Venn vs. Loop for FX Transfers: What’s the Best Option in 2025?

It’s 2025, and Canadian businesses continue to face challenges with the hidden costs and complexities of foreign exchange (FX) transfers. This often results in unexpected fees and delays. 

However, online platforms like Venn and Loop help ease global business banking operations in this case. 

The main difference between Venn and Loop for FX transfers lies in their structure. Venn uses a liquidity model with banks and financial institutions, while Loop operates on a decentralized, peer-to-peer model, bypassing intermediaries for faster, direct transfers.

In this article, we’ll discuss the differences between the two platforms by comparing FX rates, global payment reach, and platform costs. By the end, you’ll have a clear understanding of which platform manages international transactions with better value than one another.

Quick Overview: Venn vs Loop at a Glance

When it comes to FX transfers, both Venn and Loop offer unique advantages for Canadian businesses. Here’s a quick overview of their key features and how they stack up against each other at a glance.

‍

Multi-Currency Account Support

Multi-currency account support removes the friction of juggling multiple currencies across separate platforms. It helps you reduce FX conversion fees, speeds up export and import payments, and simplifies international cash flow management. 

Take a look at how Venn and Loop stack up in this area. 

Venn

Venn supports multi-currency transfers by automatically giving you access to CAD, USD, GBP, and EUR accounts. All accounts live in one place, so you can send, receive, and track funds across borders without switching tools. You also receive corporate cards linked directly to these accounts, enabling real-time spending in the correct currency without manual conversions.

For multi-currency business banking activities, managing contractors, global suppliers, or subscriptions, Venn’s setup helps reduce operational overhead. It’s especially popular among Canadian firms in construction and manufacturing, where team members may need card access in different currencies but without the complexity of opening foreign accounts.

Loop

Loop also supports CAD, USD, GBP, and EUR but setup is required before use. This extra step may not be an issue for businesses with stable, planned payment flows. For example, e-commerce brands scheduling regular payouts to vendors may find Loop’s account structure works just fine.

However, Loop’s accounts are more standalone. They’re not integrated into a broader AP or AR system, which could be limiting for companies looking for a fully connected workflow. If you already use separate tools for accounting, payments, and FX transfers, Loop can still be a strong fit, especially if your priority is access to low FX rates.

So, which is better?

If you need quick access to multiple currencies and want to manage payments, cards, and approvals in one place, Venn offers better integration. However, if your priority is simply accessing currency, and you're already using other systems for payments and accounting, Loop may be a good match.

Price Comparison

Comparing prices, Venn offers better cost control and planning for most SMBs than Loop. You can get the lowest FX markup with Loop, but it’s only cost-effective at high transfer volumes. 

Here’s a snapshot of the price comparison of Venn and Loop given in the table below:

‍

Venn

Venn offers tiered FX rates based on your plan, with the Plus plan featuring a 0.35% FX markup and the Pro plan ($100 per month) offering a reduced rate of 0.25%. What sets Venn apart is its rate transparency; there are no hidden markups or surprise spreads, so you always know exactly what you’re paying. 

Additionally, Venn's free plan offers competitive FX rates with a markup lower than the industry average, making it an excellent option for businesses just getting started.

This clarity is especially helpful for SMBs managing tight margins or planning long-term vendor contracts. Instead of chasing a lower rate, you can build consistent pricing into your budgeting and forecasts.

Loop

Loop’s Power Plan advertises a 0.10% FX markup, one of the lowest in the market. However, it comes with a $299/month platform fee. The FX rate is attractive on paper, particularly for businesses that transfer high volumes. But the savings only stack up if you move enough money to justify the subscription.

Loop also markets “mid-market rates,” but the final cost can depend on your volume, timing, and the plan tier you’re on. While this setup may work for businesses focused solely on obtaining the best rate, it’s essential to consider the total platform cost.

Global Transfer Functionality

If your business works with international vendors, remote teams, or global clients, reliable transfer functionality isn’t optional; it’s essential. From currency coverage to speed and control, how a platform handles global payments can impact everything from cash flow to compliance. 

Here's how Venn and Loop compare in this case.

Venn

Venn supports transfers in 36+ currencies to 180+ countries, making it a versatile choice for businesses with a global footprint. It integrates directly with business accounts, allowing you to manage payments and track expenses from a single location.

Venn has built-in approval workflows and spend controls, which means you don't have to rely on manual oversight. Whether you're paying a vendor in the UK or issuing reimbursements in USD, the system adapts to your internal processes and workflows.

For teams managing multiple currencies and stakeholders, Venn’s control and visibility are key differentiators.

Loop

Loop also enables global transfers and is particularly effective for e-commerce brands that manage regular payouts to overseas suppliers. It supports recurring transfers and efficiently handles cross-border payments.

