Loop supports a variety of payment types, from domestic transfers to international wires, so you can move money quickly and securely. Loop automatically routes each payment for you, sending local transfers where possible to optimize for speed and reduce fees for recipients.
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. Where possible, Loop sends payments as local transfers to optimize for speed and reduce fees for recipients.
Below is a breakdown of all payment types supported through Loop and when each applies.
What types of payments does Loop support?
ACH (Automated Clearing House)
Used for: Domestic payments within the United States.
Best for: Paying U.S. vendors, suppliers, and employees.
Speed: Typically same day or next business day.
Benefits: Reliable, low-cost, and fast for payments under $1M.
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, low-cost, 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, typically for lower-value transactions.
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: One business day if sent by SEPA Credit Transfer, or within minutes if sent by SEPA Instant.
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
Additional local payment rails are available for sending payments. See How To Send Payments for more details.
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. Sending funds from an external account, or including an FX conversion, can add time.
Are there any hidden fees?
No. All fees and FX rates are included in the exchange rate you see before confirming. For SWIFT payments, intermediary and receiving banks may charge their own fees, but Loop does not charge fees.