Loop Review (2026): The Loop Credit Card, Fees, FX and Who It Fits, by a Canadian CPA
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Is the Loop credit card worth it for a Canadian business?
Yes, for a business that wants a credit card or converts enough to pay for a plan: the Loop Global Visa (a credit card issued by Equitable Bank) charges 0% FX on purchases in USD, EUR or GBP because each charge settles from the matching balance (Venn's charge card also spends a held USD, EUR or GBP balance at 0%), every plan includes free USD, EUR and GBP accounts, and Basic costs $0 a month with 2 physical and 20 virtual cards. Converting between balances costs 0.47% on Basic, 0.27% on Loop Plus ($79) and 0.12% on Loop Power ($299). Loop is not a bank: it pays no interest, its USD sits at Lincoln Savings Bank (FDIC) and it says eligible CAD deposits are held in trust at CDIC member institutions, without naming them. For the CAD operating account with 2% interest and CDIC-eligible deposits, Venn is the better pick, and many businesses run both. Verified at bankonloop.com, September 2026.
At a Glance
Loop in one paragraph
Loop is a Toronto fintech that sells Canadian businesses a multi-currency account and a corporate Visa built for spending outside Canada. The card, the Loop Global Visa issued by Equitable Bank, charges 0% FX on purchases in CAD, USD, EUR or GBP because each charge settles from a balance in that currency, and every plan includes free USD, EUR and GBP accounts. Basic is $0 a month with conversion between your balances at 0.47%; Loop Plus ($79) drops it to 0.27% and Loop Power ($299) to 0.12%. Loop is not a bank: it pays no interest on balances, its USD accounts sit at Lincoln Savings Bank in the United States (FDIC), and it says eligible CAD deposits are held in trust at CDIC member institutions, without naming them. It fits an e-commerce or agency business that spends heavily on US ad platforms and overseas suppliers. A business that mainly banks in CAD and wants interest and CDIC-eligible deposits is better served by Venn. Every figure here was read at bankonloop.com in September 2026.
What Loop is, and what it is not
Loop Financial Inc. has built products for Canadian businesses since 2015 and started life as Lending Loop, a business-lending marketplace, before pivoting to accounts and cards. Today it is a FINTRAC-registered money services business, SOC 2 Type II audited, that keeps client funds separate from its own. It is not a chartered bank, it does not hold a Bank of Canada payment-service-provider approval that it publishes, and it does not advertise interest on balances. What it does publish is a clear pricing page, which is where every number below comes from.
Want interest and CDIC-eligible deposits on the operating account?
Venn: $0 monthly, 2% on CAD and USD, deposits held at Bank of Montreal, 0.45% FX, a charge card with no personal guarantee, and up to $500 in bonuses for registered corporations through our link. Run it under Loop or instead of it.
Loop plans and fees
| Plan | Monthly fee | Conversion between balances | Cards | Bill pay |
|---|---|---|---|---|
| Basic | $0 | 0.47% | 2 physical, 20 virtual; points on CAD spend | 0.5% + $1 per invoice |
| Loop Plus | $79 ($71 billed annually) | 0.27% | More cards; 2x points | 0.25% + $1 per invoice |
| Loop Power | $299 ($250 billed annually) | 0.12% | More cards; 2x points | $1 per invoice |
All plans include CAD plus free USD, EUR and GBP accounts, and the card's 0% FX applies on every plan. The paid plans only make sense on conversion volume. Loop Plus saves CA$20 on every CA$10,000 converted (0.27% against 0.47%), so its CA$79 fee breaks even at roughly CA$39,500 of monthly conversion (about US$28,000 at 1.41). Power saves a further CA$15 per CA$10,000 (0.12%), so it beats Plus only above roughly CA$146,700 a month (about US$104,000). Below CA$39,500, Basic is the plan.
The Loop credit card
The Loop Global Visa is the product most people search for. It is a corporate card issued by Equitable Bank that lets a Canadian business spend in USD, EUR and GBP without a conversion fee, because the charge is settled from the matching currency balance in your Loop account. If you fund the USD account from USD revenue (an Amazon.com or Shopify Payments payout, a US client paying by ACH), your US ad spend and SaaS bills never touch an exchange rate at all. Basic includes 2 physical and 20 virtual cards, with points on CAD purchases; Plus and Power add more cards and double the points. Spend limits are set per card in the dashboard.
Two things Loop's public pages do not state and you should ask at application: the credit limit and underwriting terms for your business, and whether a personal guarantee is required. Venn publishes both for its charge card (no personal guarantee, no credit check, limit tied to the cash in the account); Loop's answer comes from its application.
