Should you go for Vault or Wise? : A closer look for Canadian businesses
Vault® and Wise are both popular money transfer services for Canadian business owners. Use Vault to manage your business banking or send money all over the world with Wise.
It’s important to choose the right banking provider for you. We’ll take a look at using Vault vs Wise for your business, including API integration options, international capabilities and pricing.
Looking for a money transfer alternative? Check out Wise Business!
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Vault vs Wise: Availability Across Canada
You can use Wise Business across Canada, including all provinces and territories. Unlike Wise, Vault isn’t currently available in Québec. This is a significant drawback for businesses based in the province.¹
You can also use Wise in a range of international locations, including Canada, the US, the UK, France, India, Australia, Germany, and the Philippines.
Although you can use Vault to send money abroad, Vault doesn’t offer accounts outside Canada. You’ll also need to be a corporation, as the platform doesn’t support sole proprietorships or partnerships.¹
Vault vs Wise: Account and Card Features
Both Wise and Vault offer a range of business accounts and products, including global accounts and corporate cards.
You can open a Vault account in CAD, USD, GBP or EUR. You can also use your global account to convert currency, integrate accounting systems and manage your business cash flow.²
If you make regular business payments, you can get a corporate Mastercard® from Vault. Use your Vault card to:
- earn 1% unlimited cashback
- manage spending within your business
- collect digital receipts for every transaction³
Wise Business also provides Canadian and international businesses with simple management solutions. Your business gets account details in 19 currencies for a one time payment of 42 CAD.
You can alsouse your Wise Business account to:
- receive payments from customers, including Amazon® and Stripe® payments
- manage your team expenses and cash flow
- send hassle-free international transfers
- make batch payments for up to 1000 people at once
You can even use your Wise business card to pay for expenses anywhere in the world - for your business and your team.
Vault vs Wise: International Payments
Your Vault account lets you send international transfers to vendors in over 30** **currencies and over 200 countries. However, you can only open an account in 4 local currencies.⁴
You can make a range of different same-day transfers, including:
- EFT
- ACH
- SEPA
- UK Faster Payments⁴
You can send your Vault payment without visiting a branch, and you can even schedule automatic transfers to clients and vendors online.⁴
Vault charges 0.35% for currency exchanges and a small fee for sending international wire transfers.⁵
Unlike Vault, Wise Business is a multi-currency account – meaning you can send payments in over 40 local currencies, all from the same account.
Spend and send your money at the mid-market exchange rate. This is the standard, ‘real’ rate you might see on Google® – no added markups or hidden fees!
You can even send an instant or same-day transfer with Wise, including global payments by:
- bank transfer
- direct debit
- debit card
- credit card
- Apple Pay®
- Google Pay®
Whether you’re a freelancer or you own a limited company, Wise has a solution for all your business needs.
Vault vs Wise: Integrations and User Experience
You can use Vault and Wise to streamline your workflow, including all the latest tools to track business spending and collect payments from customers.
Vault offers a range of accounting and software integrations, such as:
- Quickbooks®
- Xero®
- Stripe®
- Shopify®
- Amazon®
- Etsy®⁶
Wise also offers advanced API integrations and a convenient app marketplace for business owners.
You can access API tokens and payroll management software and you can even test your integrations before going live to make sure your account works for you and your team.
Vault doesn’t have a mobile app. Instead, you’ll need to log in online to manage your finances or transfer money.⁷
In comparison, Wise specializes in digital spending solutions. You can send, spend and receive your money from the Wise app – and you can sync your transactions to accounting software like:
- Xero
- QuickBooks
- FreshBooks®
- Wave®
- FreeAgent®
- Sage®
Although Vault offers a range of useful software integrations like Shopify and Amazon, Wise provides a seamless digital user experience for Canadian businesses.
Get all the tools you need to reach new customers and manage your business from the palm of your hand.
Vault vs Wise: Pricing and Fees
There are some fees and costs for using your money transfer provider in Canada and overseas.
Vault charges 0.35% for currency exchange – and you’ll pay 10 CAD to send an international wire transfer. You’ll get 2 free Interac e-Transfers with your Vault account, but each transfer after that will cost 2 CAD.⁵
However, you won’t pay monthly fees or overdraft fees – and there aren’t any minimum balance requirements. You can also access 1 free user on your physical corporate card.⁵
Like Vault, Wise doesn’t charge monthly subscription fees. You can get an account for free, and there’s a one-time fee of 42 CAD for account details in 19 currencies, such as CAD, JPY, USD, GBP and more!
Wise doesn’t charge markups for transfers in foreign currencies, whether you’re paying an invoice in the US or receiving a sale from France.
You can also receive local payments in your account for free – and you can send transfers around the globe from just 0.33%.
Vault vs Wise: Customer Support and Security
You can contact Wise 24/7 by phone or email – or access a useful help centre to answer your questions online.
Wise also protects your money with advanced security features, such as 2-factor authentication and real-time notifications whenever you spend. Your Wise business account also has added security features including biometric verification.
Vault keeps your information confidential and secure by encrypting data and preventing fraud to protect your money.⁸
You can get support from Vault’s help centre if there’s a problem with your account. However, you’ll need to reach out to an online chatbot for personal support – and response time can depend on how many Vault agents are online.¹
To sum it up
Every business owner needs the right platform to receive payments, streamline cash flow and manage everyday finances.
If you’re based in Canada, Vault is a good option. You can open an account in up to 4 currencies and access integrations like PayPal or Amazon. However, this service doesn’t suit businesses in Québec or outside Canada.
Wise is your international business account! Hold, send and receive money in over 40 currencies from a convenient digital app – or use your Wise card to spend in Canada or overseas.
To take your business worldwide, check out Wise.
Click here to get your Wise Business Account 🚀
Sources:
- Vault
- Vault - Global accounts
- Vault - Corporate cards
- Vault - global transfers
- Vault - Pricing
- Vault - Integrations
- Vault - Help article
- Vault - Help section
Sources verified on 25 June 2024
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
