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Our goal at Loop is to make banking completely frictionless - wherever your business operates.
To do this, we offer the first truly global banking experience, meaning you can use Loop to open local accounts around the world and get paid in the countries and currencies that you sell to customers in.
With the launch of Euro and British Pound accounts, you can now send and receive payments like a local business across the US, Canada, UK and the Eurozone!
Local accounts are an easier, faster and cheaper way to collect payments as you operate around the world. Because you can collect payments locally, you can avoid bank fees like wire transfer costs as well as FX fees (which can be as high as 4%)! Additionally, many payments in Europe are connected to real-time payment networks which means payments are often instant or arrive within an hour.
Get everything you need to bank abroad — including a sort code, IBAN and more in seconds!
Once you have an active Loop account, opening a new account can be done simply by navigating to “Accounts” and then clicking on “Get Account Details”
Here’s what this looks like to open an EUR account:
Loop's Multi-currency Accounts can be used for a wide variety of use cases, including:
- Receiving payments from customers
- Getting faster payouts from marketplaces and payment processors like Amazon, Shopify, PayPal, Etsy, and Stripe
- Saving on FX fees when converting your EUR or GBP to USD or CAD
- Make free payments to your suppliers in the United Kingdom or the Eurozone
- Managing your money in one place for better visibility on your business cash.
Local and International Account Details
Once you open a Euro or GBP account, you will obtain bank details for the account for both Local and International (SWIFT) payments as outlined in the table below.
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Here is what this looks like inside your Loop Account:
Loop provides an innovative solution for businesses that need to receive payments and make transactions in multiple currencies. Loop can now have banking details in USD, EUR, and GBP.
You will need to have an active Loop account before you can open a Loop EUR and/or GBP Account. So to get started - make sure to open an account here.
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