta's multi-currency capabilities

• Multi-currency wallets: Hold and manage multiple currencies in one place, linked to both virtual and physical cards.
• Virtual and physical card issuance: Issue cards tied to multi-currency wallets, so users can spend across currencies from a single account.
• Just-in-Time (JIT) Funding: Enable external authorization logic for multi-currency transaction approval, removing the need for pre-loaded balances in every currency.
• Real-time cross-border transactions: Process purchases and ATM withdrawals in real time across currencies and countries.
• Card network integration: Work across Visa and Mastercard for consistent, global transaction processing.
• Open API access: Build custom multi-currency experiences with programmatic control over balances, transactions, and data.
• International reach: Certified to operate in more than 40 countries, supporting card issuance and cross-border transactions without requiring local entities.

Two program models: Comprehensive management vs. modular processing

Marqeta offers two ways to structure a multi-currency card program:

• Comprehensive program management: Through Marqeta's TransactPay capabilities, acquired in July 2025, we provide full program management including bank, network, and regulatory relationships, plus fully licensed e-money capabilities to support multi-currency virtual accounts. This model suits businesses seeking an end-to-end solution with BIN sponsorship, card fulfillment, fraud management, and dispute resolution handled by Marqeta.
• Modular issuer processing: For organizations with existing banking relationships or specific infrastructure requirements, the Marqeta processing platform integrates with your chosen partners while providing the multi-currency capabilities you need.

Use cases across industries

• International money transfers: Enable digital wallets and remittance platforms with multi-currency card capabilities.
• Cross-border payments: Facilitate B2B and B2C transactions across regions.
• Global payroll: Distribute payments to international workforces in local currencies.
• Travel and expense management: Support corporate travelers with real-time multi-currency spending.
• Global e-commerce: Enable consumers to shop internationally without currency friction.

Advanced capabilities

• Multi-currency settlement: Settle in local currencies to avoid network FX rates and reduce cross-border costs. Supported currencies depend on your bank issuing partner.
• Multi-account linking: Link multiple accounts (A2A) to one card or digital wallet without issuing additional cards to the user.
• Cross-border issuing: Issue cards in multiple regions without physical presence, supporting expansion into new markets.
• Advanced customization: Build customer portals giving users visibility and control over currency balances, spending preferences, and transaction history.
• Data and analytics: Marqeta's DiVA API enables real-time transaction monitoring to track usage patterns and support FX conversion decisions.
• Compliance and risk controls: Access built-in tools for fraud detection, AML checks, and FX regulation compliance across multiple jurisdictions. Our European platform meets local regulatory requirements including PSD2 and GDPR, with SEPA Credit and SEPA Instant connectivity covering more than 40 member countries.

Global momentum

Europe is one of Marqeta's fastest-growing regions. Europe TPV in 2025 was approximately 8x what it was in 2022. That growth reflects demand for the kind of multi-currency, multi-market infrastructure this post describes.

Where we're headed next

We're enhancing our settlement capabilities with more granular controls across issuing files, reconciliation, and dashboard visibility.

For businesses already running a single-currency program, migration to multi-currency does not have to be disruptive. Marqeta's portfolio migration service ensures smooth transfer of cardholder data and balances, minimal program downtime, and full data integrity across currencies and transaction history.

Building for international scale

Customers no longer operate inside national borders, and card programs should not either. Whether you're supporting global freelancers, international travelers, or cross-border e-commerce, the ability to manage and spend in multiple currencies is a baseline expectation for the businesses and consumers your program serves.

The 2026 State of Credit research makes this concrete: the businesses most actively managing complexity across providers and payment methods are the same ones signaling they want that fragmentation resolved. Multi-currency infrastructure is part of that resolution.

Marqeta gives you real-time transaction controls, transparent FX handling, developer-ready APIs, and the scale to support global expansion.

To learn more, get in touch with the Marqeta team here