Loop Business vs Wise Business 2025

Looking for a business account that fits your needs? Wise offers a multi-currency account for both personal and business customers while Loop is specially designed to help your business grow globally, helping you access more markets by allowing you to manage your money internationally and providing lines of credit.

In this guide, we’ll compare Wise Business and Loop Business side by side—covering fees, features, payment options, and more—so you can decide which one works best for you and  your business.

Summary:

• Wise supports 40+ currencies, while Loop supports 37 for payments and 4 for spending (CAD, USD, GBP, EUR).

• Wise offers the mid-market exchange rate with fees from 0.48, while Loop adds a 0.1%-0.5% FX markup but has free international payments.

• Wise provides local account details for 8+ currencies, while Loop supports receiving payments in CAD, USD, GBP, and EUR.

• Wise processes 60%+ of transfers instantly, while Loop transfers take 1-3 business days.

• Loop offers corporate credit and no FX fees on supported currencies, while Wise focuses on multi-currency management and international payments.

Side by side: Differences between Loop Business and Wise Business

Information correct at the time of writing - 23rd February 2025

Both Wise Business and Loop Business offer options for multi-currency transactions, but their key differences come down to how they handle international payments, fees, and account types.

Wise Business is designed for businesses that need to hold and convert over 40 currencies, send money internationally with mid-market exchange rates, and integrate with accounting software. It operates with no monthly fees, but there is a 42 CAD one-time setup fee to gain access to account details in 20+ currencies. .

Loop Business offers two different types of accounts, including a regular bank account and a multi-currency account, although all accounts are created as currency accounts by default. It provides lines of credit up to 1,000,000 CAD and a corporate credit card that eliminates FX fees on major currencies (CAD, USD, EUR, GBP). It features tiered subscription plans, with additional benefits for premium tiers, and provides free international payments but charges FX markups (0.1%-0.5%) for unsupported currencies.

The best choice depends on your business needs—Wise Business is ideal for managing multiple currencies with transparent exchange rates, while Loop Business is better suited for businesses looking for a line or credit and a corporate credit card with minimal FX fees.

The important bits: Which is better for international businesses?

Information correct as of 23rd February 2025

Key takeaways:

• Fees: Wise Business has no monthly fees and only a one-time setup fee, whereas Loop offers tiered subscription plans, with different benefits depending on pricing.

• Exchange rates: Wise Business uses the mid-market rate, ensuring transparency, while Loop applies a markup (0.1%-0.5%) based on your subscription plan.

• Transfer speed: Wise Business processes 60% of transfers instantly and 80% in under an hour. Loop processes transactions in 1-3 business days.

• Customer support: Wise provides multiple support channels, including in-app chat and email support, while Loop primarily offers a help centre and an online contact form.

• Safety and security: Both providers are regulated in Canada and safeguard funds alongside additional security measures like 24/7 fraud detection monitoring.

• Reviews: Wise Business is rated “Excellent” with 4.3/5 stars from nearly 250,000 reviews, while Loop is rated “Average” with 3.7/5 stars from 43 reviews.

Pros and cons: Loop Business or Wise Business?

The verdict: Which is better for business, Wise or Loop?

When it comes to international business, both Wise and Loop have some great features. But the one that will work best for you will all depend on your company's specific needs.

Wise Business is ideal if you need low-cost international transfers, a multi-currency account, and fast payments. It offers transparent mid-market exchange rates, accounting integrations, and batch payments—all without annual or monthly fees.

Loop Business is better suited for companies that spend heavily in multiple currencies, offering a multi-currency business credit card with no FX fees on major currencies.

It offers two account options - currency accounts and a regular bank account - which provides all the features of a currency account plus local bank account details to receive payments from Amazon, Shopify and local customers. Loop also provides free international payments but applies an exchange rate markup (0.1%-0.5%), depending on your plan.

Who should use Wise business?

• Freelancers, startups, and global businesses that send and receive payments in multiple currencies.

• Companies that want transparent pricing and mid-market exchange rates.

• Businesses looking for batch payments, accounting integrations, and fast transfers.

Who should use Loop business?

• Businesses making frequent payments in CAD, USD, GBP, and EUR with a corporate credit card.

• Companies looking for free international payments (but with a small exchange rate markup).

• Businesses that want a credit option with scalable limits based on performance.

