# Loop: Canadian business account

> Business account for companies registered in Canada, with local account details in CAD, USD, EUR and GBP and payments in 29 currencies. Loop is a Toronto fintech, not a bank: Loop Payments Inc. is registered with FINTRAC as a money services business and with the Bank of Canada as a payment service provider, and USD accounts are held at Lincoln Savings Bank. The Basic plan is free; FX costs 0.47% on Basic, 0.27% on Plus (CA$79 a month) and 0.12% on Power (CA$299 a month).

Finzil profile: https://finzil.com/providers/loop · Provider website: https://bankonloop.com · Facts checked: 2026-10-23

## Key facts

- **Monthly fee:** Free (Basic plan; Plus CA$79, Power CA$299)
- **Setup fee:** Free
- **Currencies:** 4 (to hold and receive; 29 to pay out)
- **Onboarding:** Up to 2 business days (for the application review)
- **Provider type:** Money services business (Registered with FINTRAC and the Bank of Canada; not a bank)
- **IBAN:** Local account details for CAD, USD, EUR (IBAN) and GBP (sort code)
- **Payment rails:** EFT, Interac e-Transfer, ACH, SEPA, SEPA Instant, Faster Payments and SWIFT (Interac e-Transfer for incoming payments only)
- **Cards:** Visa credit card and account-linked cards, virtual and physical (Credit card issued by Equitable Bank, limit up to CA$1 million)
- **Safeguarding:** CAD in trust at CDIC member institutions; USD at Lincoln Savings Bank (FDIC)
- **Non-residents:** Accepted (At least one director must be a Canadian resident or citizen)
- **Remote opening:** Yes
- **Headquarters:** Canada
- **Trustpilot:** 3 from 100 reviews (checked 2026-10-23)

## Who can apply

- **Non-resident owners** (owner or director living outside the company's country): Accepted. 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.
- **Countries of incorporation accepted:** Canada (only these)
- **Countries of incorporation refused:** Not published
- **Owner residency accepted:** Not published
- **Owner residency refused:** Not published
- **Owner nationality refused:** Not published
- **Company types accepted:** Corporations, Partnerships, Sole proprietorships, Registered charities

## Industries

- **Industries served:** Startups and SMEs, E-commerce, Marketplaces, Freelancers, Professional services
- **Prohibited industries (provider's own list):** 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 (source: https://support.bankonloop.com/en/articles/12558317-which-industries-are-restricted-from-using-loop)

## Licences

- Canada: FINTRAC, Money services business, Loop Payments Inc., register no. M22489771
- Canada: Bank of Canada, Payment service provider (Retail Payment Activities Act), Loop Payments Inc.

Safeguarding: 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.

## Fees

Source: https://www.bankonloop.com/en-ca/pricing (checked 2026-10-23)

### Plans

- **Basic:** Free
- **Loop Plus:** 79 CAD a month
- **Loop Power:** 299 CAD a month
- **Custom pricing:** Custom pricing

### Outgoing

- SWIFT / international: Free · Wire transfers; intermediary and receiving banks may charge their own fees
- Local transfer to another bank: Free · ACH, EFT and SEPA transfers, on every plan

### Currency exchange (FX)

- FX markup (Basic): 0.47% · Conversions between your Loop accounts and international payments, built into the rate shown
- FX markup (Loop Plus): 0.27% · Conversions between your Loop accounts and international payments, built into the rate shown
- FX markup (Loop Power): 0.12% · Conversions between your Loop accounts and international payments, built into the rate shown

### Cards

- Monthly card fee: Free · No annual fee on the Loop Global Visa Credit Card
- Card FX: 0.1–0.5% · 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

## Opening an 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: 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

## Pros and cons

- Pro: Free Basic plan with no account fees and no minimum balance
- Pro: Local account details in CAD, USD, EUR and GBP, including a US routing and account number
- Pro: FX at 0.47% on Basic, 0.27% on Plus and 0.12% on Power, built into the rate shown
- Pro: No fee on ACH, EFT, SEPA or wire transfers, and payments in 29 currencies
- Pro: No FX fee on card spending in CAD, USD, EUR and GBP
- Pro: Visa credit card with a limit up to CA$1 million, a 55-day grace period and no annual fee
- Pro: No limit on receiving money and no minimum on conversions
- Con: Only for businesses registered in Canada, and at least one director must be a Canadian resident or citizen
- Con: Loop is a money services business, not a bank: accounts and cards come through partner institutions
- Con: Card spending in currencies other than CAD, USD, EUR and GBP adds 0.1% to 0.5% to Visa's rate, by plan
- Con: Collecting invoices by automated ACH or EFT billing costs 0.5% plus CA$1 on Basic and 0.25% plus CA$1 on Plus
- Con: Interac e-Transfer receives only; you cannot send by Interac
- Con: No forward contracts: conversion is at the live rate only
- Con: Cards cannot be issued to sole proprietors resident in Quebec

## Finzil's take (opinion)

Loop suits a Canadian company that sells into the US and wants free USD, EUR and GBP account details with FX well under 0.5%. Against Basic, Loop Plus pays for its CA$79 a month above about CA$40,000 of conversions a month, and Loop Power above about CA$85,000.

## Alternatives

- [Venn](https://finzil.com/providers/venn): Money services business · Canada
- [Float](https://finzil.com/providers/float): Money services business · Canada
- [Wise Business](https://finzil.com/providers/wise): E-money institution · UK, Belgium
- [Airwallex](https://finzil.com/providers/airwallex): E-money institution · UK

## FAQ

**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.

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