Loop vs. Wise: Which platform handles cross-border business better?

Quick Summary

• Wise is a multi-currency account + debit card designed for low-cost transfers and holding 40+ currencies. It’s great for simple payouts and global receiving.
• Loop is a multi-currency business banking + corporate credit card platform built specifically for Canadian businesses. You get local accounts in CAD, USD, EUR, GBP, multi-currency credit cards, and global vendor payments, all in one system.

If your business has recurring cross-border spending (ads, SaaS, inventory, travel, agencies), Loop would be considered a better operational fit.

If you need wide currency coverage and lightweight transfers, Wise excels.
‍

Wise vs Loop: At a Glance

How Wise Works

Wise (formerly TransferWise) is built around holding and transferring money in many currencies:

• Hold 40+ currencies in one account
• Get local receiving details in major regions
• Send money internationally with transparent, low fees
• Spend via a debit card that draws from your Wise balance
• Best for one-off or routine global payouts and receiving in multiple currencies

Wise strengths:

• Broad currency support
• Very low-cost transfers
• Easy to set up and use

Wise limitations:

• Debit-only (no credit / no working capital)
• Requires pre-funding your balance before spending
• Not designed to unify cards + banking + AP workflows
  ‍

How Loop Works

Loop is designed as a global operating platform for Canadian businesses:

• Local CAD, USD, EUR, GBP accounts with regional banking details
• Corporate credit card that settles in those four currencies
• Pay suppliers in 180+ countries
• Keep USD/EUR/GBP balances to avoid constant FX
• Full expense controls, virtual cards, and team permissions

Loop strengths:

• Credit card with multi-currency settlement (CAD/USD/EUR/GBP)
• Ability to send and receive local transfers such as ACH, SEPA, Faster Payment
• Reduces FX by letting you spend & repay in the same currency
• Leading FX rate usually reserved for Fortune 500 companies
• Consolidates cards + banking + global payments into one platform

Loop limitations:

• Focused on core business currencies (not 40+ like Wise)
• More robust than needed for very casual users
  ‍

Key Differences That Matter to Businesses

1. Credit vs Prepaid Debit

This is the biggest divider.

• Wise: Prepaid debit → you spend only what you load.
• Loop: Corporate credit → supports cash flow, large bookings, ad spend, and supplier payments without pre-funding.
  • In addition to our corporate credit card, we also have Account Linked Cards. Which are funded through your operating/currency Loop accounts. (What is an Account Linked Card?)

For businesses with meaningful recurring spend, this difference is huge.
‍

2. Currency Strategy

Wise is about breadth (many currencies).

Loop is about depth (key business currencies with efficiency).

If most of your spending is in USD, EUR, GBP, Loop saves more because you can:

• Spend directly in those currencies
• Keep balances there
• Avoid repeated FX conversions

Loop also provides enterprise-grade FX rates, giving SMBs access to pricing that’s normally only available to large global companies.
‍

3. All-in-One Finance Hub vs Payment Tool

Wise = excellent global transfers.

Loop = global banking + credit cards + payments + accounts payable in one system.

Businesses looking to simplify their entire finance stack lean toward Loop.
‍

4. Built for Canadian Businesses

Loop is purpose-built for Canadian SMEs & startups, so:

• Limits scale with business needs
• Local adoption is smoother
• Support team is Canadian-business focused

Wise serves individuals, freelancers, and companies globally, so it’s more general-purpose.
‍

Loop: Strengths & Considerations

Here are a few strengths and considerations about Loop.

Pros:

• Multi-Currency Corporate Credit Card: Loop offers a true corporate credit card that lets businesses spend and settle in CAD, USD, EUR, and GBP on a single card—removing typical 2–3% foreign transaction fees when spend and repayment are in the same currency.
• Enterprise-Grade FX for SMEs: Loop provides highly competitive, transparent FX rates that are typically only available to large enterprise businesses, giving Canadian SMEs access to pricing far better than traditional banks.
• Global Accounts on Local Rails: Businesses can open real CAD, USD, EUR, and GBP accounts (not just wallets) with local account details, allowing them to collect and pay via ACH, EFT, and SEPA instead of expensive cross-border wires.
• Free or Low-Fee Global Payments: Loop supports payments to 180+ countries in 30–40+ currencies with no wire fees and competitive FX, making it attractive for supplier and contractor payments at scale.
• All-in-One for Business Finance: Loop combines multi-currency accounts, a corporate card, and global AP/AR tools in one platform, so businesses can manage card spend, vendor payments, and cross-border banking from a single dashboard.
• Designed for Canadian SMEs: The product, limits, and workflows are built specifically around Canadian small and mid-sized businesses that operate globally, rather than trying to serve consumers and businesses at the same time.
  ‍

Cons:

• Business-Only, Not Personal: Loop is focused on business banking and corporate cards, so it’s not a fit for individuals or purely personal use cases where Wise or a retail bank might suffice.
• Canada-Centric Footprint: Loop is optimized for Canadian-incorporated businesses; companies headquartered elsewhere may find onboarding and product fit more limited compared to global-first platforms.
• No Cash or Branch Banking: As a modern fintech platform, Loop doesn’t handle cash deposits, in-branch service, or cheques the way a traditional bricks-and-mortar bank does, which may be a limitation for businesses that still rely heavily on those channels.

‍