3 mins

How Sundays eliminated their cross-border banking fees

Published on

Open Account

24 hours

Time needed to open a US bank account


Decrease in FX conversion fees


The maximum markup on the exchange rate

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“You’d have to drag me off this platform kicking if you wanted me to leave. You can’t go back to TD after this.”

Jody Polishchuk
CEO, Sundays

The Problem

Paying suppliers in the US is difficult, extremely time consuming and very expensive.

Jody, Founder of Sundays, needed a more efficient way of paying his American suppliers

The most conventional method right now for any Canadian business is to send wire transfers at a traditional bank like RBC, TD, Scotiabank etc. These payments can take weeks to complete, typically have a fee between $25 - $50 per payment and an inflated FX rate.

The very manual nature of sending payments this way also meant having to physically go into the bank branch, spend hours on the phone with customer support and having no transparency knowing when your payment will be sent or what the actual cost will be. With all the planning and calculation needed, Jody resorted to creating an entity in the US so Sundays can operate within the US payments system.

This came with its own nightmares, an extra layer of bureaucracy and significant tax implications.

“We set up an entire US entity and a Chase account specifically for the purpose of facilitating payments. And we obviously don't use it anymore because we don't need to. But if you don't have that or you don't do that, and you're a Canadian business and you do business in the US. What do you do”, asks Jody.

The Solution

A free US-domiciled bank account that enables you to bank like an American business

Jody and the Sunday team partnered with Loop to access free US business banking. With Loop, Sunday got US banking details (account number and routing number) which enabled them to access the local ACH network and bank just like any local American business. This means payments can clear in minutes, wire fees are eliminated and Sundays gets an American bank account that accepts USD revenue bypassing any unwanted currency conversion.

By providing a seamless banking platform, Loop eliminated the need for cross-border bank accounts or expensive wire transfers, saving time, money, and headaches for Jody and his team. Loop’s US Accounts are provided by partner banks who are Member FDIC.

The Results

A frictionless experience that saves money, time and enables business expansion

Jody was also able to eliminate the need for a contracted agency to manage payments and could instead keep everything lean. This meant more time and resources dedicated to actually growing the business instead of handling banking or administrative work.

Sending payments across the border also means doing foreign exchange. With Loop, Jody is able to get the best rates when converting CAD to USD and converting USD revenue back to CAD. This means more cash flow back in the hands of Sundays to focus on other growth initiatives.

“I'm able to really quickly transfer funds basically close to the spot rate. And so not having to do that through TD, I don't know how much money I'm saving every year, but it's not insignificant - we’ve been able to do a lot more, with more resources” explains Jody.

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Products Sundays used to keep their US-based supply chain efficient and happy.

Sundays chose Loop because they needed a more efficient and cost-effective way of paying their American suppliers.

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