Overview
Foreign exchange (FX) fees are small charges that occur when one currency is converted into another — for example, when paying for something priced in USD using CAD.
Traditional banks and credit card providers often charge 3–4% in hidden markups or conversion fees.
Loop removes most of those costs, giving you transparent, low-cost FX rates that scale with your business.
How FX works on your Loop Card
1. Spending in a supported currency
When you make a purchase in a currency that’s already enabled on your Loop Card (for example, CAD, USD, EUR, or GBP):
No FX occurs — the payment draws directly from your balance in that currency.
You pay nothing extra.
2. Spending in a non-enabled currency
If you spend in a currency not enabled on your Loop Card:
The transaction converts automatically at the Visa exchange rate, plus a small Loop markup.
The markup is 0.1%–0.5%, depending on your Loop subscription plan.
Managing FX from your bank account
If you only have a CAD bank account, you can still make international purchases with your Loop Card without forcing an immediate conversion back to CAD.
At the end of your billing cycle, you can:
Review the currencies you owe.
Convert funds from your CAD account into the required currencies at any time through Loop.
Loop offers low-cost FX conversions with only a 0.1%–0.5% markup — compared to the 3–4% typical markup at most banks.
Why use Loop for FX
No hidden base-rate markups — your rate is always transparent.
Lower costs than banks and even many online FX services like Wise (TransferWise) or OFX.
Simple conversions handled automatically when spending in foreign currencies.
More control — convert only what you need, when you need it.
In most cases, Loop’s FX rates are better than traditional banks and third-party FX platforms, saving your business both time and money.
FAQs
Do I pay FX fees when I spend in my card’s native currency?
No. If the transaction currency matches one of your card’s enabled currencies, there’s no conversion and no FX fee.
What determines my FX markup?
Your Loop subscription plan — Basic, Plus, or Power — determines your FX rate markup (between 0.1% and 0.5%).
Can I see the rate before I convert?
Yes. Loop always displays the live exchange rate and markup before confirming any conversion.
How does Loop’s rate compare to my bank’s?
Most banks charge 3–4% in hidden FX markups. Loop’s rates are up to 90% cheaper.