Here are some common questions about Loop.

Image of Loop Card with a Mastercard logo on it and a sample company name called Stark Industries Inc.beige illustrated oval

Foreign Exchange Card

What do you mean by “spend in other currencies with no FX”?

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.

How do I pay my balance back in foreign currencies?

You will be able to see multiple balances outstanding on your Loop dashboard (one for each currency). If you have Canadian-based foreign currency accounts (eg. a USD at a Canadian bank), you can then transfer against the outstanding balance of each currency directly from your bank account to your Loop Card balance at the end of your billing period.

What if I don't have a USD, EUR, or GBP currency account or enough money in it to pay back the balance I owe?

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.

What are the FX fees?

We have eliminated as many fees as possible to keep things as simple as possible for you. Card transactions that match any of the currencies enabled on your card don’t result in any FX and therefore are completely free. If you spend in a currency that is not enabled on your Loop card the FX fee will be the Mastercard® rate plus a 0.1% - 0.5% markup depending on your Loop subscription plan.

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 decide to convert money from your CAD account into the currencies you owe. If you need to do this, Loop offers low-cost FX conversion with only a 0.1% - 0.5% mark-up (depending on your Loop subscription plan). Most banks charge a 3-4% markup on average.

In most cases, Loop's FX rates are even better than online FX service providers like Transferwise and OFX. When you need to exchange currencies, doing your FX through your Loop Card significantly saves businesses both time and money.

How many cards can I get?

Free users will get up to 20 virtual cards and up to 2 physical cards. Loop Plus and Power users will get unlimited virtual cards and up to 10 physical cards. Loop Cards should be used only for their intended purposes, such as making online purchases, paying bills, paying for advertising or managing subscription services. If you have any questions about our fair use policy or any other limitations on virtual card creation on our platform, please contact our customer support for further assistance.

Flexible Spending

What can I use the card for?

You can use Loop Card anywhere Mastercard® is accepted. You just have more countries where you can spend like a domestic card. As a Mastercard product, you are able to seamlessly pay a supplier, make advertising purchases, or use it for any other business expense internationally.

How long does it take to get a card?

You can activate your Loop Card in as little as 10 minutes and start using your virtual card right away.  If you request a physical card, it typically takes around 3-5 business days to arrive by mail.

How does the credit limit work?

Your Loop Card credit limit with automatically update on a monthly basis. If there is a change to your credit limit you will be notified of the value of your new limit.

How much credit can I qualify for?

The credit limit you are granted will depend on your business’ performance over the past several months. Your credit limit will automatically scale every month to make sure that your limit is sufficient for you to pay for all of your business expenses with Loop Card.

How does the interest-free period work?

The interest-free period Loop offers is about 15 days longer than a traditional business credit card you might see from a bank. For example, if your statement is from January 1 to January 31, you’ll have until February 25th to make your payment (whereas with most bank credit cards your payment would be due around February 10th).

With almost all credit cards, interest accrues on each purchase from the date of the purchase but you can avoid any interest being charged by ensuring that you always pay your balance in full every month by the due date - Loop uses the same premise, but give you the extra days to repay to make sure you can avoid any extra charges (cause they can really add up).

Does the Loop Card work with Facebook and Google Ads?

Yes, both the physical and virtual cards work with all the major ad platforms and can be used for both USD and CAD spending.

Is the card tied to my personal credit?

No! Your Loop Card will not appear on your personal credit report. Loop Credit Cards are real corporate  cards, and do not require you to pre-load funds or require any cash security.

How do you secure the card?

The Loop Credit Card does not require any cash collateral (such as making you purchase GICs). Since the Loop Credit Card is a corporate card, the security we take is a general security registration on business assets (eg. inventory, cash and receivables). Additionally, we do require a personal guarantee for companies with less than $10M in Gross Profit, however the Loop Credit Card is NOT a personal credit card and doesn't show up on your personal credit report.

Are there annual fees?

No, the first version of our product is free. Better yet, there’s no annual commitment so you can cancel your card at any time as long as you pay any outstanding balance in full.

What is the maximum amount of credit I can be approved for?

Loop connects to your sales channels so that we can actively monitor and analyze your growth in real-time. This ensures that your credit limit is automatically scaling as your business’ spending needs increase. Businesses can be eligible to access up to CAD $50,000 automatically while higher limits may be offered on a case-by-case basis. If you're a larger business and need a higher limit tailored to your unique needs, please send us an email to


How many points do I earn per unit (eg. dollar) of spend?

