One Account to Rule Them All
Get no fee Canadian banking for your business. E-transfers with no fees, unlimited transactions and a full suite of cross-border banking services. All in one platform.
Hear from visionary startups and leading brands who use Loop to build thriving businesses.
The Loop US bank account is completely life changing for our business. In our first year using Loop, we will benefit from about $50k in gains straight to our bottom line. So a really big thank you for coming out with this product.
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Our business was looking for working capital when we discovered Loop. Getting the capital we needed was simple, fast and a big game changer for us. We've seen immediate results and continue to partner with Loop.
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If you're a Canadian ecommerce merchant, you should get a Loop card. They have fixed all our cash flow issues, FX costs and issues with paying suppliers around the world. Saving us lots of money and headaches. Plus their team is great!
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Loop offers multi-currency cards that are not locked into just spending with one currency. You can spend in CAD, USD, EUR and GBP with your Loop card, without incurring FX fees on your purchases. Your balances owing are displayed per currency, and can be settled per currency as well. Because your Loop Card allows you to pay back in the currency you spent in, you won’t have to perform any unwanted currency conversions.
If you only have a CAD bank account, you can still make purchases in foreign currencies without the card converting it to CAD. At the end of your billing period, you can then decide to convert money from your CAD account into the currencies you owe. If you need to do this, Loop offers global FX conversion with a 0.5% mark-up. This is significantly less than a bank, which charges a 3-4% markup on average and it’s even better than online FX service providers like Transferwise and OFX.
Opening a multi-currency account with Loop is completely free. Additionally, the sign up is completed entirely online - yes you heard that right, you can open U.S., European and U.K. Pound accounts from your couch at home (no more driving across the border to a bank branch). These accounts come with local account and routing numbers that can be used to receive, send, and store funds.
There are no set limits to on the amount of funds you can receive into your multi-currency accounts.
Yes, you can make payments through Loop for free.
We may add a small wire transfer fee in the future to cover the cost we incur to process wires but for now everything is provided at zero cost!
Transfers made through Loop will arrive in your payee’s bank account within 1 business day.
There are no annual fees. Currently, we offer a free monthly plan, Loop Basic. Additional features are available through our Loop Plus plan for $49 CAD/month and $199 CAD/month for the Loop Power plan.
