For many global businesses, opening and managing multiple bank accounts across different countries is slow, expensive, and operationally painful. Loop’s multi-currency accounts are designed to fix that by giving you local bank details and balances in key currencies—within a single, unified platform.

This guide walks through how Loop’s multi-currency accounts work in practice, how you actually use them day‑to‑day, and what to watch for as you scale your international operations.

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What is a Loop multi-currency account?

A Loop multi-currency account is a business banking solution that lets you:

• Hold balances in multiple currencies (e.g., USD, CAD, EUR, GBP)
• Get local account details (like a domestic account and routing number, IBAN, or sort code)
• Send and receive payments in those currencies as if you had a local bank account
• Convert between currencies at competitive FX rates
• Manage everything from one dashboard instead of juggling multiple foreign bank accounts

In practice, you operate one Loop account, but under the hood it contains multiple “sub‑accounts” or “wallets,” each tied to a specific currency.

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How Loop’s multi-currency structure actually works

Think of your Loop account as a hub with separate currency “buckets” you can move money between.

1. Currency wallets

Each currency you enable becomes its own wallet with:

• A unique balance in that currency
• Dedicated receiving details (local account numbers)
• Payment capabilities aligned with local rails (e.g., ACH in the US, SEPA in the EU)

Typical currencies might include:

• USD – for U.S. customers, marketplaces, and vendors
• CAD – for Canadian operations and payroll
• EUR – for European partners and SaaS vendors
• GBP – for UK customers and suppliers

You can see each balance separately, plus an aggregated total (often based on a “home” currency such as CAD or USD) for easier reporting.

2. Local receiving details

Loop issues local-style account details so you can get paid like a domestic business in each region.

Examples:

• USD wallet:

  • Account number + routing number for U.S. ACH and wire transfers
  • Often also supports SWIFT for international USD wires

• EUR wallet:

  • IBAN and BIC for SEPA payments within the EU/EEA

• GBP wallet:

  • Sort code and account number for UK Faster Payments, BACS, CHAPS

In practice, you send these local details to customers, platforms, or marketplaces so they can pay you without international wire fees or complexity. The funds land directly in the matching currency wallet.

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Receiving money: common real-world scenarios

Here’s how incoming payments typically work with Loop’s multi-currency accounts.

Scenario 1: Getting paid by U.S. customers

1. You create a USD wallet in Loop.
2. Loop provides you with a U.S. account and routing number.
3. You put those details on your invoices, Stripe/Shopify payout settings, or marketplace profile.
4. Your U.S. customer pays via ACH or wire in USD.
5. The funds arrive in your USD wallet—no forced conversion, no foreign incoming wire fee from your local bank.

You now decide whether to:

• Keep the funds in USD (for future USD expenses), or
• Convert some or all of it to another currency (e.g., CAD) at your discretion.

Scenario 2: Getting paid by EU customers in EUR

1. You open a EUR wallet and receive an IBAN/BIC.
2. You invoice EU clients in EUR using those details.
3. Customers send SEPA payments locally.
4. Funds land in your EUR wallet, ready for EUR-denominated expenses (e.g., EU vendors, SaaS tools billed in EUR).

If you’re a Canadian or U.S. company, this lets you avoid constant FX conversions every time a European customer pays you.

Scenario 3: Marketplace and platform payouts

Many businesses use Loop as the payout destination for platforms like:

• E‑commerce marketplaces (e.g., Amazon)
• Payment processors (e.g., Stripe)
• Software platforms that remit in specific currencies

You simply plug your Loop local bank details into the platform’s payout settings. Payouts arrive in the matching currency wallet with fewer fees and faster settlement than cross-border wires to a domestic-only bank account.

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Sending payments: paying suppliers, payroll, and more

Loop’s multi-currency accounts let you pay from the same currency wallet you receive into.

Paying in the “native” currency

• Pay a U.S. vendor from your USD wallet via ACH or wire
• Pay a UK supplier from your GBP wallet via local rails
• Pay an EU contractor from your EUR wallet via SEPA

Because you’re paying locally in the vendor’s currency:

• They receive full value, with no international transfer fees on their side
• You avoid unnecessary FX and intermediary bank charges
• Payment times are generally faster and more predictable

Paying in a different currency

If you don’t have enough balance in a given currency, you can:

1. Convert another wallet’s balance into that currency (e.g., convert USD → EUR), then pay locally; or
2. Use Loop’s routing to send an international payment directly, with FX applied at the time of transfer (depending on supported flows).