Depending on your Loop subscription plan, you’ll earn up to 2 points for every 1 CAD, 1 USD, 1 GBP and 1 EUR spent. Visit for more information.

What are my redemption options with my points?

You are currently able to redeem your Loop points for gift cards at popular brands. Additional redemption options such as travel will be added later in 2023.

Multi-Currency Accounts

How much does it cost to open an account?

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.

Are there monthly fees or minimum deposit levels?

There are no mandatory monthly fees for any of Loop’s multi-currency accounts. There is also no minimum deposit amount required to benefit from no fee banking. Users can upgrade their Loop account to Loop Plus for lower conversion rates and other benefits, starting at $49/month. Visit for more information.

Is my money safe?

Loop is required to keep your money safe and protected. Since we are not a bank ourselves, we do not lend out customer money, we safeguard your money by keeping your money in accounts that are separate from the ones we use to run our business. 

Deposits made to the Loop US Dollar Account are insured under FDIC. You can learn more about The Federal Deposit Insurance Corporation and other information here

The CAD, EUR and GBP accounts also include measures to safeguard your funds by depositing your funds at a segregated account at banking institutions in Canada, the US, the UK and Europe..

Are there limits on how much I can receive into my account?

There are no set limits to on the amount of funds you can receive into your multi-currency accounts.

What currency accounts are available?

Loop currently offers USD accounts with a local US account number and ABA routing number. You can read more about it here.

Loop also offers EUR and GBP Accounts. You’ll get access to local banking details to receive payouts from different 3rd party EUR and GBP bank accounts.

Local CAD Banking details will be launched in Q3 of 2023.

What incoming payment methods are supported?

Loop’s USD account currently supports ACH transfers for incoming payments originating in the US and EFT for transfers initiated within Canada.

Loop’s CAD account currently only supports EFT debit within Canada (meaning Loop will debit another CAD account at a bank in Canada upon your instruction).

At this time, Loop only enables you to add funds to your GBP and EUR accounts by converting from one of your other currency balances.

What outgoing payment methods are supported?

Loop supports a number of outgoing payment methods and will automatically select the best option depending on where you are sending money. For example, Loop will send ACH payments to payees in the USA, Wire transfers for payees in Asia/Africa, Faster Payments for payees in the UK and EFT for payees located in Canada.

What can I do with Loop Accounts?

Loop offers 2 different types of accounts:

  • Loop Currency Accounts allow you to store money in individual currencies - you can convert your funds to other currencies or use your funds to make payments to suppliers around the world.
  • Loop Bank Accounts provides all the features of a currency account plus you receive local bank account details that can be used to receive payments from Shopify, Amazon or customers locally.


What currencies can I make payments in?

Australian Dollar (AUD)

Israeli Shekel (ILS)

Russian Ruble (RUB)

Bahrain Dinar (BHD)

Japanese Yen (JPY)

Saudi Riyal (SAR)

Bulgarian Lev (BGN)

Kenyan Shilling (KES)

Singapore Dollar (SGD)

Canadian Dollar (CAD)

Kuwait Dinar (KWD)

South African Rand (ZAR)

Chinese Yuan (CNH)

Malaysian Ringgit (MYR) *

Swedish Krona (SEK)

Croatian Kuna (HRK)

Mexican Peso (MXN)

Swiss Franc (CHF)

Czech Koruna (CZK)

New Zealand Dollar (NZD)

Thai Baht (THB)

Danish Krone (DKK)

Norwegian Krone (NOK)

Turkish Lira (TRY)

Euro (EUR)

Omani Rial (OMR)

Ugandan Shilling (UGX)

Hong Kong Dollar (HKD)

Philippine Peso (PHP) *

UK Sterling (GBP)

Hungarian Forint (HUF)

Polish Zloty (PLN)

United Arab Emirates Dirham (AED)

Indian Rupee (INR) *

Qatar Rial (QAR)

US Dollar (USD)

Indonesian Rupiah (IDR) *

Romanian Leu (RON)

* Restricted currencies

What countries can I make payments to?

You are able to make payments to all countries in the world, excluding:



South Sudan


Luhansk People’s Republic (contested region of Ukraine)





Donetsk People’s Republic (contested region of Ukraine)

North Korea




What payment methods are available?

