Loop Financial Reviews 91

Loop Financial, when used for what it's intended for, is a 5-Star Tool and Partner in our Banking Setup, assisting us in saving probably thousands of dollars year-over-year.

Traditional Banks take what perhaps term as a "healthy exchange premium" when transacting between different currencies, and the Wire Fees when paying Suppliers and Staff overseas add up to unnecessary expenses.

Since adding more of our Banking to Loop, we are seeing (a) better Exchange Rates, (b) Simpler Banking, (c) little to no Wire or Bank Fees and (d) much Faster Wires and International Payments & Transfers.

My advice: Use it for what's intended and switch to Loop now.

Helped us solve some painful cross-currency issues. Moved our credit cards there 2 years ago and haven't looked back. I appreciate that they keep iterating as well. Team has been quite responsive to our needs.

Loop is great, been with them for a few months now. Saves me a lot of money in every way for my e-commerce business .

If you can’t manage to navigate their simple platform then you will have to fill out a ticket and be patient. It usually takes a few hours to get a response. Once you figure it all out tho, its seamless. I think any of these bad reviews are just a reflection of themselves, as these guys have been really great and very helpful every step of the way.

Loop's Fx service pricing, speed and UI is fantastic. I save $000s each month on the spreads they offer. The integration with my small business bank accounts is simple and quick. Solid platform

Their customer/client support is completely nonexistent. If you have unauthorized transactions come up on your cards it is virtually impossible to dispute them because of the lack of support. You can’t get help for anything and there’s no way to reach anybody. We’ve tried emailing multiple times to no avail.

it is a nightmare to get support in real time. A business who cannot support their customers should not exist period!

We tried to open a business account, and have had radio silence for two weeks, and now I am trying to get them to close the half opened account and remove my personal data (they wanted driver's license etc.) and I can't get any response. To be avoided. This "bank" should not exist,

I can't thank GetLoop enough they have exceeded our business needs and have been a key component to supporting our business growth. Traditional banks and credit are costly and take a long time to make any sort of progress on. GetLoop has always been fast responsive and I couldn't recommend them enough.

Since the start of our collaboration, the entire Loop team has been in alignment with our business objectives and always present when needed. The flexibility of credit products and payments solutions is unmatched, and we value some of their app features greatly. Their members' availability and responsiveness to requests and issues are noticeable. Wouldn't change them for any other providers.

The Canadian market is terrible for business banking. We have had countless issues with other providers. Loop was the first company to acknowledge these issues in the market and work with us to solve our business needs. It's the perfect solution for Canadian companies operating in multi curency.

They have a unique advantage with their currency-agnostic credit cards. Saves us the hastle of having to issue credit cards in each currency we want to buy in.

The onboarding and UX can use some work. I'd take that over the competitors shutting down our credit cards because they forgot to tell us they are switching from US domicile to CDN domicile credit cards. Loop really is the best you're going to get in the Canadian market today - and they are only getting better because they actually listen to their customers.

Loop has been a lifesaver for me as a business owner transacting in foreign currencies and paying vendors around the world.

Been with them awhile now and the product only gets better.

In all fairness to those reviews that didn’t like the product:

(1) Loop has only gotten better, faster, and more easy to use over the years.
(2) where they are good they are GREAT. Nowhere has better FX, faster payments, or lower pricing on wires.
(3) Most services like Loop in the US and Canada have to “fire” a certain percentage of customers whose profile regulators deem a risk. All the services have the same regulations and it shows in their reviews that they have to sadly let customers go who governments won’t let them serve.

I’m very pleased with Loop and their amazing support staff!

Setting up an account is an exercise in frustration. Instructions are obscure at best and in most cases completely misleading. Every time I've tried to add an account I end up having to create a case and wait for an email from a rep. Transfers into the accounts from outside sources take far too long. My confidence in the long term survival of Loop is not very high.

Edit: Marketing Team Followup Experience

Received a call on the 14th from a member of the marketing team, who offered apologies for the experience and explained the factors at play. The representative mentioned the technical factors in response delay are being worked on, and the product experience factors have been brought to the attention of higher-ups.

Unfortunately those factors make the product a bad fit for me, and I would have liked to be made aware of that without digging through Knowledge Base Support Articles after encountering a confusing product experience.

That point of confusion aside, I can't think of any reason why financial service cards should disappear from the interface, active balance or not.

Perhaps their non-secured credit product doesn't have these issues, I don't qualify in my current situation so I can't say.

-- Initial Experience Below ---

Signed up and submitted requested information for verification.

Waited a week, no updates. Opened a ticket and - magically - my account was verified.

Deposited $100 to find out service doesn't work as advertised, information was buried deep in Knowledge Base and conflicted directly with marketing "FAQ" statements.

Decided not to use the service, requested a refund, and disconnected my bank account.

Without warning, my cards disappeared, effectively taking my money away without any explanation.

Works like flushing money down the toilet but it has a slicker interface.

Big Promise No Delivery
Using a new bank and cards take some adjustment. Loop failed to understand the needs of our business.

No notice of suspended accounts of notice.

I don’t like leaving negative reviews, but I was prompted to leave Loop a review and there is honestly nothing good I can say about it. Their value proposition is very interesting. As such, I took the time to sign up and validate my business. However, as soon as I started using the service, I could not figure out how the business credit card system worked. I emailed and called and received no reply. It seems like a great service, but it’s not clear how to use it and their support is non-existent. This is not a company I would trust with my money. They wasted my time and proved completely ineffective at delivering on what they promise.

Great experience! Over the past 10 months, we've moved all our credit card spending, wire transfer and payouts (Stripe + Paypal) through Loop.

There are many benefits to doing so.

For us, the multi-currency credit card (CAD / USD / EUR / GBP) is both a time-saver and money saver.

Very fast, courteous and helpful customer service as well.

Keep it up, Loop team, we're rooting for you!

1 Star is too much for this bank.
They CLOSED my account out of nowhere, they didn't even say why. My docs are OK, my company OK, everything WAS OK. They just closed it and it affected my life. They say they will return the payments to the senders but it will take months until I get it back. How I am supposed to pay rent? To buy food for my family or even diapers for my son? They literally messed up with my entire my life FOR NO REASON. compliance Reasons for what? Tell me? Explain to me. Reply my emails at least. HORRIBLE BANK.

Unbeatable customer support

Context: we have manufacturing done in China and needed to get a credit limit ASAP in order to get an order paid before a Chinese holiday.

Our Loop rep Nikhil was able to get it done in half a day.

Even better, it was like one email to someone I already know and trust instead of having to wade through a ton of bureaucracy like most solutions if you're a small startup like us.

It wasn't necessarily straight forward at first, however the fact that someone from Loop personally called me to see if I had any questions/ help navigating and made all the difference.

The only thing that is missing for my business banking needs is a Canadian Bank Account

Opened a small business in Canada but transact mainly in US dollars. Went with Loop because of competitive rates and they offer credit card (prepaid so it's not really "credit"). After 3 months my prepaid mastercard has been declined multiple times (has to use personal mastercard), statements from them missing numerous transactions (noticed when doing my book keeping). Also had a "pending" transaction stuck on my mastercard for 3 weeks now. Biggest issue is they have no contact phone # are rarely reply to my emails. Asking for a phone call they don't call me. For a business I need a reliable bank with some level of customer service. This bank isn't it.