Your bank is bleeding
you dry.
Canadian banks hide 2.5–3% markups on every foreign exchange transaction. Upload your bank statement and we'll show you exactly how much they're taking.
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How banks rob you on every transaction.
The markup is invisible by design. Here's how it works.
The Mid-Market Rate
There's a real exchange rate — the mid-market rate — that banks and institutions use to trade currencies between themselves. This is the fair rate.
USD/CAD Mid-Market Rate
1.3520
What the currency is actually worth
The Bank's Markup
Your bank adds 2–3% on top of the real rate. They don't tell you this — they just show you "their rate" as if it's the market price. It's not.
What your bank shows you
1.3858
On a $13,520 conversion
Wire & Transfer Fees
On top of the markup, they charge $25–$50 per wire transfer. And the receiving bank often takes a cut too. Fee on fee on fee.
It Compounds
Do 10 transactions a month? That's nearly $4,000/month in hidden fees. Over a year, you're giving your bank the equivalent of a full-time employee's salary.
Monthly
$3,930
Annually
$47,160
Based on 10 transactions/month at $13,520 avg.
The evidence is damning.
This isn't a conspiracy theory. These are publicly available numbers the banks hope you never look at.
$8.2B
FX revenue earned by Canada's Big 5 banks in 2023
2.5%
Average hidden markup on retail FX transactions
73%
of SMBs don't know their bank's FX markup
$0
What banks disclose about their FX spread
“Banks are not required to disclose the markup they apply to foreign exchange rates for retail customers.”
— Financial Consumer Agency of Canada
“The lack of transparency in foreign exchange pricing means most small businesses are unaware of the true cost of their international transactions.”
— Canadian Federation of Independent Business, 2023 Report
“Foreign exchange revenue represents one of the most profitable and least understood fee categories for Canadian banks.”
— Bank of Canada Financial System Review
They stopped the bleed.
Real businesses. Real savings. Real anger at their old bank.
“We were losing thousands every month on FX conversions and didn't even know it. Loop made it transparent and cut our costs immediately. It's a no-brainer for any business paying international suppliers.”
Jordan Kendal
Founder, Sheet Happens
$38,000/yr
saved
“When we saw the audit of what our bank was actually charging us on USD conversions, we were furious. Switching to Loop took 20 minutes and saves us more than our accountant costs.”
Ben Kelly
Owner, Pure Muskoka
$24,000/yr
saved
“As an ecom business, FX is a massive part of our costs. The banks were taking 2.5% on every transaction and calling it 'the rate.' Loop charges a fraction of that. The savings are real.”
Dante Timpano
Founder, DT Ecom
$52,000/yr
saved
Stop the bleed.
Switch to Loop.
Join thousands of Canadian businesses that stopped overpaying their bank on foreign exchange. Setup takes 5 minutes.