You can make payments in the following countries’ domestic currencies: 






Czech Republic




France Netherlands  



Hong Kong  















San Marino






United Kingdom

United States


SEPA countries with local EUR payments





Czech Republic  



















 San Marino






United Kingdom

Are payments really free?

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!

What type of payees can I send money to?

You can send money to yourself, someone else, or a business, in any supported country as long as they have a local bank account. Your recipient doesn't need to have a Loop account to get their money.

You are not allowed to use our services to send money to restricted industries (such as unregistered charities, weapons or illicit drugs), speculate changes in FX or to make transactions deriving from crypto currencies.

What are the sending limits?

There is no limit on the amount you can send to a payee.

There may be a limit for the amount that can be included in one individual transaction depending on the specific currency that you are sending money to which usually ranges between $1-5 Million.

How long will my payment take to send?

Transfers made through Loop will arrive in your payee’s bank account within 1 business day.


How are Loop’s Capital products repaid?

Inventory-secured Line of Credit

Loop does not take a percentage of your revenue or a fixed dollar amount for repayment. You can both draw from and repay your line of credit at any time which gives you greater flexibility and ensures you only pay interest on the money you actually are usings. When you have a line of credit with Loop, we include a pre-scheduled monthly payment equal to 6% of the outstanding Line of Credit balance at the end of each monthly billing period - you are able to modify this amount but this ensures that a specific date for payment is provided once per month.

Purchase Order (PO) Financing or Invoice Financing

As the PO and Invoice is assigned to Loop, the repayment of PO and Invoice Financing will match the date for which payment is required on the Invoices from your customer.

What security is required for Loop’s Capital offerings?

Inventory-secured Line of Credit

Loop registers a purchase money security interest (PMSI) which means Loop has a security over any inventory held by the company. If the business’s revenue in the last 12 months is less than CAD $5,000,000 then a general guarantee will be required from the owner(s) of the business.

PO Financing or Invoice Financing

Loop registers a purchase money security interest (PMSI) which gives Loop a security against the specific receivable and requires the amount owing under the related invoice to be assigned to Loop.

What is the cost to borrow money?

Loop’s Capital products are flexible and affordable. There are two fees that may apply when accessing Loop’s Capital products. All capital products have an associated cost of borrowing which is the interest rate charged on the outstanding balance. Interest rates range from 1% - 2% per month. 

In order to maintain access to Loop’s Capital products, Loop also has a fixed monthly access fee which ranges from $99 to $499.

How is interest calculated?

Unlike many other capital providers, Loop only charges interest on the outstanding balance rather than a % of the total amount borrowed. This means that as you pay off your balance the amount of interest you pay also decreases. Interest is calculated monthly by taking the cumulative amount drawn during the respective monthly billing period and multiplying it by the applicable interest rate.

What documentation do I need to provide to get approved?

We have an easy, fully online application process for our capital products. Before you can apply for Loop Capital, we’ll require you to create and activate your Loop Account. In order to do so, you’ll need to connect Loop to your sales channel(s), provide some basic information about the business and have each of the directors/owners of the business provide consent.

Once your Loop account is set up, reach out to us at and we will provide you with the next steps on applying for Loop Capital which will include a few questions as well as a read-only connection to the business tax account through CRA. If you are applying for PO Financing or Invoice Financing we will need you to provide a copy of the purchase orders and invoices as well as the master purchase agreement with your customer(s).

How much capital can Loop provide?

Inventory-secured Line of Credit

Up to CAD $1,000,000.

PO Financing

Up to 70% of the purchase order.

Invoice Financing

Up to 90% of the invoice.

How do I access the capital from my Loop account?

Once approved, Capital will be available for you to access within your Loop dashboard. You can instantly use the funds from any of your capital products to send money to vendors, suppliers and/or other payees around the world using Loop Payments or easily move money to your bank accounts outside of Loop.


How many cards do I get with Loop Plus?

You can create an unlimited number of virtual cards and get up to 10 physical cards. However, we do have a fair use policy in place that ensures cards are only created for legitimate purposes. We recommend creating virtual cards only when necessary to avoid confusion and to manage security. Virtual cards should be used only for their intended purposes, such as making online purchases, paying bills, paying for advertising or managing subscription services. If you have any questions about the fair use policy or any other limitations on virtual card creation on our platform, please contact our customer support for further assistance at

Is there an annual fee?

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.