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What are the FX fees when spending on a Loop Card?

If you spend in a currency enabled on your Loop Card, there’s no FX fee at all. If you spend in a different currency, you’ll get the exchange rate depending on your Loop plan.

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:

  1. Review the currencies you owe.

  2. 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.
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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.
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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.

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