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Vault Business Banking Account
Monthly Account Fee
Multi Currency Accounts
Currency Conversion Fee


Get paid in four currencies, send transfers in more than 30 currencies, plus cashback on your corporate credit card spending.

Vault is a business banking service designed to meet the needs of Canadian small to medium businesses. It allows you to open accounts in four currencies (CAD, USD, GBP, EUR) so you can get paid in the currency of your choice and offers the mid-market exchange rate when you want to convert funds and send an international transfer in over 30 currencies. Vault also provides a prepaid Vault Mastercard that lets you earn 1% cashback on your business spending. However, Vault is not available in Quebec or for sole proprietors and partnerships.


  • Open accounts in up to four currencies
  • No monthly fee
  • Get the mid-market rate on currency exchanges
  • Get 1% cashback on spending

  • Not available in Quebec
  • Watch out for fees on international wire transfers and currency exchange
  • Not available for sole proprietors or partnerships

In this guide

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Vault: The Basics

These are the standard features to expect when you open a business account with Vault:

  • Multi-currency accounts. Vault allows you to open bank accounts in CAD, USD, GBP and EUR, allowing you to send and receive payments as well as hold funds in the currency of your choice.
  • Mastercard Corporate Card. The Vault card prepaid Mastercard allows you to earn cashback on your corporate spending. You can get a physical card along with unlimited virtual cards, and Vault cards are protected by Mastercard’s Zero Liability Policy. Use your card anywhere Mastercard is accepted.
  • Payment options. You can send and receive payments with your Vault account using EFT, ACH, SEPA, Faster Payments or SWIFT wire transfers.
  • Real-time foreign exchange. Vault provides a real-time foreign exchange service so you can convert currencies in your account whenever you need.
  • Accounting integrations. Vault offers integration with accounting software from Quickbooks and Xero to make it easy to manage your business finances.
  • Team management. You can provide your employees with access to your Vault account, assign different access levels and limit the amount each team member can spend with a Vault card.
  • Investments and loans. Vault also offers access to GICs with terms ranging from 30 days to five years, and business loans of up to $300,000.

What are the benefits of Vault?

  • Easy application process. You can apply online for a Vault account in as little as five minutes.
  • Manage multiple currencies. It’s free to open accounts in different currencies, making it easy to pay suppliers and receive payments from customers wherever you do business.
  • Send bank transfers in over 30 currencies. You can send payments from your Vault account in 36 currencies, allowing you to pay vendors in over 200 countries around the world.
  • Mid-market exchange rate. When you convert currencies in your Vault account, you get the interbank exchange rate with no markup.
  • Free local transfers. You won’t pay fees when you send EFT, ACH and SEPA transfers.
  • 1% cashback. You can earn 1% cashback on all spending on your Vault Mastercard Corporate Card, with no limits on the amount of cashback you can earn.
  • Avoid foreign exchange fees. When you make a purchase in a foreign currency with your Vault card, the transaction currency is matched with the currency in your Vault balance to help you avoid foreign exchange fees.
  • No monthly fees. There are no monthly or annual fees attached to a Vault account.
  • No overdraft fees. You also won’t have to worry about paying overdraft fees with Vault.

What are the drawbacks of Vault?

  • Not available in Quebec. Vault is not currently available to businesses in Quebec.
  • International wire transfer fee. You’ll need to pay a $10 fee to send an international wire transfer from your Vault account.
  • Currency exchange fee. A 0.35% fee applies when you convert from one currency to another in your Vault account.
  • Additional card fee. While your first physical Vault card is free, additional cards attract a $10 fee.
  • Can’t accept credit card payments. You cannot use your Vault account to accept credit card payments.
  • No mobile app. If you like to be able to manage your business finances on the go, Vault does not currently offer a mobile app.
  • No phone support. There’s no phone number listed on the Vault website.

Is Vault legit?

Founded in 2021, Vault is registered as a Money Services Business and regulated by FINTRAC. It is headquartered in Toronto and holds client funds in segregated trust accounts with Tier 1 banks

Vault only works with regulated Tier 1 banks and payment providers to provide its account and payment services. In Canada, for example, Vault partners with Mastercard, Payments Canada, Peoples Group and Digital Commerce Bank.

What should I know before I apply?

Vault only offers bank accounts for Canadian corporations. Corporations based outside of Canada, as well as sole proprietors and partnerships based in Canada, will need to consider other business banking solutions.

You’ll also need to be the age of majority in your province or territory to apply for an account.

How do I open a Vault account

You can open a Vault account by completing the following steps:

  1. Navigate to the Vault website and click ‘Open Account’
  2. Enter your business email address and create a password
  3. Enter the verification code sent to your email address
  4. Provide your name, date of birth, phone number and job title
  5. Provide your business details, including leadership and ownership information
  6. Review all details and submit your application

If you want to send funds to your Vault account from a Canadian bank account, you’ll need to complete the following steps:

  1. Log in to your account to access your account dashboard
  2. Click ‘Add Money’ and then ‘Link Account”
  3. Provide the details of the account you want to link
  4. Enter the amount you want to deposit into your Vault account
  5. Click “Add Funds”

Compare other business banking accounts

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Name Product Monthly Account Fee Multi Currency Accounts Currency Conversion Fee Corporate Credit Card Accounting Integration Offer
RBC Digital Choice Business Account
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Get unlimited electronic debit and credit transactions, unlimited electronic cheque deposits, unlimited Moneris deposits and 10 free outgoing Interac e-Transfer transactions per month.
Sole proprietorships and corporations accepted.
Loop Global Business Banking Account
0.1% - 0.5%
Quick books, Xero
Eliminate FX fees with a Loop credit card. Spend in CAD, USD, GBP and EUR and earn points to use toward travel and experiences. Get up to a $1M credit limit.
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Wise Business
Quick books, Xero + more
No hidden charges, high rates or monthly fees. Get the mid-market exchange rate. Pay employees, get paid and manage your cash flow in over 70 countries.
To be eligible, you'll need to have a registered Canadian corporation.
RBC Flex Choice Business Account
RBC Flex Choice Business Account
Quick books, Sage, Xero
Bank both digitally and in-branch and only pay for what you use. No minimum or maximum transaction limits.
Sole proprietorships and corporations accepted.
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Vault Business Banking Account
Quick books, Xero
Earn 1% unlimited cashback on your Vault multi-currency corporate credit card. No currency limitations. Set up accounts in CAD, USD, GBP and EUR, enjoy $0 local transfers.
To be eligible, you'll need to have a registered Canadian corporation.

Bottom line

If you’re searching for the best small business bank account in Canada that helps you manage your finances and around the world, Vault is worth a look. With no monthly fee, support for multiple currencies and the ability to earn cashback on your spending, it’s a competitive option. It’s not available to all businesses, however, so you’ll need to compare a range of options to find the business bank account that’s right for you.

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