Are you tired of high banking fees and complex financial management for your business? Vault Banking offers a modern solution for Canadian small and medium-sized businesses. Vault simplifies business banking with multi-currency accounts, competitive exchange rates, and a user-friendly platform.

Vault has gained backing from major tech leaders and raised significant funding. This shows its potential to shake up the business banking world. The platform aims to save companies money and time by streamlining financial operations.

Key Takeaways

• Vault offers multi-currency accounts and competitive exchange rates
• The platform is backed by tech industry leaders and significant funding
• Vault aims to simplify and modernize business banking for Canadian companies

To sign up for Vault and receive a bonus of $25-$100 plus a free Pro subscription (worth $100/month), use this link.

For businesses looking to partner with a Vault-affiliated accounting firm, book a free consultation.

The Top 7 Reasons To Switch To Vault Banking For Your Business

Vault Banking offers several key advantages for businesses looking to streamline their financial operations. These benefits range from cost savings on currency exchanges to improved expense management and collaboration tools.

Low Foreign Currency Conversion Fees

Vault Banking provides some of the best currency exchange rates in Canada. This can lead to significant savings for businesses that frequently deal with international transactions.

The platform offers competitive rates for converting between major currencies like CAD, USD, GBP, and EUR. This allows companies to keep more of their money when doing business across borders.

Vault’s low fees make it an attractive option for startups and small businesses expanding into global markets. By reducing conversion costs, companies can allocate more resources to growth and development.

Easy Creation Of Multi-Currency Business Accounts

Vault allows businesses to open accounts in multiple currencies with ease. This feature is particularly useful for companies engaged in international trade or those with global customers.

Users can create accounts in CAD, USD, GBP, and EUR. This flexibility enables businesses to receive payments in the currency of their choice, reducing the need for frequent conversions.

Having separate accounts for different currencies can simplify bookkeeping and financial reporting. It also helps businesses manage exchange rate risks by holding funds in the currencies they frequently use.

Corporate Physical And Virtual Credit Cards Expense Management

Vault offers both physical and virtual corporate credit cards to help businesses manage expenses effectively. These cards can be issued to employees for business-related purchases.

The platform includes tools for tracking and categorizing expenses in real-time. This feature helps companies maintain accurate records and simplify expense reporting processes.

Virtual cards add an extra layer of security for online transactions. They can be created instantly for specific purchases and deactivated after use, reducing the risk of fraud.

Guaranteed Investment Certificates (GICs) Up To 5.0%

Vault Banking provides access to Guaranteed Investment Certificates with competitive rates. These GICs offer businesses a low-risk way to earn interest on their surplus funds.

Rates can go up to 5.0%, which is higher than many traditional savings accounts. This allows companies to make their idle cash work harder for them.

GICs come with different term lengths, giving businesses flexibility in managing their cash flow. Short-term GICs can be useful for temporary cash surpluses, while longer-term options may offer higher rates.

Free Accounts Payable Automation Platform

Vault includes a free accounts payable automation platform. This tool can save businesses time and reduce errors in managing their bills and payments. It can also save them money as it can serve as an alternative to platforms such as Plooto.

The system can automatically capture invoice details, route them for approval, and schedule payments. This streamlines the entire accounts payable process, from receipt to payment. It is also possible to easily customize a role for your accounting firm to take over this function.

Automation reduces the risk of late payments and helps businesses take advantage of early payment discounts. It also provides better visibility into cash flow and spending patterns.

Improved Collaboration With Your Bookkeeper And Accountant

Vault’s platform is designed to facilitate better collaboration between businesses and their financial professionals. It offers features that make it easier to share financial data securely.

Bookkeepers and accountants can be granted access to specific parts of the account. This allows them to view transactions, generate reports, and reconcile accounts without compromising security.

Real-time access to financial data enables faster decision-making and more accurate financial reporting. It also reduces the need for manual data transfers, saving time and reducing errors.

On The Go Receipt Capture App

Vault provides a mobile app for capturing receipts on the go. This feature is particularly useful for businesses with employees who frequently make purchases or travel for work.

Users can quickly snap photos of receipts using their smartphones. The app then attaches the invoice to the particular transaction and ensures that all receipts are readily available for your bookkeepers or in case of a government audit.

This digital approach to receipt management reduces the risk of lost receipts and simplifies expense reporting. It also helps businesses maintain more accurate and up-to-date financial records.

Frequently Asked Questions

Vault Banking offers unique advantages for businesses seeking modern financial solutions. Let’s explore some common questions about their services and features.

What are the advantages of using Vault Banking for business accounts compared to traditional banks?

Vault Banking provides multi-currency accounts in CAD, USD, GBP, and EUR. This allows companies to get paid in different currencies without extra fees.

They offer competitive exchange rates for international transfers. Businesses can save money when converting funds between currencies.

How do the features of Vault Banking’s credit card offerings compare to competitors like Loop?

Vault Banking offers a corporate Mastercard to manage business expenses. The card integrates with their banking platform for easy tracking and reporting.

Users can set spending limits and get real-time notifications for purchases. This helps with budgeting and expense management.

What are the key factors that make Vault Banking a preferable choice for businesses?

Vault Banking focuses on simplifying banking for small and medium businesses. Their platform is designed to be user-friendly and efficient.

They offer domestic and international bank transfers at competitive rates. This can save companies money on transaction fees.

What benefits does Vault Banking offer that may influence a business to switch from their current bank?

Vault Banking claims to be the cheapest option for business banking in Canada. Lower fees can lead to significant savings over time.

Their all-in-one platform combines banking, payments, and expense management. This can streamline financial operations for businesses.

How does Vault Banking stand out in terms of online banking and account management?

Vault Banking’s platform is built for the digital age. It offers modern features like real-time transaction tracking and mobile access.

Users can manage multiple currency accounts from a single dashboard. This simplifies financial management for businesses operating internationally.

In what ways can Vault Banking enhance financial operations for small and medium-sized enterprises?

Vault Banking automates many banking tasks. This can save time and reduce errors in financial processes.

Their platform provides tools for budgeting and financial reporting. These features can help businesses make informed financial decisions.