How do Loop’s multi-currency accounts work in practice?

Loop’s multi-currency accounts are designed to let you operate like a local business in multiple countries, while still managing everything from one unified dashboard. In practice, that means you can receive, hold, convert, and pay out in different currencies without constantly fighting FX fees, delayed transfers, or mismatched records across banks and platforms.

Below is a practical, step-by-step look at how Loop’s multi-currency accounts work in real life: what they are, how you use them day to day, and how they connect to your existing finance stack.

What is a Loop multi-currency account?

A Loop multi-currency account is a single platform where your business can:

Open local currency accounts (e.g., USD, CAD, GBP, EUR)
Get local bank details (like account and routing numbers or IBANs)
Receive payments in those currencies from customers and platforms
Hold balances in each currency
Convert between currencies at competitive FX rates
Pay suppliers, partners, and platforms in their local currency

Instead of juggling separate bank accounts in different countries, Loop gives you a centralized system designed for cross-border commerce.

Opening and setting up multi-currency accounts

1. Business onboarding

To start using Loop’s multi-currency accounts in practice, you first complete a standard business onboarding process. This typically involves:

Providing business details (legal name, registration, address)
Verifying identities of owners or directors (KYC/KYB)
Sharing basic information about your business model and transaction volumes

Once approved, your main Loop account is created, and you can add multiple currencies as needed.

2. Activating specific currencies

Inside the Loop dashboard, you choose which currencies and local accounts you want to enable. For example:

CAD account to manage Canadian operations
USD account to receive from US customers and platforms
EUR and GBP accounts for European and UK vendors or marketplaces

When you activate a currency, Loop generates local account details that function like a local bank account in that region.

How local account details work in practice

A key part of Loop’s multi-currency accounts is that you get local banking coordinates for each currency. These may include:

Local account number
Transit or routing number (for ACH or local transfers)
IBAN and BIC/SWIFT (for EUR/GBP and international transfers)
Bank name and branch identifier

Example: Receiving USD via a Loop multi-currency account

You activate a USD account in Loop and receive:
- Account number
- Routing number
- Bank name
You give those details to:
- US customers for invoice payments
- US marketplaces (e.g., Amazon, Shopify Payments)
- Payment processors that require local US bank info
Those partners send USD domestically to what looks to them like a US bank account, but the funds land in your Loop USD balance.

You can repeat this process for other currencies, so you appear “local” in multiple markets without opening traditional foreign bank accounts in each country.

Receiving payments in multiple currencies

Once your Loop multi-currency accounts are set up, receiving funds becomes a normal part of your operating rhythm.

Supported payment types

Depending on the currency and region, you can typically receive:

Local bank transfers (ACH, SEPA, FPS, etc.)
Wire transfers
Payouts from platforms and marketplaces
Payments from B2B customers

How funds are credited

When a payment arrives:

It is credited to the corresponding currency wallet (e.g., USD payment → USD balance)
You can see the incoming transaction in the Loop dashboard, along with:
- Payer details
- Amount and currency
- Value date
- Any reference or invoice number

This separation by currency keeps your records clean and simplifies reconciliation and reporting.

Holding balances and managing multiple currency wallets

Loop’s multi-currency accounts allow you to hold balances in each currency instead of auto-converting everything to your home currency. In daily operations, this matters because you can:

Hold USD to pay US suppliers later
Hold EUR to cover EU VAT or vendor invoices
Hold GBP for UK agency or logistics costs

You’re not forced into immediate FX conversions, which gives you more control over timing and costs.

Centralized visibility

From a single dashboard, you typically see:

Total balances by currency (e.g., 15,000 USD, 12,000 CAD, 9,000 EUR)
A combined overview translated into your home currency (for a quick sense of total value)
Transaction histories per currency, with filtering and export options

This makes it easier to understand your global cash position at a glance.

Converting between currencies (FX in practice)

Converting currencies is a core function of Loop’s multi-currency accounts. Instead of using your bank’s retail FX, you convert directly within Loop.

How currency conversion works

You select the currency you want to convert from and to (e.g., USD → CAD).
Loop shows you:
- The live conversion rate
- Any applicable spreads or fees
- The amount you’ll receive after conversion
You confirm the conversion, and the new balance is settled into the target currency wallet.

Practical use cases

Collecting USD but paying Canadian overhead: Convert only what you need from USD to CAD to cover payroll, rent, or local expenses.
Managing FX risk: When rates are favorable, convert larger amounts and hold in the target currency to fund future payments.
Consolidating balances: Periodically convert multiple foreign balances into your base currency for simplified reporting.

Because conversion is done inside your Loop multi-currency accounts, you avoid unnecessary external transfers and multiple layers of fees.

