Who is Loop?
Loop is a financial technology company that aims to provide an all-in-one banking solution for businesses. It offers a unified platform to manage finances, payments, and other banking needs, empowering businesses with efficient and seamless financial operations.
What are some of the products that Loop offers?
Loop provides multi-currency cards that offer flexibility in spending across CAD, USD, EUR, and GBP without any FX fees. Your balances and settlements are shown in each currency, allowing you to pay back in the currency you spent in, avoiding unnecessary currency conversions. Enjoy seamless international spending with Loop's convenient multi-currency card.
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.
How much does Loop cost?
At Loop, opening a multi-currency account is absolutely free, and the entire signup process is conducted online. Yes, that's right! You can easily open U.S., European, and U.K. Pound accounts from the comfort of your home, eliminating the need to visit a physical bank branch. These accounts provide local account and routing numbers, allowing you to effortlessly receive, send, and manage funds.
What are Loop's FX fees?
Loop has 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. 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.
Who uses Loop?
Join thousands of businesses that use Loop to manage corporate cards, payments, FX, capital and more - in multiple currencies - all from a single platform.
Is Loop safe?
Since 2015, Loop has worked with well over 1,000 businesses from across Canada and in the process, has advocated for banking reform, pioneered new financial products and helped Canadian businesses access more than $100M.
What is Loop's history?
Loop started as a financing provider called Lending Loop but quickly realized that one of the biggest obstacles to growing businesses across Canada is access to better banking solutions. The reality is, Canadian businesses are underbanked. They decided to build a banking platform that eliminates the cost and friction of managing your business finances in the US and beyond with the only truly cross-border banking platform in Canada: Loop Financial.
Why should people use Loop?
Choose Loop for your banking needs to save money, save time, and expand globally. With competitive rates, low fees, and unparalleled flexibility, Loop empowers you to thrive in the financial landscape.
Is Loop good for businesses?
Yes. Loop is a banking platform designed for ambitious entrepreneurs and growing businesses in Canada. With a focus on international businesses, it offers the necessary banking infrastructure to facilitate their growth and success.
Will Loop save me money?
Yes. Loop is the reliable partner that saves you time and money with its powerful global banking tools. It caters to businesses' needs, helping them grow and streamline finances. With over 1000 businesses placing their trust in Loop, it has facilitated over $30 million in transactions, making it an essential solution for businesses to succeed. On average, users save 12 hours per week and around $40,000 per year with Loop's services.
