Review Time
I've been using Vault for managing my business spending, and I couldn't be more satisfied. The platform's spend management and accounting features are incredibly seamless and efficient. From global corporate cards that offer 1% cashback to the best FX rates and free local transfers, Vault has transformed the way we handle our finances. Setting up multi-currency accounts and integrating with our accounting systems has saved us both time and money.Highly recommended!
Vault Banking is what Canada needs for corporate banking. I think it is normal to be skeptical... so I slowly started transferring my accounts and some client deposits to vault to test the system. So far I am super impressed with Vault's customer service and the efficiency of the online banking system. Imagine in Canada... sending wires/EFTs without having to go to the bank with no limits... with no fees... wow!As of writing this, Vault has improvements to make such as the ability to setup multiple CAD or USD accounts to align to your accounting practices (2023/11/01 currently Vault only offers 4 accounts, USD/CAD/GBP/EUR) but they assure that this is transitioning shortly. FOREX costs 0.35% per transaction and it takes < 2 days so far. THIS IS A HUGE. Finally... digitally banking that makes sense.
I had a terrible experience with Vault Bank for my small business. While their accounts are free, you really do get what you pay for, little to no support when you need it most. I purchased a laptop screen for my work, which was clearly misrepresented by the merchant online. It just wasn't the right screen for my laptop. When I received the wrong screen and tried to return it, the merchant wanted to charge me 20% for shipping and restocking fees.Naturally, I contacted Vault to dispute the charge, expecting a simple, straightforward process like I had with other banks. However, I was met with an unhelpful response: the bank essentially said disputing the charge wasn't worth their effort, arguing that since the merchant wasn’t outright refusing a return, but just not offering a full one, the case was “tricky” and not their concern. This is something that any other bank would handle with no issue.If you are a small business looking for a bank that actually protects you as a customer, look elsewhere. Vault Bank left me feeling completely unprotected and unsupported when I needed help the most. I definitely wouldn't recommend them.
Vault is an amazing banking/expense management tool that I highly recommend to any Canadian corporation tired of Big 5 banking!Customer service and UI are impeccable. Not to mention my company is saving thousands every month through free local transfers (ACH, EFT, etc.). If you're skeptical about them, take a demo and I guarantee you'll be wow'd like I was!
Vault is a game-changer for Canadian businesses. I've been using Vault for almost 6 months during which I've shifted most of our business expenses onto their physical and virtual credit cards. The ease of loading funds into the platform is super convenient as is exchanging USD/CAD, and the free wire/ACH payments have been nothing short of amazing (no more of the random "Activity Fees" every month you get from big banks). I highly recommend it to any Canadian business, especially those operating globally.
Blown away by the usability of their platform. I've been waiting for so long for a product/service to be available in Canada. The team at tryvault is also very responsive and communication is a breeze. I have now taken back hours of my time now that I've safely and securely handed off payment autonomy to my virtual assistants through this platform.
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