Overview
With Loop, your business can send and receive payments using multiple trusted payment networks around the world. Whether you’re paying a supplier in another country or collecting funds locally, Loop handles the routing automatically to ensure every payment is fast, secure, and transparent.
Below is a breakdown of all payment types supported through Loop and when each applies.
Types of Payments
ACH (Automated Clearing House)
Used for: Domestic payments within the United States.
Best for: Paying U.S. vendors, suppliers, and employees.
Speed: 1–2 business days.
Benefits: Reliable and low-cost for recurring payments.
EFT (Electronic Funds Transfer)
Used for: Domestic payments within Canada.
Best for: Paying Canadian suppliers, payroll, and local expenses.
Speed: Same-day or next-day delivery.
Benefits: Simple, secure, and widely accepted by Canadian banks.
Interac e-Transfer (Receive-only)
Used for: Receiving domestic payments in CAD.
Best for: Canadian clients or partners sending you money in Canadian dollars.
Availability: Only for CAD operating accounts.
Speed: Typically received within minutes.
Benefits: Convenient and secure way to collect domestic funds directly into your Loop CAD account.
Note: Interac e-Transfer is currently available for receiving payments only. Outgoing Interac payments are not supported.
SEPA (Single Euro Payments Area)
Used for: Domestic and cross-border payments within the EU.
Best for: Paying or receiving EUR within Europe.
Speed: 1–2 business days.
Benefits: Standardized and low-cost for eurozone transfers.
Faster Payments
Used for: Domestic payments within the United Kingdom.
Best for: Paying UK suppliers or partners.
Speed: Usually processed within minutes.
Benefits: Real-time transfers with no extra fees.
SWIFT Wire Transfers
Used for: Cross-border payments to and from global accounts.
Best for: Paying or receiving funds internationally in over 35 currencies.
Speed: 1–3 business days, depending on destination.
Benefits: Reliable and widely supported for international transactions.
Notes
You can fund outgoing payments using your Loop account or a connected external bank account.
Loop automatically chooses the fastest and most secure network — you don’t need to select one manually.
All fees and exchange rates are shown upfront before you confirm.
Some payment types (like Interac e-Transfer) are receive-only, while others support both sending and receiving.
FAQs
Can I send Interac e-Transfers from my Loop account?
Not yet. Interac e-Transfer is currently supported only for receiving CAD payments into your Loop account.
Do I need to choose a payment network myself?
No. Loop automatically routes each payment through the best network for the destination and currency.
Can I send both domestic and international payments?
Yes. Loop supports domestic (ACH, EFT, Faster Payments, SEPA) and international (SWIFT) transfers.
How long do payments take?
Most domestic transfers arrive the same day; international payments typically take 1–3 business days.
Are there any hidden fees?
No. All fees and FX rates are included in the exchange rate you see before confirming.