However, Loop’s functionality is more transactional. It doesn’t include built-in approval workflows or full automation. If your business needs tight controls or wants to integrate payments with broader financial ops like AP/AR, you may need additional tools.
If you're looking for a turnkey system to manage international payments with internal checks and balances, Venn offers stronger capabilities. However, if your business is lean, focused on e-commerce payouts, and doesn’t need layered controls, Loop can be a simple and effective solution.

Total Cost of Ownership

Choosing an FX platform isn’t just about headline rates. It’s about understanding the full cost of using the service. This includes monthly plan fees, FX markups, feature access, and hidden charges. 

Check out how Venn and Loop compare when it comes to value for money.

Venn

Venn provides transparent pricing. Its Pro plan is $100/month and includes a 0.25% FX markup. For many SMBs, this combo offers a predictable structure that’s easy to budget around. 

Here’s a sample breakdown for $100,000 in annual transfers:

Pro Plan with $100,000 in annual transfers

• Plan Cost: $100/month x 12 = $1,200/year
• FX Markup: 0.25% of $100,000 = $250/year
• Total Cost: $1,450/year

Plus Plan with $100,000 in annual transfers

• Plan Cost: $10/month x 12 = $120/year
• FX Markup: 0.35% of $100,000 = $350/year
• Total Cost: $470/year.

Essentials Plan with $100,000 in annual transfers

• Plan Cost: $0 (Free)
• FX Markup: 0.45% of $100,000 = $450/year
• Total Cost: $450/year (since the plan is free, there are no additional subscription costs)

Loop

Loop’s Power plan offers a lower FX markup of 0.10%, but it comes with a $299/month fee. For high-volume users focused solely on FX savings, this could seem like a better deal. But here’s what it looks like annually:

Power Plan with $100,000 in annual transfers

• Plan Cost: $299 x 12 = $3,588/year
• FX Markup: 0.10% of $100,000 = $100/year
• Total Cost: $3,688/year

Plus Plan with $100,000 in annual transfers

• Plan Cost: $79/month x 12 = $948/year
• FX Markup: 0.25% of $100,000 = $200/year
• Total Cost: $1,148/year

Basic Plan with $100,000 in annual transfers

• Plan Cost: $0 (Free)
• FX Markup: 0.5% of $100,000 = $500/year
• Total Cost: $500/year (since the plan is free, there are no additional subscription costs)
  

So, while the FX rate is lower, the subscription cost is significantly higher. Loop is best suited for businesses that regularly send high volumes and don’t require tools like AP automation, card controls, or integrated reconciliation.

If you're looking for lower FX rates and have a high volume to justify the plan, Loop could be a good option. However, for most SMBs seeking more comprehensive tools with predictable pricing, Venn delivers stronger all-in-one value.

Use Case Scenarios

No two businesses handle international payments the same way. Whether you're a growing e-commerce brand or a service-based SMB, the right FX platform depends on your workflow, transaction volume, and internal controls. 

Here's how Venn and Loop fit different business models.

Venn

Venn is built for Canadian SMBs that need more than just a way to send money. It simplifies payment workflows, integrated payments, and real-time FX transfers. Businesses in sectors like construction, retail, trades, and accounting benefit most, especially those managing teams, contractors, or multiple currencies.

The platform’s features are geared toward operational control. You get tools for expense tracking, AP/AR, and FX; all in one system. For firms that need to move money and manage it securely, Venn offers a unified, compliant environment.

Loop

Loop is best suited for e-commerce and DTC brands that frequently make payouts to international vendors. If your primary focus is securing a low FX rate and your team doesn't require advanced features like layered permissions, approvals, or AP/AR tools, Loop provides a straightforward solution.

However, Loop's low FX rate is particularly beneficial for businesses with high transaction volumes, typically over millions of dollars in transfers. For companies moving large sums of money, securing the lowest FX rate is critical, and in this case, Loop offers a simpler and cost-effective solution.

It’s a good match for businesses that don’t need their FX platform to double as a financial hub. Loop handles outbound payments well but assumes you’re using other tools for accounting, reporting, and operations.

Platform Experience

Now, your FX platform should do more than process payments. It should make your financial operations easier, faster, and more secure. From interface design to support and security, user experience plays a key role. 

Here's how Venn and Loop compare in terms of usability and day-to-day functionality.

Venn

Venn is designed as an all-in-one experience. You can access it via mobile or desktop, and the interface is clean, intuitive, and built for multitasking. Corporate cards, multi-currency accounts, FX transfers, approvals, and spend controls are all accessible from the same dashboard. That means fewer tab switches, fewer logins, and better workflow alignment.

Venn also offers multi-channel support (chat, email, phone), with dedicated support for Pro users, making it easy to get help when you need it. As a FINTRAC-registered platform, it complies with financial regulations (Canadian). Venn provides businesses with added peace of mind when handling sensitive financial operations.

