Here is the logic of Loop when you want to do business: Your company is newly incorporated, means no history, means high risk, means systematic rejection of your business verification. Otherw... Ver más
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Terrible customer service. No way to contact directly. Takes days to hear back from email. No clear escalation path when things aren’t resolved. How can one run a business where communication is so... Ver más
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I found the banking system improved in an unexpected way. It is simply made easy for business Thanks.
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Unbeatable customer support Context: we have manufacturing done in China and needed to get a credit limit ASAP in order to get an order paid before a Chinese holiday. Our Loop rep Nikhil was... Ver más
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Información sobre la empresa
Acerca de Loop Financial
Escrito por la empresa
The Future of Cross-Border Banking for Canadian Businesses
Loop Financial is a financial technology company built for Canadian businesses that want to grow without borders. Designed for Canadian companies that need the same financial tools as the largest global enterprises, Loop provides access to world-class banking products, real multi-currency accounts, and corporate credit solutions – all within one integrated platform.
With Loop, you can get:
- Global bank accounts: CAD, USD, EUR, GBP
- Multi-currency corporate credit card
- Industry-leading FX rates
- Free wire transfers and international payments
Loop Powers Global Growth
With Loop, businesses can open real domiciled accounts in Canada, the United States, the United Kingdom, and the European Union. These aren’t proxy wallets – they’re actual banking accounts with local account details, giving companies access to domestic payment rails. That means faster payments, fewer delays, and no unnecessary foreign exchange (FX) fees when sending or receiving money across borders. Customer's CAD balances are held in trust and CDIC insured up to $100,000, and funds in USD operating accounts are FDIC insured up to $250,000.
Loop also offers true corporate credit with limits up to $1 million, paired with a powerful multi-currency credit card. Companies can spend and repay directly in CAD, USD, GBP, or EUR, completely eliminating FX friction while gaining financial flexibility to scale globally.
Beyond accounts and credit, Loop makes international finance simple: free wire transfers, transparent pricing, and access to over 130 countries and 30+ currencies. Canadian businesses no longer need five different providers for payments, accounts, and credit – Loop delivers a full-suite global banking solution under one platform. Plus, every transaction in Loop earns you rewards points, which can be redeemed for travel, gift cards and more.
Whether you’re scaling into new markets, managing international suppliers, or paying global teams, Loop empowers Canadian businesses to access the best rates, the fastest payment options, and the financial infrastructure to compete on a global stage.
Time is Money – Loop Saves you BothLoop Saves Businesses an Average of $40K Per Year and 12 Hours Per Week
Información de contacto
410 Adelaide Street West, M5V 1S8, Toronto, Canadá
- support@bankonloop.com
- bankonloop.com
3,5
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I found the banking system improved in…
I found the banking system improved in an unexpected way. It is simply made easy for business
Thanks.
14 de abril de 2026
Respuesta de Loop Financial
Thank you so much for the kind words! Making banking simpler and more accessible for businesses is exactly what we set out to do, so this means a lot to us.
- Loop Team
Le service à la clientèle est mauvais
Le service à la clientèle est mauvais. J'ai jamais vu cela. Ne faite pas de demande!
10 de abril de 2026
Opinión espontánea
Respuesta de Loop Financial
Hi Catherine,
Thank you for sharing your feedback.
As a regulated financial institution, we are required to collect specific documentation from every applicant as part of our standard verification process. These requirements apply uniformly across all applications and are not unique to yours. They exist to protect both our customers and the integrity of our platform.
We understand it can be difficult when the requested documents are not readily available, and we encourage you to reach out to our team at support@bankonloop.com if you have any questions about what's needed or how to move forward.
As your business grows and the documentation becomes available, we'd love the opportunity to be considered again.
- Loop Team
Respuesta de Loop Financial
Thank you very much for your support Rus!
- The Loop team
Works great!
6 de abril de 2026
Respuesta de Loop Financial
Thank you very much for your support KJ!
- The Loop team
Loop Traps You In A Loop
Here is the logic of Loop when you want to do business: Your company is newly incorporated, means no history, means high risk, means systematic rejection of your business verification.
Otherwise, you should work outside the banking system to prove to them that your NEW company has a proven record of success.
I reached out to their support twice about that nonsense, and they made the effort to respond with the exact same, generic, inconsiderate, copy-paste answer. That's what they call human "support". An AI agent would have performed much better.
I thought I was going to deal with an alternative, future-forward bank. In fact, they are more conservative than traditional banks. Bonus: Their "support" does not care about your specific questions. You are free to choose to be respected or not.
6 de abril de 2026
Opinión espontánea
Respuesta de Loop Financial
Thank you for taking the time to share this.
You're raising a real tension that many early-stage business owners face, and we don't take it lightly. As a regulated financial institution, we are required to assess business history as part of our underwriting process. This applies to each and every applicant. We know that's a difficult reality for newly incorporated companies, and we wish we could do more at that stage.
It does sound like the response you received could have been better, more personalized, and that's valuable feedback that we're now implementing. While it wouldn't have changed the outcome of our decision on your application, it would have improved the delivery of that message, and that matters a lot.
