Overview
Loop, at a glance.
Loop is a money services business headquartered in Canada, regulated by Bank of Canada and registered with FINTRAC as a money services business. The company behind Loop is Loop Payments Inc. The business account has no monthly fee. Opening an account takes up to 2 business days. The business must be registered in Canada, federally or provincially, with a CRA Business Number. At least one director must be a Canadian resident or citizen; other owners can live anywhere, and you can apply from anywhere.
Loop is not a bank. CAD balances are held in trust for customers at CDIC member institutions, with CDIC coverage on eligible deposits up to CA$100,000 per beneficiary per institution. USD operating accounts are held at Lincoln Savings Bank, Member FDIC, insured up to US$250,000. EUR and GBP balances are safeguarded with regulated institutions in those regions, which Loop does not name.
Why businesses pick Loop
- Free Basic plan with no account fees and no minimum balance
- Local account details in CAD, USD, EUR and GBP, including a US routing and account number
- FX at 0.47% on Basic, 0.27% on Plus and 0.12% on Power, built into the rate shown
- No fee on ACH, EFT, SEPA or wire transfers, and payments in 29 currencies
- No FX fee on card spending in CAD, USD, EUR and GBP
- Visa credit card with a limit up to CA$1 million, a 55-day grace period and no annual fee
- No limit on receiving money and no minimum on conversions
Watch out for
- Only for businesses registered in Canada, and at least one director must be a Canadian resident or citizen
- Loop is a money services business, not a bank: accounts and cards come through partner institutions
- Card spending in currencies other than CAD, USD, EUR and GBP adds 0.1% to 0.5% to Visa's rate, by plan
- Collecting invoices by automated ACH or EFT billing costs 0.5% plus CA$1 on Basic and 0.25% plus CA$1 on Plus
- Interac e-Transfer receives only; you cannot send by Interac
- No forward contracts: conversion is at the live rate only
- Cards cannot be issued to sole proprietors resident in Quebec
Business fit
Will Loop accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Loop's published rules
Likely no
Loop does not list United Kingdom among the countries where it accepts companies.
Loop does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Loop publishes about the businesses it takes on.
Who Loop serves
- Startups and SMEs
- E-commerce
- Marketplaces
- Freelancers
- Professional services
Not supported
Industries and countries Loop does not accept, from its own published lists.
Industries
- Illegal products, services, or related peripherals
- De-scramblers, modification chips, jammers, signal-blocking devices, or similar products
- Fake IDs, fraudulent government documents, or document fraud
- Counterfeit merchandise, piracy, trademark infringement, or other intellectual property violations
- Products or services that facilitate illegal goods or services, human trafficking, child labour, prostitution, or similar activity
- Products that may be readily misused to harm individuals or property, especially where marketed toward misuse or with unclear intended use
- Use of artificial intelligence for illegal activities, fraud, adult content, or activities that may damage Loop, banking partner, or payment network brands
- Adult entertainment
- Adult toys and novelties
- Pornographic or adults-only products or services
- Phone sex, adult live-chat, adult video stores, escort services, strip clubs, or similar services
- Massage services involving sexual activity
- AI-generated adult content or AI-generated prohibited content
- Illegal, exploitative, non-consensual, or otherwise prohibited sexual content
- Weapons or military-grade security businesses
- Illegal weapons, whether sold in person or online
- Online sales of firearms, weapons, or related parts and accessories
- Licensed firearms or weapons sales, including related parts and accessories
- Shooting ranges, firearm training, or firearm certification businesses
- Illegal drugs or controlled substances
- Illegal sale of prescription drugs or tobacco products
- Drug paraphernalia
- CBD and related products
- Cannabis or marijuana businesses, including licensed marijuana producers and retailers
- Psilocybin mushrooms, spores, synthetic cannabinoids, synthetic stimulants, or similar controlled or psychoactive products
- Psychoactive herbal products, including kava, kratom, salvia, fly agaric, K2, or similar substances
- Age-restricted products, including tobacco, alcohol, vape products, e-liquids, and related hardware
