Overview
Each Loop workspace includes multiple Accounts that let you hold, send, and receive funds in different currencies.
These balances work together to give you full control of your international cash flow without unnecessary conversions or fees.
Your Operating Account (CAD) is where your business receives and holds Canadian funds. You can also open Currency Accounts in USD, EUR, and GBP to manage global payments and avoid FX when transacting in those currencies.
This guide explains how to view, understand, and use your account balances across Loop.
Viewing Your Account Balances
Step 1: Go to Accounts
From your Loop Dashboard, click Accounts in the left-hand menu.
You’ll see a list of your currency accounts, each showing:
Balance : the total funds currently in that account.
Available balance : funds available to spend or transfer (after any pending transactions).
Currency : CAD, USD, EUR, or GBP.
Step 2: View Account Details
Click any account (for example, USD Account) to see:
Recent transactions
Incoming and outgoing transfers
Balance history over time
Converting Between Balances
If you need to move money between currencies:
Go to Accounts.
Find the account you want to convert from (for example, CAD).
Click Convert and select the target currency (for example, USD).
Enter the amount, review the FX rate, and confirm the conversion.
Funds appear instantly in the destination account and are ready to send or spend.
Using Balances with Account-Linked Cards
Your account balances directly fund your Loop Account-Linked Cards.
Here’s how it works:
Each card can be linked to one or more currency accounts (single-currency or multi-currency setup).
When you spend in a supported currency (CAD, USD, EUR, or GBP), Loop draws funds directly from the matching account — no FX fees.
If you spend in another currency, Loop automatically converts at the Visa® rate plus your plan’s FX markup (0.1%–0.5%).
Converted or newly funded balances are available immediately, meaning you can top up and spend without delay.
Tips
Balances update in real time: Every payment, conversion, or card transaction automatically updates your account view.
No idle conversions: Funds stay in their original currency until you choose to convert.
FX flexibility: Convert only when rates are most favorable.
Instant availability: Once converted, your new balance can be used immediately to send or spend.
Stay organized: Label your accounts (for example, “USD Vendor Payments”) to make tracking easier.
FAQs
Can I hold balances in multiple currencies?
Yes. You can hold and manage CAD, USD, EUR, and GBP balances at the same time.
Do my balances update automatically?
Yes. All deposits, payments, and card transactions instantly update your account balances.
Is there a fee to convert between currencies?
Loop applies a small FX markup (0.1%–0.5%, depending on your plan) — much lower than banks or online FX providers.
Can I use my balance to fund a Loop Card?
Yes. Your account balances directly fund your Account-Linked Cards, with no FX fees on supported currencies.
What happens if I spend in a currency I don’t hold?
Loop automatically converts the transaction using the Visa® rate plus your plan’s FX markup.