About Wise for business

Wise was launched as TransferWise in 2011 as a low-cost international payment provider. With a focus on transparent pricing, Wise uses the mid-market exchange range and now offers personal and business accounts to over 12 million million customers.

Becoming a popular choice for businesses that frequently make international payments, companies can hold and manage multiple currencies, send and receive payments globally, and spend using a linked debit card.

About Loop for business

Loop was founded in 2015 as Lending Loop, initially offering business financing solutions. Recognizing that Canadian businesses lacked efficient cross-border banking, Loop pivoted to create a banking platform designed exclusively for businesses. With a customer base of over 1,000 businesses, Loops services include multi-currency accounts, corporate credit cards, and free international payments and has helped Canadian businesses access more than 100M CAD in credit.

Loop Business vs Wise Business fees

Wise Business operates on a pay-as-you-go model, meaning you only pay for the services you use. There are no annual or monthly fees, and Wise uses the mid-market exchange rate with a small, transparent conversion fee (starting at 0.48%).

Loop Business offers a free plan as well as paid subscription tiers. While international payments are free, currency conversions come with a 0.1%-0.5% markup, depending on your chosen plan. Loop’s multi-currency credit card eliminates FX fees on CAD, USD, GBP, and EUR transactions.

Information correct as of 23rd February 2025

Wise Business vs Loop Business exchange rates

Currency conversion fees can add up quickly when managing international transactions and impact how much your business ultimately pays.

Wise Business currency conversion rates:

• Uses the mid-market exchange rate with currency conversion fees starting from 0.48.

• No hidden markups — currency exchange costs are clearly displayed before making a transfer.

• No foreign transaction fees when using the Wise debit card.

Loop Business currency exchange rates:

• Applies a markup of 0.1%-0.5% on currency conversions, depending on the subscription plan.

• No foreign exchange fees when spending in CAD, USD, GBP, or EUR with the Loop corporate credit card.

Loop vs Wise for international business payments

International payment costs and transfer speeds can make a big difference for businesses that frequently make cross-border transactions. Wise and Loop offer alternatives to traditional banks, but have slightly different pricing structures and exchange rates.

Information correct as of 23rd February 2025.

Which is cheaper for international payments? 

Both providers offer cost-effective international payment solutions, typically making them a much cheaper way to send money abroad compared to banks. But which out of the two is cheaper? Below is a cost comparison for sending CAD to USD and EUR using both providers:

Information correct as of 23rd February 2025.

As you can see, in this particular comparison, Wise Business was cheaper for international payments, thanks to its mid-market exchange rate and low conversion fees. Despite offering free international transfers, Loop’s exchange rate markup (0.1%-0.5%) makes it slightly more expensive overall.

Which is faster for international payments?

Wise specializes in fast international transfers, with 60% arriving instantly and 80% within an hour. However it can take 1-3 working days, and the exact speed depends on the currency and payment method, with Wise providing an estimated delivery time before confirming the transfer.

Loop Business processes payments within 1-3 business days, depending on the destination. While this is still quicker than many banks, some payments might be slower than Wise.

Loop Business vs Wise Business for receiving money

For businesses that receive payments from clients, customers, or partners abroad, multi-currency accounts can help reduce costs and speed up transactions.

Some providers, like Wise, offer local account details in multiple currencies, allowing businesses to receive payments like a local with lower fees.

Others, like Loop, provide limited local account details and primarily use ACH or EFT transfers for receiving payments from Shopify, Stripe, Amazon and other payers into CAD, USD, EUR, and GBP accounts.

Information correct as of 23rd February 2025.

Loop Business vs Wise Business for local account details

One of the biggest advantages of a multi-currency business account is the ability to receive payments in local currencies without the sender needing to make an international transfer. Here’s how Wise and Loop compare:

Wise Business local account details (for one-time fee of 42 CAD)

Receive payments like a local in: 🇦🇺 Australian dollars (AUD), 🇨🇦 Canadian dollars (CAD), 🇪🇺 Euros (EUR), 🇬🇧 British pounds (GBP), 🇭🇺 Hungarian forints (HUF), 🇳🇿 New Zealand dollars (NZD), 🇷🇴 Romanian lei (RON), 🇸🇬 Singapore dollars (SGD), 🇹🇷 Turkish lira (TRY), 🇺🇸 US dollars (USD).

