Receive SWIFT Wire Payments in 26 additional currencies

Loop exists to give Canadian businesses that operate globally one place to manage their money. "Global" means continuing to expand horizons to wherever you operate

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The problem

Canadian businesses sell to customers all over the world. A Toronto manufacturer with buyers in three regions. A wholesaler whose distributors sit in markets that pay in AUD or JPY. An agency invoicing clients in Mexico or South Africa.

Those buyers regularly ask to pay in their own currency. It isn't unreasonable: sourcing Canadian or US dollars costs them time and money, and their finance team would rather not do it. So the seller says yes, because they want the business.

And that's where the money quietly starts leaking. The payment travels through a correspondent bank the customer didn't choose. Somewhere along the way it gets converted at a rate nobody showed them. What arrives can be up to 4% less than what was invoiced, days later than expected.

There's no fee line item to point at. No one to ask. The invoice said one number and the account shows another, and most businesses have simply accepted that as the cost of getting paid internationally.

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What we built

Loop now enables you to receive incoming SWIFT Wire payments in 26 additional currencies: AUD, JPY, AED, SGD, CHF and 21 others spanning Europe, the Middle East, Asia-Pacific, Latin America and Africa.

When a customer sends you funds in a currency you have a Loop account for, it will be deposited in that currency. For any other currencies, the funds will now automatically convert and be deposited at your plan rate – helping you keep up to an additional 4% on the converted amount!

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What's next

This is 26 more currencies. But it won't be the last increase. We'll keep expanding based on where you tell us that your business is going next. If there's a currency you need to send, receive or convert that isn't here yet, get in touch!

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Log in to get your account's wire details, or read the full article on our Help Centre listing the newly supported currencies: https://support.bankonloop.com/en/articles/15848241-what-currencies-can-i-receive-payments-in

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