Overview
When sending money through Loop, you can choose between local transfers and wire transfers depending on where your recipient’s bank is located.
Local transfers — like ACH (United States), EFT (Canada), or SEPA (Europe/UK) — are ideal for domestic payments. They’re electronic, low-cost, and use standardized local banking details.
Wire transfers, on the other hand, are best for international or cross-currency payments. While they often process faster than local transfers, they use more detailed banking information and pass through correspondent banks along the way.
Both transfer types are supported through Loop, and all wire transfers are free to send, regardless of plan.
Sending a Local Transfer
When sending a local transfer, use the corresponding format for your region:
ACH (U.S.)
Account Number
ABA Routing Number
EFT (Canada)
Account Number
Institution Number
Transit Number
SEPA (Europe/UK)
IBAN
BIC
Local transfers are typically completed within 1–2 business days, depending on the receiving bank.
Sending a Wire Transfer
To send a wire, you’ll need to provide full recipient bank details. The required format varies by region:
U.S. International Wire
Account Number
SWIFT Code
Beneficiary Address
Beneficiary Bank Name
Correspondent/Intermediary Bank Name
Correspondent/Intermediary Bank Address
Europe International Wire
IBAN
SWIFT Code / BIC
Bank Address
Wire transfers are free to send through Loop and usually settle within 1–3 business days, depending on intermediary banks.
FAQs
Are wire transfers faster than ACH or EFT?
Yes. Wires often reach the recipient the same or next business day, while local transfers may take 1–2 days.
Are there limits on sending wires?
No standard sending limits apply, but very large transfers may require verification for security.