More information on Wise Business Account Review.

Loop Business local account details (free to set up)

Receive payments in: 🇨🇦 Canadian dollars (CAD), 🇺🇸 US dollars (USD), 🇪🇺 Euros (EUR), 🇬🇧 British pounds (GBP)

Loop Business vs Wise Business cards

Both Wise Business and Loop Business offer business payment cards. Wise provides a debit card linked to its multi-currency account, allowing businesses to spend directly from their Wise balance without foreign transaction fees.

On the other hand, Loop offers a corporate credit card that scales with a company’s business performance, providing access to credit while eliminating FX fees on key currencies.

Information correct as of 23rd February 2025. 

Wise vs Loop card: Where can you use them?

The Wise Business card allows businesses to spend in 40+ currencies and 150+ countries worldwide directly from their Wise balance without foreign transaction fees. It functions like a debit card, meaning funds must be available in your Wise account before making a payment.

The Loop Business card is a corporate credit card that allows businesses to spend in CAD, USD, GBP, and EUR with no FX fees. If a business needs to spend in another currency, they can settle their balance in that currency later or convert from CAD at a 0.1%-0.5% markup. Since Loop is on the Mastercard network, it’s widely accepted internationally.

Loop vs Wise limits

When sending, receiving, or spending money, providers often impose limits based on factors like payment method, currency, or account type. Wise and Loop both have flexible limits, but Wise has specific transfer and card spending caps, while Loop provides higher limits, especially for large transactions.

Information correct as of 23rd February 2025.

More information about Wise limits, and Loop limits.

How do they work?

Wise Business

To use Wise, you’ll first need to create an account online or in the app and provide some ID for verification. There’s no fee to open a business account, and you only pay for the services you use.

Once your Wise account is up and running, you can make payments online and in the Wise app:

Step 1. Log into your account

Step 2. Enter the transfer amount or how much the recipient should receive

Step 3. Input recipient details – bank account number or email

Step 4. Review the details

Step 5. Fund the payment using a card or bank transfer

Step 6. Confirm, and the money is on the move

Loop Business

To use Loop, businesses need to register online and provide their legal business name, business number, and formation details. Depending on the account type, you can also apply for a credit limit during registration.

Loop allows businesses to send payments globally using ACH, EFT, wire transfers, and SEPA. The platform automatically selects the best payment method based on the recipient’s location.

To make a payment with Loop:

Step 1.  Log into your Loop accountStep 2.  Select the currency and amount you want to sendStep 3.  Choose the recipient or add a new payeeStep 4. Review the transaction details before confirmingStep 5. Loop processes the payment using the most cost-effective method (ACH, EFT, wire, or SEPA)Step 6. Funds are delivered within 1-3 business days

Wise vs Loop: Payment methods

Wise and Loop provide multiple ways to send and receive money internationally. Wise supports bank transfers, debit/credit card payments, and Interac e-Transfer, while Loop focuses on ACH, EFT, and wire transfers for international transactions.

Wise Business payment methods:

• Direct debit (EFT): Withdraws funds from a linked business account.

• Online bill payment: Pay expenses directly from your Wise balance.

• Debit/credit card: Fund transfers using Visa or Mastercard.

• Wire transfer: Send money internationally via SWIFT.

• Interac e-Transfer: Quick domestic payments within Canada.

More information about Wise payment methods.

Loop Business payment methods:

• ACH transfers: For payments within the US.

• EFT transfers :For payments within Canada.

• Wire transfers: Used for international payments.

• SEPA transfers (EU): Transfers to European recipients with local EUR payments

More information about Loop payment methods.

Wise vs Loop: Integrations

Both Wise and Loop integrate with business tools to help automate accounting, invoicing, and financial management. Loop is designed for e-Commerce businesses and corporate credit users while Wise provides integration with accounting software and bulk invoicing to help you run your business smoothly.

Wise Business integrations:

• QuickBooks and Xero: Automate accounting and reconciliation.

• Stripe and Shopify: Accept and process payments through Wise.

• Batch payments tool: Send up to 1,000 payments in a single transfer.

• API Access: Custom integrations for businesses with specific needs.

Loop Business integrations:

• Shopify and Stripe: Accept customer payments directly into Loop accounts.

