Overview
This article explains what Loop FX is, who it’s for, and how to use it.
If you make or receive payments in multiple currencies, Loop FX helps you:
Save on foreign exchange (FX) fees
Access market-leading rates
Simplify your multi-currency workflows
Who this is for
Loop FX is ideal if you:
Run a Canadian business with international expenses or revenues in USD, EUR, or GBP
Pay suppliers, vendors, or purchase goods/services abroad
Want to avoid high FX fees from banks or credit cards
Need transparent, predictable FX costs that scale with your business
What is Loop FX?
Loop FX is Loop’s built-in foreign exchange feature, allowing you to convert funds instantly between currencies — including CAD, USD, EUR, and GBP.
Key points
Market-leading rates: You’ll access Loop’s best FX pricing with low, transparent markups.
No hidden margins: Unlike traditional banks, Loop doesn’t inflate base rates.
Scalable pricing: Enjoy the same great pricing regardless of transaction size.
Key features and benefits
Feature | What it means for you |
Instant conversion between currencies | Convert funds immediately (e.g., CAD → USD, EUR → GBP) without waiting or using multiple banks. |
Low and transparent FX fees | Loop applies small markups (0.1%–0.5%, depending on plan) compared to traditional bank margins (3–4%). |
Multi-currency cards and accounts | Hold and spend in CAD, USD, EUR, and GBP without repeated conversions or FX penalties. |
Tiered plans | Loop’s plans — Basic, Plus, and Power — offer progressively lower FX fees and additional features to suit your business. |
Common use cases
Paying international suppliers: Convert CAD to USD (or another currency) when paying overseas vendors and save on conversion costs.
E-commerce operations: Hold balances in multiple currencies — like earning in USD and spending in CAD or EUR.
Team spending and purchases: Use your Loop multi-currency card to spend in the merchant’s local currency and skip FX fees.
Global payments: Send money internationally using Loop’s Send Payments feature at the same competitive FX rate.
How to convert currencies through Loop
Go to the Accounts page in your Loop Dashboard.
Select the currency account you want to convert from.
Click Convert.
Choose the currency you want to convert to (e.g., CAD → USD).
Review the live exchange rate (including the FX fee).
Confirm to complete the conversion.
Your converted funds will appear instantly or within one business day in the destination account.
Loop’s FX rates are live and refresh automatically to reflect market movements.
How to use Loop’s FX rates for global payments
Go to the Send Payments page in your Loop Account.
Click Add Payee and enter the recipient’s details.
Choose the currency you want to send.
Review Loop’s FX rate (the same rate used for conversions).
Confirm and send the payment.
Your payment will be processed at the confirmed FX rate, ensuring full transparency and no hidden markups.
Notes
Supported currencies: CAD, USD, EUR, GBP (with more being added soon).
Rates are updated in real time and displayed before each transaction.
Conversion fees are built into the displayed rate — no additional or surprise charges.
Conversions and payments typically settle instantly or within one business day.
FAQs
How is Loop’s FX rate different from my bank’s?
Loop offers transparent rates with minimal markups, unlike banks that often add 3–4% hidden fees.
Can I hold multiple currencies in my account?
Yes — Loop provides separate accounts for CAD, USD, EUR, and GBP.
Are there limits on FX conversions?
There are no minimums, and large conversions are supported. For high-value transactions, you may be prompted to confirm details for security.
Do I need a specific Loop plan to access FX?
All Loop users can use FX, but Plus and Power plan members enjoy lower FX fees.