Additionally, Venn ensures that customer funds are safeguarded and held with regulated financial institutions, offering further protection against potential financial risks.

Loop

Loop offers a user-friendly interface, especially strong on mobile, making it easy to manage global payouts on the go. The experience is smooth and minimal, which suits fast-paced e-commerce teams handling straightforward transactions.

Loop includes 24/7 fraud monitoring, adding a layer of security for frequent international transfers. However, the platform’s financial tools and integrations are still evolving, which may limit teams that need advanced workflows, AP/AR syncing, or deeper automation.

Canadian FX Rules and Regulations

In Canada, FX transfers are regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This means any platform you use must meet strict requirements around identity verification, transaction reporting, and anti-money laundering (AML) practices. Both Venn and Loop are FINTRAC-registered, which is a requirement for operating legally within the country.

But compliance goes beyond just registration. You may also be required to:

• Report large transactions (typically over $10,000 CAD)
• Maintain detailed records of international payments
• Use platforms that support regulatory reporting if audited

Using a FINTRAC-compliant platform, such as Venn or Loop, helps reduce your risk of fines or compliance gaps. However, platforms like Venn go a step further by embedding approval flows, user roles, and audit trails. These are tools that support compliance not only with Canadian regulations, but also with your internal governance and AML requirements.

Why Canadian SMBs are Switching to Venn

For many Canadian SMBs, managing FX, payments, approvals, and reconciliation has meant juggling multiple platforms or relying on traditional banks with outdated processes. Venn changes that.

It brings everything into one place: FX transfers, corporate cards, spend approvals, invoicing, and reconciliation. This all-in-one model enables businesses to streamline their financial operations, reduce manual errors, and enhance cash flow visibility.

Venn is especially valuable for offline sectors, such as international trade finance, retail, and manufacturing. With Venn, these businesses can issue cards to team members, manage vendor payments across currencies, and stay compliant with Canadian regulations, all without visiting a branch.

So, Venn offers a clear upgrade for Canadian businesses looking to modernize their financial stack without complexity.

Managing FX Risk: Hedging Strategies for Canadian Businesses

Now, foreign exchange rates can shift quickly, and even small fluctuations can significantly impact your profit margins. Managing FX risk is essential for Canadian businesses making international payments to protect revenue and stabilize cash flow.

Here are a few common currency hedging tools that help you stay in control:

• Forward Contracts: Lock in an exchange rate today for a future payment.
  Best for: Predictable future expenses in foreign currencies.
  
• Currency Options: Gives you the right (not the obligation) to exchange at a set rate.
  Best for: Uncertain payment timing or amounts.
  
• Natural Hedging: Match revenues and expenses in the same currency to avoid conversions.

Best for: Businesses earning and spending in the same foreign currency.

• Multi-Currency Accounts: Hold and use funds in different currencies without converting.
  Best for: Reducing daily FX exposure with minimal effort.
• FX Limit Orders: Set a target exchange rate for your currency conversion. When the rate reaches your set target, the transaction is automatically executed.

Best for: Managing FX risk and locking in favorable rates when the market conditions align.

Final Verdict: Which One Wins for FX Transfers?

Both Venn and Loop offer robust FX capabilities, but they cater to different business needs.

Loop is a solid option if your top priority is a low FX rate and your business processes transaction volumes in the millions of dollars.  It's especially useful for e-commerce brands sending regular international payouts with minimal operational complexity.

Venn, on the other hand, offers a more well-rounded solution. It combines competitive FX rates with built-in payments, approval workflows, reconciliation, and multi-currency accounts, all under one roof. Venn also supports sending regular international payouts, making it a comprehensive choice for businesses with global payment needs. 

Additionally, Venn is cheaper on the free plan, offering businesses a cost-effective solution without the commitment of a paid plan. For SMBs that value cost predictability, platform integration, and Canadian compliance, Venn stands out as the smarter long-term choice.

Book a demo, start a free trial, or explore Venn’s platform today to see how it can enhance your business’s financial operations.

Frequently Asked Questions (FAQs)

Q: What is a Forward Contract in FX Trading?

A: A forward contract in FX trading is a financial agreement to exchange currencies at a predetermined rate on a specified future date. It allows businesses to lock in exchange rates, protecting them from unfavorable currency movements and providing certainty for future international transactions.

Q: Are There Limits on FX Transfers?

A: No, neither Venn nor Loop imposes limits on FX transfers. Both platforms allow for flexibility in transferring funds, without restrictions on daily or per-transaction amounts. However, certain regulatory or account verification requirements may still apply.

‍

_{The comparative information provided on this page is based on publicly available sources and is accurate to the best of our knowledge as of July 20, 2025. Features, pricing, and terms may change without notice. For the latest information, please consult each provider’s official website directly. All trademarks and product names are the property of their respective owners. Their use does not imply any affiliation with or endorsement by those brands.}