What are the FX fees?

FX fees, or foreign exchange fees, are charges incurred when converting one currency to another. These fees may be levied by banks, credit card companies, or other financial institutions and are typically a percentage of the total transaction amount.

We have eliminated as many fees as possible to keep things as simple as possible for you. Card transactions that match any of the currencies enabled on your card don’t result in any FX and therefore are completely free. If you spend in a currency that is not enabled on your Loop card the FX fee will be the Mastercard® rate plus a 0.5% markup.

If you only have a CAD bank account, you can still make purchases in foreign currencies without the card converting it to CAD. At the end of your billing period you can then decide to convert money from your CAD account into the currencies you owe. If you need to do this, Loop offers low-cost FX conversion with only a 0.5% mark-up (most banks which charge a 3-4% markup on average).

In most cases, Loop's FX rates are even better than online FX service providers like Transferwise and OFX. When you need to exchange currencies, doing your FX through Loop Card significantly saves businesses both time and money.