Overview
Once your external bank account is connected to Loop, you can transfer funds in both directions, adding money to your Loop account or withdrawing it back to your external bank.
This guide explains both methods, including how to use Interac e-Transfer for faster deposits into your CAD Operating Account.
Transfer funds into your Loop account
Option 1: Standard transfer from your external bank
Use this option to move money from your external bank into your Loop Account.
Go to the Accounts page in your Loop Dashboard.
Click on the Account you want to transfer funds into.
Select Add Funds.
Enter the amount you want to add.
Choose the external bank account you’d like to transfer funds from. Make sure your Bank Account is linked to your Loop Account by navigating to Settings → Bank Accounts.
Confirm the transfer.
Processing time: Transfers from external accounts can take up to 4 business days, depending on your sending bank’s clearing process.
Option 2: Fund instantly with Interac e-Transfer (CAD Operating Account only)
If you’re using a CAD Operating Account, you can fund your Loop account in minutes with Interac e-Transfer.
Log into your Loop Dashboard and navigate to the Accounts page.
Click on your CAD Operating Account (or upgrade your Currency Account to an Operating Account if you have not done so yet)
Click the Interac e-Transfer button and follow the steps for Autodeposit Registration by adding a valid email address or mobile number, and make sure to confirm your details before clicking Register.
Finally, you’ll receive a confirmation message from Interac to complete the setup process.
Once set up, you’ll never need to accept or approve transfers again; they’ll arrive instantly in your account. You can add up to 20 contacts to your Linked Autodeposit Addresses anytime by navigating to the Interac e-Transfer button.
Processing time: e-Transfers usually complete within minutes, giving you near-instant access to your funds.
Transfer funds out of your Loop Account
Use this option to withdraw money from your Loop Account to your external bank account.
Go to the Accounts page in your Loop Dashboard.
Click on the Account you want to transfer funds from.
Select Withdraw.
Enter the amount you want to withdraw.
Choose the external bank account you’d like to send funds to.
Confirm the transfer.
Processing time: Withdrawals to external bank accounts can take up to 4 business days to arrive, depending on the receiving bank’s timelines.
Notes
Interac e-Transfer deposits are only available for CAD Operating Accounts.
Standard transfers can take up to 4 business days.
Weekends and holidays can affect processing times.
If a transfer hasn’t arrived after 4 business days, contact Loop Support.
FAQs
Can I fund my Loop account instantly?
Yes. If you have a CAD Operating Account, you can use Interac e-Transfer to fund your Loop account in minutes.
Are there any fees for transferring funds?
No. Loop doesn’t charge fees for standard transfers or Interac e-Transfers.
Why hasn’t my transfer appeared yet?
Standard transfers can take up to 4 business days. If you need funds sooner, use Interac e-Transfer (CAD Operating Accounts only).
*INTERAC e-Transfer® is a registered Trademark of Interac Corp. Used under licence.