- Online pharmacies, telehealth businesses, cross-border pharmaceutical sales, or pseudo-pharmaceutical sales
- Hazardous or unapproved substances marketed with implied health benefits
- Gambling, betting, or wagering businesses
- Online gambling or betting
- Lottery tickets, casino gaming chips, racetracks, off-track betting, or casino-related activity
- Skill games, including fantasy sports gambling
- Online gaming involving charity raffles or fundraising activities
- Government-owned lottery merchants
- Certain digital goods and services related to gaming or virtual services
- Money service businesses
- Money transmitters, remittance businesses, currency exchange services, or similar services
- Financial institutions making payments on behalf of other financial institutions, including nested relationships or layering
- Shell banks or banks without a physical presence in any country
- Wallets, digital wallet operators, staged wallet providers, stored-value models, or similar services
- Cryptoassets, cryptocurrency, crypto exchanges, stablecoins, crypto ramps, quasi-cash, or similar products
- Securities dealers, trading services, financial instruments, stocks, bonds, or speculative trading
- Payday lending, credit lending, debt collection, collection agencies, or debt collection by the seller
- Credit repair, credit protection, refinancing, mortgage reduction, or similar services
- Bankruptcy legal services
- Crowdfunding
- Factoring or aggregator models
- Buy Now Pay Later, leasing, auto payment plans, or payment plan merchants
- Bail bond services
- Timeshares
- Precious metals and stones, including diamond traders
- Watches, jewellery, precious stones, and precious metals businesses
- Unauthorized resale of luxury goods, including watch traders
- Scrap metal traders
- Mining and extraction
- Carbon credits or carbon credit traders
- Energy traders
- Airlines
- Cruise lines
- Travel agents
- Travel tour operators
- Travel-related services that create elevated financial, fulfilment, or chargeback risk
- Prepaid phone calling cards or telecom products
- Communications infrastructure, including phone systems or internet hosting
- Web hosting services
- Online cloud data storage, cyberlockers, or similar services
- Online delivered software, including auto-renewal models
- Peer-to-peer content sharing platforms that allow individuals or businesses to sell, rent, or distribute digital or physical assets directly
- Online dating, chat, or matchmaking services
- Inbound teleservices where restricted by Loop's banking or payment partner requirements
- Deceptive internet sales
- Misleading free trials, negative renewal models, misleading trial periods, deceptive refund policies, or deceptive marketing
- Businesses offering poor-value products, questionable quality, unrealistic guarantees, or promises of very high returns
- "Get rich quick" businesses
- Ponzi schemes, pyramid schemes, or unsustainable business models
- Multi-level marketing, including MLMs with products
- Businesses with no inventory or models reliant on breakage
- Door-to-door sales involving high-pressure tactics or unproven claims
- Multiple unrelated business models
- Undefined, unclear, or unsustainable business models
- Personal concierge services that facilitate illegal activities or offerings
- Political organizations
- Unregistered charities
- Charity organizations that do not meet Loop's registered charity eligibility requirements
- Registered charities that cannot provide the required onboarding information or supporting documents
- Businesses not incorporated or licensed in Canada, where incorporation or licensing is required for a specific Loop product or payment service
- Pawnbrokers or pawn shops
- Psychic, astrology, occult, or similar services
- HVAC services
- Services fulfilled internationally where Loop cannot verify the nature of services, fulfilment, licensing, or delivery
- Immigration services
- Consulting businesses where the business purpose, source of funds, service delivery, or client base cannot be clearly verified
- Rent aggregators
Countries
- Not published
Coverage
Where can you use Loop?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
4 currencies to hold and receive
Hold and receive · 4 currencies
- EUR
- USD
- GBP
- CAD
Pay out · 29 currencies
- EUR
- USD
- GBP
- CHF
- CAD
- AUD
- JPY
- AED
- BHD
- CNY
- CZK
- DKK
- HKD
- ILS
- INR
- KES
- KWD
- MXN
- NZD
- OMR
- PHP
- PLN
- QAR
- SAR
- SGD
- THB
- TRY
- UGX
- ZAR
Six more payout currencies on request (HUF, IDR, MYR, NOK, RON, SEK). SWIFT payments in 25+ other currencies are received and converted to CAD.
