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Loop (Bank on Loop) Review
Pros & Cons
Pros
- No-FX multi-currency credit card (0% FX on card spend)
- Local CAD, USD, EUR, and GBP accounts eliminate double conversions
- $0 monthly account fees and low-margin international transfers (0.1%–0.5%, no wire fee)
- CDIC-insured CAD deposits (held in trust) and FDIC coverage on USD via Lincoln Savings Bank
- Virtual card controls, receipt capture, expense management, and access to capital up to $1M
Cons
- Canada-only — built for Canadian businesses, not US/UK/EU companies
- Loop is a fintech, not a chartered bank; products run through partner banks
- Cited savings depend on cross-border volume; a domestic-only business won't see them
Our Take on Loop (Bank on Loop)
Loop is a Canadian fintech that helps businesses spend, send, and get paid across borders without FX fees — a no-FX multi-currency credit card, free international transfers, and local CAD, USD, EUR, and GBP accounts with CDIC-insured Canadian deposits.
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Reviewed by
Sarah MitchellSenior Finance Editor
Sarah Mitchell is a certified financial planner with 12 years of experience covering personal finance, credit cards, and investment products. She has been quoted in The Wall Street Journal, Forbes, and Bloomberg. Sarah holds a CFP designation and an MBA from Wharton. She tests every financial product she reviews and consults with independent financial advisors to ensure accuracy.
Editorial independence & disclosure. ExpertPicked is reader-supported and may earn a commission on purchases made through our links. This never affects our rankings or recommendations. Read our full editorial policy.