In practice, businesses often:

• Keep working capital in one or two “home” currencies
• Convert into other currencies right before making large payments (to minimize FX risk)
• Maintain small “operational floats” in each active currency to cover regular expenses

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FX conversion: how conversions work inside Loop

Foreign exchange (FX) is central to multi-currency accounts. Loop’s setup is designed to give you control and transparency.

Key FX features in practice

• Real-time rates: When you initiate a conversion (e.g., USD → CAD), you see the quote before confirming.
• Low markups vs. banks: FX spreads are typically much tighter than traditional bank rates, which often hide large markups.
• Transparent fees: Fees, if any, are shown clearly rather than buried in the exchange rate.

Example: Converting USD revenue to CAD

1. Your USD wallet has $50,000 from U.S. customers.
2. You want to move $30,000 to CAD to cover Canadian payroll.
3. In the Loop dashboard, you select:
   • From: USD wallet
   • To: CAD wallet
   • Amount: $30,000 USD
4. Loop shows:
   • The FX rate (e.g., 1 USD = 1.35 CAD)
   • The CAD amount you’ll receive (e.g., $40,500 CAD)
5. You confirm the conversion.
6. Your USD balance drops by $30,000; your CAD balance increases by ~$40,500 CAD (minus any fee if applicable).

You can also schedule or time conversions based on your FX strategy, cash needs, and market conditions.

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Day-to-day cash management with Loop

The real power of multi-currency accounts shows up in everyday operations. Here’s how finance teams typically use Loop.

1. Centralized global view

From one dashboard, you can see:

• All currency balances (USD, CAD, EUR, GBP, etc.)
• Recent transactions, by currency and counterparty
• Upcoming payouts and receivables

This reduces reliance on spreadsheets, manual reconciliations, and multiple online banking portals.

2. Currency-specific workflows

Most companies adopt simple internal rules, such as:

• “Invoice EU customers in EUR; pay EU vendors from the EUR wallet.”
• “Keep at least one month of U.S. payroll in the USD wallet.”
• “Convert only when balances exceed a threshold (e.g., €20k).”

These rules standardize how you use each currency wallet, streamlining approvals and accounting.

3. Reconciliation and accounting

Loop’s transaction exports and integrations (where available) typically support:

• Mapping each currency wallet to the right GL account
• Tracking FX gains/losses when converting between currencies
• Tagging transactions by vendor, department, or project

In practice:

• Each currency wallet becomes a separate bank account in your accounting system.
• Conversions between wallets are booked as internal transfers with FX adjustments.
• Local inflows/outflows map cleanly to currency-specific revenue and expense accounts.

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Practical use cases by business type

E-commerce brands and DTC companies

Use Loop to:

• Receive Amazon/Shopify payouts in USD, GBP, or EUR without forced conversions
• Pay overseas manufacturers in their local currency (e.g., CNY, USD)
• Time FX conversions to protect margins during peak seasons

Example: A Canadian brand sells heavily into the U.S. and UK. They:

• Collect USD and GBP payouts into Loop
• Pay their UK logistics provider from their GBP wallet
• Convert surplus USD into CAD monthly to fund head office expenses

SaaS and digital businesses

Use Loop to:

• Invoice global clients in their local currency
• Pay remote teams, contractors, and agencies across multiple regions
• Reduce FX friction on recurring subscription revenue

Example: A U.S.-based SaaS with EU customers:

• Bills EU clients in EUR and gets SEPA payments into its EUR wallet
• Pays EU contractors in EUR
• Converts only excess EUR into USD when needed, improving predictability of net revenue.

Agencies and service businesses

Use Loop to:

• Collect retainers and project fees in the client’s currency
• Hedge FX risk between long-term contracts and cost base
• Simplify payouts to partners and freelancers abroad

Example: A marketing agency with clients in Canada, the U.S., and Germany:

• Keeps separate CAD, USD, and EUR wallets
• Aligns revenues and expenses by region and currency
• Uses periodic conversions to balance overall global cash.