Payment reach
Not published
Who can apply
Company incorporation countries1 countries · show list
- Canada
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Corporations, Partnerships, Sole proprietorships, Registered charities
Pricing
What does Loop cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
CAD 0–299
depends on plan
Conditions
Loop Plus billed annually instead of monthly: CA$71 a month · Loop Power billed annually instead of monthly: CA$250 a month
Basic
Lowest costCAD 0 per month
CAD 0 setup · CAD 0 in year one
Loop Plus
CAD 79 per month
CAD 0 setup · CAD 948 in year one
Loop Power
CAD 299 per month
CAD 0 setup · CAD 3,588 in year one
Custom pricing
Custom
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Outgoing | ||
| SWIFT / international | Free | No charge · Wire transfers; intermediary and receiving banks may charge their own fees |
| Local transfer to another bank | Free | No charge · ACH, EFT and SEPA transfers, on every plan |
Ranges span the plans; higher plans pay the lower end.
Other fees
Currency exchange (FX)
| Cost | Basic | Loop Plus | Loop Power | Custom pricing | How it is charged |
|---|---|---|---|---|---|
| FX markup | 0.47% | 0.27% | 0.12% | Not published | Percentage of the amount · Conversions between your Loop accounts and international payments, built into the rate shown |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Monthly card fee | Free | No charge · No annual fee on the Loop Global Visa Credit Card |
| Card FX | 0.1–0.5% | Percentage of the amount, within a range · Card spending in currencies other than CAD, USD, EUR and GBP: Visa's rate plus a markup that depends on the plan; no FX fee on CAD, USD, EUR and GBP |
Forward contracts: Not published
Compare FX providersOnboarding
From application to live account.
Loop reviews applications within 2 business days; USD account details follow within 2 business days of the USD setup form.
- 1
Sign up
Create an account online at bankonloop.com and enter the business's details.
- 2
Owners and documents
List every owner with 25% or more, the directors and signing officers; each completes an ID check, and you upload the registration and proof that the business is operating.
- 3
Review
Loop reviews the application within 2 business days.
- 4
Account details
Upgrade your currency accounts to operating accounts for local details; the USD account has its own setup form and is ready within 2 business days. The credit card is a separate application.
Documents you need
- Corporate registration (corporations); provincial Business Name Registration or CRA document (sole proprietorships); Partnership Registration, Partnership Agreement or CRA documentation (partnerships)
- Tax ID (GST/HST) or Business Number
- Government-issued photo ID for each UBO, director and signing officer (e.g. driver's licence, passport)
- Proof the business is operating: bank statement (last 90 days), revenue proof, contracts, tax documents, financial statements, professional licence, seller-portal exports or online presence
- Registered charities: CRA charity registration number and governing documents
- USD account: Business Number, formation date, and a Canadian passport, or non-Canadian passport plus Canadian PR card, or US SSN card
FAQ
Your questions, answered.
Is Loop a bank?
No. Loop Financial Inc. is a financial technology company. Its subsidiary Loop Payments Inc. is registered with FINTRAC as a money services business (M22489771) and with the Bank of Canada as a payment service provider. USD accounts are held at Lincoln Savings Bank, CAD balances in trust at CDIC member institutions, and the Visa credit card is issued by Equitable Bank.
How much does Loop charge for FX?
0.47% on the free Basic plan, 0.27% on Loop Plus (CA$79 a month) and 0.12% on Loop Power (CA$299 a month), built into the rate shown. It applies to conversions between your Loop accounts and to international payments. Card spending in CAD, USD, EUR and GBP has no FX fee.
Does Loop give my business a US account?
Yes. The USD operating account has a US routing and account number for ACH and wires, held at Lincoln Savings Bank, Member FDIC. You request it with a separate setup form and get the details within 2 business days.
Who can open a Loop account?
Corporations, partnerships, sole proprietorships and registered charities registered in Canada. At least one director must be a Canadian resident or citizen. Businesses incorporated abroad, US LLCs and businesses not yet registered are not accepted.
What does it cost to send money with Loop?
ACH, EFT, SEPA and wire transfers are free on every plan; the cost of a payment in another currency is the FX rate of your plan. Intermediary and receiving banks may charge their own fees on wires.
Can I fix an exchange rate for a future payment?
No. Loop publishes no forward contracts. A quoted rate holds for about 30 seconds; you can convert early and hold the balance in CAD, USD, EUR or GBP until you pay.
Alternatives
How Loop compares.
If Loop is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 LoopThis pageMoney services business |  | Low FXCanadian SMEs |
 VennMoney services business | | Low FXCashback cards |
 FloatMoney services business | | Corporate cardsInterest on balances |
 Wise BusinessE-money institution |   | Low FX costsStandard businesses |
 AirwallexE-money institution |   | Global accountsOnline businesses |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.