Spend in four currencies with one card.
Loop Card will automatically select the appropriate currency when you are paying for international goods or services - so you don't get hit with fees. You can currently hold balances on Loop Card in the following currencies:
Make purchases without having to convert from one currency to another. Purchase price in USD? Pay in USD.
Keep track of how much you owe for each currency on your Loop dashboard.
Repay your balance with your Canadian-based bank account 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.
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.
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).
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.
Purchase in multiple currencies without converting. Earn points on everything. Get super flexible spending.