Thank you for pushing us to improve. And of course, as your business grows, if there's an opportunity for us to win your business, we'd love the opportunity to be considered again.
- Loop team
So far great
So far great. AK has been responsive and followed up many times. 5cstar experience.
30 de marzo de 2026
Opinión espontánea
Respuesta de Loop Financial
Hi Jay, thank you very much for your review. We'll be sure to pass along your kind words to AK. We look forward to continuing to support your growth!
- The Loop Team
Loop has been a great partner to us by…
Loop has been a great partner to us by expediting payments to improve cash flow. They help us scale with their corporate virtual cards for our business, saving us time and giving us access to credit to gain operational efficiency. Our account manager, Hassan, has been great to work with and provides unbeatable support.
25 de febrero de 2026
Opinión espontánea
Respuesta de Loop Financial
Hi Tour Beez team, thank you very much for the great review. We're thrilled to hear that Loop has made a real difference for Tour Beez, from faster payments to improved cash flow and operational efficiency. It's exactly the kind of impact we strive for every day.
We'll be sure to pass along your kind words to Hassan. We look forward to continuing to support your growth.
- The Loop Team
These guys build the tools that I…
These guys build the tools that I actually need to run my business for real.
5 de marzo de 2026
Respuesta de Loop Financial
Hi James, truly appreciate your review. We are so happy to hear we have made such a positive impact. Thank you for your trust and support!
- The Loop Team
Very disappointing experience.
Very disappointing experience.
Loop heavily markets itself as a financial partner for startups, but in reality, that positioning is misleading. I submitted full sales reports and complete documentation, yet the application was declined for “insufficient business history.”
Despite declining the application, they still performed a credit check, which negatively impacted my credit score without providing any credit access or value in return.
This creates unnecessary risk for founders and wastes their time. A company that targets startups should operate with more transparency and responsibility.
Based on this experience, I would strongly recommend founders consider more reliable and transparent alternatives.
23 de febrero de 2026
Opinión espontánea
Respuesta de Loop Financial
Hi Baraa,
Thank you for sharing your experience. We understand how frustrating it can be to go through an application process and not receive the outcome you were hoping for.
As a regulated financial institution, we are required to assess every application against specific underwriting criteria. While we aim to support startups at many different stages, we are still obligated to make decisions based on our internal risk and regulatory requirements.
I did want to clarify that while your credit application was rejected, we do only do soft pulls (no hard pulls) when assessing a credit application and so this application had no negative impact to your credit score.
Please know that a declined application is not a reflection of you or the potential of your business. It simply means that, at this time, we are unable to move forward under our current criteria.
We really appreciate you considering Loop, and hope there's an opportunity for us to provide credit services for you in the future as your business continues to grow.
Thank you,
Loop Customer Service
Terrible customer service
Terrible customer service. No way to contact directly. Takes days to hear back from email. No clear escalation path when things aren’t resolved. How can one run a business where communication is so delayed, yet they do not budge on their fees?
11 de febrero de 2026
Respuesta de Loop Financial
I'm sorry to hear about your experience. I can see you're speaking with our Customer Support team and they're addressing your concerns.
Regarding fees like late payment fees, our Collections team follows the policies in our Platform Agreement. You can view a copy of that agreement here, if it's helpful -- https://www.bankonloop.com/en-ca/legal
Should you have any questions or need help, you're welcome to reach out to us anytime via email or in-app chat.
Thank you,
Customer Success team
I've been using Loop for some time now…
I've been using Loop for some time now for virtual cards and sending/receiving payments, and honestly it's been a really solid experience.
The platform does exactly what I need it to do. It fits my use case properly (which isn't always easy with fintech tools), and everything feels smooth and reliable. No weird limitations or constant friction like I've had with other providers.
What really stands out though is their support. They reply fast and they don't just give generic answers. They listen. I've suggested a few tweaks and improvements based on how I use the platform, and they've genuinely taken that feedback seriously. You can tell they're still building and improving, which I respect a lot.
AK in particular has been great to deal with. Super responsive, proactive, and actually follows through on things. That kind of support makes a big difference.
Overall, really happy with Loop so far. If you need a virtual card provider that's responsive and open to feedback, they're definitely worth considering.
19 de febrero de 2026
Opinión espontánea
Respuesta de Loop Financial
Hi Sami, thank you so much for taking the time to share this. It genuinely means a lot to hear that Loop fits your use case so well and that the experience has been smooth and reliable for you.
We are especially glad you called out the support and sales team. Listening closely to our customers and building based on real feedback is a big part of how we operate, so it is great to know that came through in your experience. Your suggestions and insights truly help shape the product.
Great concept - needs better execution
The concept behind Loop is great but the execution is still a work in progress if it wants to be a serious player for being a businesses primary bank. A sophisticated business will likely still need a bank account at a traditional bank and use Loop as an add-on.
Setup also takes longer than it should. It took a month to get everything fully set up whereas with my traditional bank I was able to make an appointment and walked out with everything ready to go in about a hour and half. That said - the account manager I was assigned was very helpful and responsive.
