Overview
Sending a wire transfer through Loop, allows you move money domestically or internationally with confidence. You can fund transfers using your Loop account or a connected external bank account.
Loop automatically chooses the most efficient and cost-effective payment network based on your payee’s location — including ACH (US), Faster Payments (UK), and EFT (Canada) — so you don’t need to worry about selecting the right method yourself.
Steps
Log in to your Loop account.
Access your Loop dashboard from your browser or app.
Add the payee.
Go to Send Payments.
Click Add Payee and enter their contact and banking details.
Alternatively, request their details directly through the platform.
Send a payment.
Once the payee is set up, open Send Payments again.
Select the payee from your saved list.
Choose your funding source — either your Loop account or a connected external bank account.
Enter the amount and currency to send.
Confirm payment details.
Review the recipient, amount, and currency.
Loop automatically determines the optimal transfer network (e.g., ACH, Wire, or Faster Payments).
View confirmation.
Once submitted, you’ll see an on-screen confirmation.
You can download a payment receipt or reference number for your records.
Key Features & Considerations
Cross-Border Payments:
Send funds in over 25 global currencies without managing multiple bank accounts.
Automatic Network Selection:
Loop intelligently routes payments using the fastest, most cost-effective network available.
Payment Approval Workflows:
Set approval limits and designate who can authorize or send payments within your team.
Transparent Fees:
Loop’s displayed exchange rate includes all fees — no hidden costs or extra wire charges.
Connected Accounts:
Link your external bank accounts to fund transfers directly through Loop.
FAQs
Do I need to choose between ACH, Wire, or Faster Payments?
No. Loop automatically picks the most suitable network based on your payee’s country and banking details.
Can I send international wire transfers?
Yes. Loop supports international transfers in over 25 currencies across major regions.
How long does a wire transfer take?
Delivery times vary by region, but most payments arrive within 1–3 business days.
Are there fees for wire transfers?
Loop includes all fees in the exchange rate you see before confirming your payment — so there are no surprises.
Can I view or download a payment receipt?
Yes. After sending a payment, you can download the confirmation details directly from your dashboard.