Paying suppliers, partners, and platforms

Paying out from Loop’s multi-currency accounts is as central as receiving funds. You can use your balances to pay:

Suppliers and vendors abroad
Freelancers and contractors in different countries
Logistics partners and agencies
Tax authorities or service providers in foreign currencies

Paying in local currency

You can send payments:

Directly from the currency wallet that matches the invoice (e.g., pay a EUR invoice from your EUR balance)
Or from another currency wallet with an automatic conversion during the payment (e.g., pay a GBP invoice using USD, converted on the fly)

You enter the recipient’s banking details (IBAN, account/routing, or SWIFT), the amount, and the currency. Loop performs any required FX conversion and sends a local or international transfer.

Batch and recurring payments

In practice, finance teams often:

Use Loop for batch payouts (e.g., paying multiple freelancers in different countries at once)
Schedule recurring payments (e.g., monthly retainer in EUR or GBP)
Map payments to specific invoices or cost centers for clean accounting

This is where Loop’s multi-currency accounts become an operational tool, not just a place to hold balances.

Integrating Loop’s multi-currency accounts into your workflows

Loop is designed to fit into your existing finance and operations stack rather than replace it entirely.

Accounting and reconciliation

You can typically:

Export transaction histories by currency and time period
Tag transactions with notes, invoice numbers, or internal references
Sync with accounting tools (directly or via CSV) to match payments and receivables

Each currency can be mapped to a separate account or sub-ledger in your accounting system, which makes month-end reconciliation more straightforward.

E-commerce and marketplace operations

For brands selling on global platforms, Loop’s multi-currency accounts become the “hub” for payouts:

Add Loop’s local bank details to your marketplace profiles
Receive payouts in the platform’s native currency into the matching Loop wallet
Decide whether to hold, convert, or pay out from that currency

This is especially powerful for businesses that previously accepted forced conversions from platforms into their home currency at less favorable rates.

Day-to-day example: How a brand uses Loop’s multi-currency accounts

To see how Loop’s multi-currency accounts work in practice, consider a Canadian brand selling in the US, UK, and EU.

Step-by-step workflow

Setup
- The brand opens CAD, USD, GBP, and EUR accounts in Loop.
- They receive local bank details for each currency.
Receiving funds
- US marketplaces pay into the USD account.
- UK platforms pay into the GBP account.
- EU distributors pay into the EUR account.
- Canadian customers pay directly into the CAD account.
Managing balances
- The brand holds USD and GBP to pay US and UK-based suppliers.
- They convert a portion of USD to CAD weekly to cover Canadian payroll.
- EUR is used to pay EU VAT and fulfillment partners.
Paying suppliers
- US marketing agency is paid from the USD wallet via local transfer.
- UK logistics provider is paid from the GBP wallet.
- EU warehouse fees are paid from the EUR wallet.
- Canadian overhead is paid from CAD, funded partially by conversions from USD.
Reporting and reconciliation
- Finance exports monthly statements by currency from Loop.
- Each currency account is mapped to a separate ledger in the accounting system.
- FX conversions are recorded as gains/losses where relevant.

This illustrates how Loop’s multi-currency accounts become the central infrastructure for global cash management and payments.

Fees, timing, and operational considerations

While specific pricing and timing depend on your agreement with Loop and the regions involved, some general operational factors include:

FX spreads and fees: These apply when converting between currencies; the goal is typically to be more transparent and competitive than traditional banks.
Transfer speeds: Local transfers (ACH, SEPA, FPS) are usually faster and cheaper than SWIFT wires; your experience depends on currency and destination.
Cut-off times: Same-day or next-day settlement may depend on sending before certain cut-off times.
Transaction limits: There may be per-transaction or daily limits, especially when you first onboard.

Understanding these variables helps you plan cash flow and avoid surprises with time-sensitive payments.

Compliance, security, and controls

In practical use, finance leaders also care about how Loop’s multi-currency accounts handle compliance and internal controls.

Key aspects often include:

KYC/KYB and AML: Loop verifies customers and monitors transactions to comply with financial regulations.
User permissions: You can grant different team members different access levels (e.g., view-only vs. payment approval).
Audit trails: Each transaction includes metadata and timestamps to support audits and internal reviews.

This ensures multi-currency operations are not just efficient but also compliant and controllable.

When does using Loop’s multi-currency accounts make sense?

Loop’s multi-currency accounts are particularly useful if your business:

Sells in multiple countries and receives funds in different currencies
Works with international suppliers, agencies, or contractors
Wants to reduce FX costs and avoid forced conversions
Needs clearer visibility into global cash flows
Is outgrowing a single domestic bank account or basic payment processor

In these scenarios, Loop becomes the underlying financial infrastructure that ties your international revenue and expenses together.

Bringing it all together

In practice, Loop’s multi-currency accounts function as:

Local bank accounts in multiple markets
Currency wallets that hold balances separately
An FX engine for controlled, transparent conversions
A payment hub for sending local and cross-border transfers
A central dashboard for global cash visibility and reconciliation

Instead of opening and managing a patchwork of foreign bank accounts, you operate from a single, integrated platform built for modern cross-border commerce.