The biggest gap is that the payments functionality is under-developed. While there are a lot of bank-to-bank payment options (ACH, Wire etc.) there is no way to do a traditional bill pay which means you can't easily pay your CRA instalments via Loop. Also, funds can take up to 4 business days to transfer between an outside bank account - which these days is an eternity - and therefore requires extra planning.
I'm going to stick with it and see how it goes and hopefully as they build out their feature set, it will get to point where they are a viable option to be our primary bank.
3 de febrero de 2026
Respuesta de Loop Financial
Thanks so much for taking the time to share such thoughtful and balanced feedback. We really appreciate you recognizing both the potential of Loop and the support you received from your account manager. That level of partnership is something we always strive for.
We also appreciate the feedback on the set-up timelines. Improving this experience is an active focus for our team, and input like this helps us continue to refine it.
Traditional bill payments, including use cases like CRA instalments, are on our product roadmap and are an important area of investment for us in Q2.
On transfer times, faster clearing is available. Many Loop clients benefit from accelerated deposit and transfer timelines, this is based on eligibility. We encourage you to reach out to your account manager with any questions about this, or to review how faster clearing works in our Help Centre.
Thanks again for sticking with us and sharing such constructive feedback. We’re excited about where we’re headed and are committed to continuing to build Loop into a primary global payments and financial platform for growing businesses.
- The Loop Team
Disabled account and closed it for no…
Disabled account and closed it for no reason only stating risk team closed it and holding money for 30 days without reason …this is a scam bank don’t use it
26 de enero de 2026
Opinión espontánea
Respuesta de Loop Financial
Following a review, we identified that your account was in violation of our Terms of Service, and therefore has been permanently closed. This decision was made to meet our regulatory responsibilities.
We understand that this isn't the outcome you were hoping for, however our decision is final. All available funds will be returned to you within 30 business days, in line with our standard process.
Thank you,
Loop Customer Support
Blocked my account without any reason
Blocked my account without any reason and are not not responding to my messages im waiting from so much time
10 de enero de 2026
Respuesta de Loop Financial
Following a review, we identified that your account was in violation of our Terms of Service, and therefore has been permanently closed. This decision was made to meet our regulatory responsibilities.
We understand that this isn't the outcome you were hoping for, however our decision is final. All available funds will be returned to you within 30 business days, in line with our standard process.
Thank you,
Loop Customer Support
Great Potential but Not Mature Enough
As a small online business owner (I'm doing print-on-demand and Amazon Merch on Demand internationally), Loop has a lot of potential:
- Multi-currency bank accounts (CAD, USD, EUR, GBP)
- Multi-currency credit cards
- Real bank accounts and real credit cards
- Transparent and great FX rates
- Great customer service
- Signup was smooth
But I don't think it's mature enough for me, for now at least, and I didn't get to actually use the platform.
Here are some of the issues that I encountered. If solved, I would gladly start using Loop.
- Canadian bank accounts don't have BIC/SWIFT because they can't receive wire transfers. I know it's not really used in Canada, but Amazon Merch on Demand absolutely requires it. (Probably because I don't sell on amazon.ca)
- EUR bank accounts are actually located in London, UK and Amazon thinks they need to send GBP instead of EUR.
- No Interac e-transfer
- (Optional) I'd prefer cashback to gift cards.
- (Optional) Some % interest on bank accounts would be great.
- (Optional) More currencies. If possible, I'd also need Japanese Yen with the bank actually in Japan.
I haven't really tried anything, but from what I've seen, Loop is probably best if you:
- Need to receive/send money directly to customers/suppliers
- Need to manage a team
- Need multi-currencies with great FX
18 de noviembre de 2025
Opinión espontánea
Good customer service
Good customer service. Expanding suite of services to meet evolving client needs.
1 de noviembre de 2025
Respuesta de Loop Financial
We are so happy to hear we have made such a positive impact. Thank you for your trust and support!
- The Loop Team
On time Service
So far, the experience has been good. Monies are received on time as expect, converting between accounts and with Fx is smooth.
18 de septiembre de 2025
Respuesta de Loop Financial
Hello,
We’re so glad to hear you’ve had a smooth experience with Loop! It’s great to know that transfers and FX conversions have been working seamlessly for you. Thank you for your trust, we look forward to continuing to support your business.
- The Loop Team
Excellent Service!
8 de octubre de 2025
Respuesta de Loop Financial
Thank you for taking the time to share this review! We are happy that you have had such a positive experience with our services.
- The Loop Team
Bad experience , they do not respect their promises
I’m very disappointed with this lender. They do not respect their promises. They initially offered a high credit limit for business use, but as soon as you start using a significant amount for legitimate business expenses, they suddenly reduce your limit — without any prior notice or communication. This leaves you stuck and struggling to manage your finances, with no explanation or discussion. Very unprofessional and unreliable experience.
6 de octubre de 2025
Respuesta de Loop Financial
Hello,
We’re sorry to hear that your experience didn’t meet your expectations. We understand how frustrating this situation can be. Please know that credit decisions are made after careful review of multiple factors, and we aim to ensure they’re fair and responsible.
If you’d like to discuss your account or get more details about your credit product, please reach out to us at support@bankonloop.com we’d be happy to look into it further.
- The Loop Team
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