Multi-currency accounts and receiving USD
Each Loop account comes with USD, EUR and GBP balances at no extra charge, and the USD account is provided by Lincoln Savings Bank, an FDIC member, which gives you US account details for receiving ACH payments from American customers and marketplaces. That is the feature that makes Loop useful to e-commerce sellers: payouts land in USD, the card spends the USD, and nothing is converted until you choose to. Conversion between your own balances is priced by plan as above; international wires are not listed as a flat fee on the pricing page, so confirm the cost before relying on them for supplier payments.
Where the money sits
This is the section that decides whether Loop is your main account or a satellite one. USD balances are at Lincoln Savings Bank and covered by FDIC insurance in the United States. For CAD, Loop's trust page says client funds are held separately from Loop's own and that the company is FINTRAC-registered and SOC 2 Type II audited, and its pricing page says eligible CAD deposits held in trust at CDIC member institutions are protected up to $100,000, though it does not name the institution. Loop also pays no interest. By contrast, Venn's balances sit at Bank of Montreal with CDIC eligibility and earn 2%. Our practical advice: hold operating cash where it is insured and earning, and keep in Loop what you will spend on the card or convert.
Accounting and integrations
Loop connects to Xero and QuickBooks Online through a bank feed, which imports transactions for you to categorise, rather than the direct integration Venn offers. For a business with a bookkeeper that is fine; for an owner doing their own books, the multi-currency balances add reconciliation work, and each currency balance needs its own bank account in the ledger so FX gains and losses are recorded properly. Dext handles the receipts behind the card spend; our expense management comparison covers the spend-control side.
Who Loop fits, and who should look elsewhere
- Fits: e-commerce sellers and agencies that earn USD and spend it on US platforms, importers paying EUR or GBP suppliers, and any business converting enough volume for the 0.12% plan to pay for itself.
- Does not fit: a business that mainly operates in CAD (no interest, and the CAD institution is not named), anyone who needs cash or cheque deposits or lending, and Quebec businesses, whose eligibility Loop's pricing page does not address.
The alternatives by job: Venn for the CAD operating account with interest, CDIC eligibility and a no-guarantee charge card (up to $500 for registered corporations through our link); Airwallex for local account details in 20-plus currencies and Quebec eligibility; Float for a Canadian spend-management platform with corporate cards and approvals. The head-to-head with Venn is in Venn vs Loop, and every account is compared on our business banking page.
Frequently Asked Questions
Is Loop a bank?
No. Loop Financial Inc. is a FINTRAC-registered money services business, SOC 2 Type II audited, that holds client funds separately from its own. Its USD accounts are provided by Lincoln Savings Bank, an FDIC member, and its Visa card is issued by Equitable Bank. Loop says eligible CAD deposits held in trust at CDIC member institutions are protected up to $100,000, but does not name the institution.
What does the Loop credit card cost?
Nothing on the free Basic plan, which includes 2 physical and 20 virtual cards. There is no annual fee; purchases in CAD, USD, EUR and GBP carry 0% FX because they settle from the matching currency balance. Loop Plus ($79 a month) and Loop Power ($299) add more cards and double points.
Does Loop charge foreign transaction fees?
Not on card purchases in CAD, USD, EUR or GBP, provided you hold a balance in that currency. Converting between your balances costs 0.47% on Basic, 0.27% on Plus and 0.12% on Power. Spending in a currency you do not hold is converted at your plan rate.
Does Loop pay interest?
No interest is advertised on any balance. Venn pays 2% on CAD and USD, which is the main reason we recommend keeping operating cash there and using Loop for what you will spend on the card.
Is Loop available in Quebec?
Loop's pricing page does not state Quebec availability, so ask before applying. Airwallex holds a Revenu Québec MSB licence and is the fintech option we point Quebec businesses to; Venn states it is not available in Quebec.
Loop vs Venn: which is better?
Venn for the operating account: $0 monthly, 2% interest, CDIC-eligible deposits at Bank of Montreal, direct Xero and QuickBooks integration, a charge card with no personal guarantee and 1% cashback on up to $5,000 of card spend a month on the free plan. Loop for cheaper bulk conversion on its paid plans; both cards spend a held USD, EUR or GBP balance at 0% FX. Many businesses run both.
Does Loop integrate with Xero or QuickBooks?
Yes, through a bank feed that imports transactions into Xero or QuickBooks Online for categorisation. It is not a direct integration, and each currency balance should be set up as its own bank account in the ledger.
Is there a Loop promo code or signup bonus?
Loop publishes no promo code and we have no affiliate relationship with it, so the pricing above is what you pay. Venn, by comparison, pays registered corporations up to $500 through our link, tied to card spend in the first 90 days.
Sebastien ProstCPA, Ex-CRA
Licensed CPA with 10+ years of experience, including work with the Canada Revenue Agency. Founder of LedgerLogic, a cloud accounting firm serving Canadian SMEs. Xero Certified Advisor.