Key takeaways
- Both offer CAD, USD, GBP and EUR accounts with free plans.
- Venn: 1% cashback card, no personal guarantee, FX from 0.45%.
- Loop: credit card with no FX fees on CAD, USD, GBP and EUR spend.
- Choose on how you spend and whether you want credit.
At a glance
| Venn | Loop | |
|---|---|---|
| Monthly fee | C$0 (Essentials) | C$0 (Basic) |
| Currencies | CAD, USD, GBP, EUR | CAD, USD, GBP, EUR |
| Card | Corporate card with 1% cashback | Credit card |
| Personal guarantee | Not required | Check terms |
| FX on card spend | Conversion from 0.45% | No FX fee on its four currencies |
| Who it’s for | Incorporated Canadian businesses | Registered Canadian corporations |
A worked example
A Montreal agency earns US$20,000 a month from US clients and spends about US$5,000 a month on US software and freelancers.
- With either account, it can receive USD directly and pay US costs from its USD balance without converting.
- If it wants cashback on that spend, Venn’s 1% card returns about US$50 a month on US$5,000.
- If it wants credit to smooth cash flow, Loop’s credit card lets it carry spend to the statement date with no FX fee in USD.
Which one to choose
- Choose Venn for simple cashback, no personal guarantee and published conversion fees.
- Choose Loop for a credit card and no FX fees on spending in USD, GBP and EUR.
Common mistakes
- Converting incoming USD to CAD automatically instead of holding it.
- Choosing on monthly fee alone when both start at C$0.
Providers that can help
Free multi-currency account with a 1% cashback card
Free multi-currency account with a credit card
FAQs
Are Venn and Loop free?
Both offer plans with no monthly fee: Venn Essentials and Loop Basic. Paid plans add more features.
Which is better for US dollar spending?
Both let you spend from a USD balance. Loop’s credit card has no FX fees on its four currencies, while Venn’s conversion fees start at 0.45% when you convert.
Do Venn or Loop require a personal guarantee?
Venn states that no personal guarantee is required for its card. Check Loop’s current terms before applying.
Who can open an account?
Venn serves incorporated Canadian businesses and Loop serves registered Canadian corporations.
Can I use both?
Yes. Some businesses use one for receiving and holding currencies and the other for a credit line or card.
Sources: Venn and Loop published account and card terms.