Loop Canada review<\/a>\n<\/div>\n<\/article>Is Loop legitimate?<\/h3>
Loop Financial is a Toronto-based fintech that was founded in 2015. It originally provided business financing and was known as Lending Loop, but it now specializes in cross-border business banking.<\/p>
Loop is regulated in Canada and partners with banks in other countries to insure their customer deposits under national deposit insurance schemes. For example, deposits to the Loop US Dollar Account are covered by the Federal Deposit Insurance Corporation in the USA.<\/p>
Loop also says it uses 24\/7 fraud monitoring and data encryption to help keep your details and our money safe.<\/p>
What we like about Loop money transfers<\/h3>- Send money to over 180 countries.<\/strong> Loop allows you to send payments in 37 currencies to most countries around the world.<\/li>
- No transfer fees.<\/strong> There are no fees to worry about when sending an international money transfer with Loop.<\/li>
- No sending limit.<\/strong> There\u2019s no limit to the amount of money you can transfer with Loop. However, there may be an individual transaction limit depending on the currency you\u2019re sending. Loop says this usually ranges from $1 million to $5 million.<\/li>
- Fast transfers.<\/strong> International transfers with Loop take one business day to complete.<\/li>
- Easy online account management.<\/strong> Manage your Loop account online and track all your transactions via a single dashboard.<\/li>
- Other account features.<\/strong> Loop also offers multi-currency business credit cards, foreign currency business bank accounts (US, UK and EU), working capital and expense management solutions.<\/li>
- Security.<\/strong> Use two-factor authentication to provide an added layer of security to your account. Create customized approval rules to manage who can make payments from your account.<\/li><\/ul>
What to watch out for<\/h3>- Exchange rate markup.<\/strong> Take note that an exchange rate markup of 0.5% applies to currency conversions if you have a Loop Basic account. The markup falls to 0.25% with a Loop Plus account and 0.1% with a Loop Power account.<\/li>
- Some features still coming soon.<\/strong> At the time of writing (June 2024), the Loop website still lists some account features as coming soon. These include importing payments from QuickBooks and Xero as well as bulk send payments.<\/li>
- Monthly fees.<\/strong> While Loop offers a free monthly plan, Loop Plus costs $49 a month and Loop Power costs $199 a month. These paid plans offer perks such as smaller exchange rate markups on currency conversions as well as access to more physical and virtual Loop cards.<\/li>
- Bank transfers only.<\/strong> The only way to pay for your transaction is with a bank transfer, and the money you send will be deposited into your recipient\u2019s bank account.<\/li><\/ul>
Alternatives to Loop transfers<\/h3>