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Benefits of Loop’s multi-currency accounts in practice

1. Lower fees and better FX

• Reduced international wire fees (or none for local rails)
• Tighter FX spreads vs. traditional banks
• Fewer forced conversions through marketplaces or payment processors

2. Better control over FX risk

• Choose when and how much to convert
• Match revenues and expenses in the same currency
• Reduce volatility in margins caused by exchange rate swings

3. Faster, more reliable payments

• Local rails (ACH, SEPA, Faster Payments) are usually faster than SWIFT wires
• Fewer intermediary banks means fewer delays and missing funds
• Vendors and customers appreciate “domestic” payments

4. Operational simplicity

• One platform instead of multiple foreign bank accounts
• Consistent workflows across currencies
• Easier reconciliation and reporting

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Considerations and best practices

To get the most out of Loop’s multi-currency accounts, finance teams should plan ahead.

Choose your “home” currency

Decide which currency you treat as:

• Your reporting currency (for financial statements)
• Your main working capital base

Then build policies around how—and how often—you convert back to that home currency.

Set currency policies

Define simple, written guidelines such as:

• Minimum/maximum balances per currency
• When to convert (e.g., weekly, monthly, or at certain thresholds)
• Which currencies you invoice in for each customer region
• Approval levels for large FX conversions or transfers

Monitor FX exposure

Even with multi-currency accounts, you still face FX risk. Use the reporting tools to track:

• Net inflows/outflows by currency
• Open exposures (e.g., future EUR obligations vs. current EUR balance)
• Impact of FX on margins over time

For larger volumes, consider working with your Loop representative (if available) to explore additional hedging tools or strategies.

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Example: End-to-end workflow with Loop

A Canadian SaaS business with U.S. and EU customers might operate like this:

1. Setup

   • Open CAD, USD, and EUR wallets.
   • Link Loop to your accounting system.

2. Revenue collection

   • U.S. clients pay invoices to your U.S. account via ACH.
   • EU clients pay in EUR via SEPA to your EUR IBAN.
   • Canadian clients pay in CAD to your CAD account.

3. Expenses

   • U.S. contractors are paid from the USD wallet.
   • EU freelancers are paid from the EUR wallet.
   • Head office salaries and rent are paid from the CAD wallet.

4. FX management

   • At month-end, you convert any surplus USD and EUR to CAD based on your cash flow forecast.
   • You keep a modest buffer (e.g., one month of costs) in USD and EUR to cover upcoming expenses.

5. Reporting

   • Your accounting platform reflects three bank accounts (CAD, USD, EUR), all tied to your Loop account.
   • Transactions reconcile automatically; FX gains/losses are booked when conversions occur.

This way, Loop becomes your centralized treasury hub across currencies.

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Frequently asked questions

Do I need separate bank accounts in each country?

No. With Loop’s multi-currency accounts, you get local receiving and payment capabilities in multiple currencies without opening separate traditional bank accounts in each country.

Can I choose when to convert currencies?

Yes. You typically control if, when, and how much you convert between wallets. This lets you match currency inflows and outflows and manage FX risk more strategically.

What types of payments can I receive?

Depending on the currency, you can receive:

• Local transfers (ACH, SEPA, Faster Payments, etc.)
• Domestic and international wires
• Payouts from marketplaces and payment processors

Exact capabilities depend on your specific Loop setup and supported currencies.

Are there limits or compliance requirements?

Yes, as with any financial institution, there are KYC/KYB checks, transaction monitoring, and limits based on your profile and jurisdiction. You may need to provide business documents such as incorporation papers, IDs for beneficial owners, and proof of address.

How does this differ from a traditional bank’s foreign currency account?

Traditional banks often:

• Offer limited currencies
• Require separate legal entities or local presence for foreign accounts
• Apply high FX margins and wire fees

Loop’s multi-currency accounts focus on:

• Easier access to multiple currencies in one interface
• Local rails without opening local bank entities
• More transparent FX and pricing

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By consolidating your global cash into a single multi-currency platform, Loop helps you get paid faster, reduce FX and transfer costs, and simplify cross-border operations. In practice, it functions as a modern, flexible treasury hub for businesses that earn and spend in more than one currency.