Here are some common questions about Loop.

loop cardbeige illustrated oval

Foreign Exchange Card

What do you mean by “spend in the original currency”?

Unlike other credit cards, if you purchase something in USD or EUR, in order to make the purchase, the card will convert your card’s domestic currency to the foreign one at the exact moment of the purchase. With the Loop card, you actually make the purchase in the foreign currency, meaning you will have 4 balances (USD,CAD,GBP,EUR). Because 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, Pound, 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 0.4% 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 0.5% markup.

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 low-cost FX conversion with only a 0.4% mark-up (most banks which 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 Loop Card significantly saves businesses both time and money.


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 sign up for and 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! The Loop Card will not appear on your personal credit report but will instead help you build your business credit. This is especially valuable if Loop Card is the first business credit product you are using. Loop Card is a real corporate  card, it doesn't require you to pre-load with cash, pre-load funds and it doesn't require any cash security.


How do you secure the card?

Loop Card does not require any cash collateral (such as making you purchase GICs). Since Loop 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 Loop 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 plus@getloop.ca.


Points

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

You’ll earn 1 point for every 1 CAD, 1 USD and 1 EUR spent. You’ll earn 1.5 points for every 1 GBP spent.


What are my redemption options with my points?

You are able to redeem your points for gift cards at select brands. Travel redemption options, as well as other points redemption options, will be added in early 2022.

Wallets

How much does it cost to open an account?

It’s free to open Loop Wallets and there are no monthly fees.  


How is this different from Wise (previously Transferwise)?

Loop Wallets are free. Your business Wise account costs $40+ / month. Use Loop and invest the savings in your business.


Where is my money stored?

The money in your wallet is stored with different financial institutions depending on the currency. CAD and USD funds are stored with Windsor Family Credit Union. GBP and EUR are stored with CurrencyCloud. Money used for Loop’s business operations are held by a separate financial institution and Loop's funds are never commingled with customer funds.


How much 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 0.5% markup.

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 low-cost FX conversion with only a 0.4% mark-up (most banks which 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 Loop Card significantly saves businesses both time and money.

How do I add money to my Wallets?

You can add money to your Wallets by connecting your Canadian bank accounts. Once your bank account has been connected, you will be able to initiate a transfer from within your Loop dashboard. Other options to add funds will be added in the near future.


What currencies can I get Wallets in?

Loop currently offers CAD, USD, GBP and EUR Wallets. Other currencies will be added in the future.

scrolling content in phonescrolling content in phone
featured-phone