When you pay for goods or services in another currency, Loop automatically pays in that currency - so you don't get hit with fees. This is significantly better than cards that promote "low FX fees" because with Loop you don't need to convert money at all! You can currently hold balances on Loop Card in the following currencies:
Receive payouts from marketplaces such as Amazon, Shopify, PayPal, Etsy and Stripe as well as payments from any other customers in USD. Pay your US suppliers within seconds for free or convert your money into Canadian Dollars at market-leading FX rates.
Get local account details so you can receive funds in the currency you get paid in and avoid unnecessary FX conversion.
Convert between currency balances instantly at rates better than major banks and FX providers.
Pay your bills, send money internationally, or pay with Loop Card within seconds, for free.
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.
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 getloop.ca/pricing for more information.
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..
There are no set limits to on the amount of funds you can receive into your multi-currency accounts.
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.
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.
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.
Loop offers 2 different types of accounts:
Earn a $100 statement credit when you spend $1,000 with your Loop Card within 6 months. See here for full terms and conditions
Purchase in multiple currencies without converting. Earn points on everything. Get super flexible spending.