• Amazon (USD and CAD only): Receive payouts from Amazon marketplace sales.

• Expense tracking tools: Manage spending with Loop’s built-in dashboard.

Safety and security

When choosing a business payment provider, safety and security come first. This is especially true for companies that handle large transactions or hold a significant amount of money in their accounts.

As regulated financial service providers, Wise and Loop both take security seriously with implemented security measures designed to protect user funds, data, and transactions.

Regulation and compliance

Wise Business is regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB). In Quebec, Wise also holds an MSB license with Revenu Québec (license number 902804).

Loop Business operates within Canadian regulatory requirements and is registered with FINTRAC, OBSI (Ombudsman for Banking Services and Investments), and Canadian securities regulators to ensure compliance with financial laws.

Are they safe to hold money?

Wise Business: Wise safeguards customer funds by holding them in separate, secure accounts at reputable banks. Wise does not lend out customer money, meaning funds are always available, and currently safeguards the equivalent of 14.7 billion GBP in customer balances worldwide.

Loop Business: Loop partners with regulated financial institutions to hold business funds securely. While Loop doesn’t specify its safeguarding measures, its partner banks insure customer deposits through participation in country-specific deposit insurance schemes.

Protecting user data

Wise Business: Uses two-factor authentication (2FA), encryption, and secure login protection to keep accounts safe.

Loop Business: Protects user data with two-factor authentication (2FA), encryption, and account lockout measures to prevent unauthorized access.

Fraud prevention and security measures

Wise Business: Uses real-time fraud monitoring to detect and block suspicious transactions.

Loop Business: Monitors transactions 24/7 for unusual activity and allows businesses to set custom access controls for employees.

Wise vs Loop customer service

Wise Business provides multiple support options, including a detailed Help Centre where users can find answers to common issues. If there’s an ongoing issue with a transfer or account, Wise may send an email with instructions, so it’s always worth checking your inbox.

Customers can also log in to their account to access live chat, email, or phone support, which is 24/5 for business accounts.

Loop Business offers support through email and in-app chat. Businesses can contact the team at [email protected] during office hours (Monday to Friday, 9 AM to 5 PM). For quick assistance, users can send a message via the chat function on the bottom right corner of the Loop dashboard.

Conclusion: Comparing Wise Business and Loop Business

Wise and Loop both have interesting features, which will suit different business needs.

Wise Business accounts are more heavily focused around international payments and seamless financial management with integrations with accounts tools like QuickBooks and Xero. With no annual or monthly fees, you'll only ever pay for the services you use, while its transparent fee structure for currency exchange make it a good choice for businesses that want low-cost international transfers.

On the other hand, Loop Business is better suited for Canadian businesses needing credit options, no-FX-fee spending in CAD, USD, GBP, and EUR, and e-commerce integrations with Shopify and Amazon. However, while transfers are typically free, Loops exchange rates include a small markup, unlike Wise, which uses the mid-market rate.

FAQs: Wise vs Loop for international businesses

What is the difference between Wise Business and Loop Business?

Wise is a multi-currency account that allows businesses to send, receive, hold, and convert 40+ currencies with the mid-market exchange rate. Loop focuses on cross-border business banking, offering corporate credit cards with no FX fees in CAD, USD, GBP, and EUR, plus e-commerce integrations.

Which is better: Wise Business or Loop Business?

What’s best for you depends on your business needs. Wise is best for international transfers, low FX fees, and accounting integrations. Loop is better for businesses spending in CAD, USD, GBP, and EUR, needing a corporate line of credit, or receiving customer payments from Shopify and Amazon.

Is Wise or Loop cheaper?

Wise offers lower fees for international transfers, using the mid-market exchange rate with fees from 0.48. Loop doesn’t charge transfer fees but adds a 0.1%-0.5% FX markup. Wise was cheaper for sending money abroad, while Loop may be better for frequent spending in its supported currencies.

Is Wise or Loop faster?

Wise completes over 60% of transfers instantly and 80% are delivered in less than an hour. However, this depends on the currency and chosen payment method, Loop’s payments take 1-3 business days, depending on the method.

How many currencies do Wise and Loop support? 

Wise supports 40+ currencies and provides local account details for 8 currencies. Loop allows payments in 37 currencies and supports receiving money in CAD, USD, GBP, and EUR.