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Vault Business is a unique multicurrency electronic money account specifically designed for business use, containing 27 currency wallets. Certain categories of corporate account holders can also apply for a prepaid corporate MasterCard, so that companies can manage their business expenses with their Vault prepaid card, in any outlet that supports Mastercard. Card transactions out of the 2 Card Settlement currencies (EUR or GBP) are authorised through the default Card Settlement currency of your Vault Business account so we advise you to always maintain a balance of EUR or GBP in this wallet.
The application is available free of charge on the web, please click here to start your application.
It is easy to apply for a Vault Business account, but there are guidelines as to whether your company is eligible, based upon the country of incorporation and the industry.
UAB deVere E-Money, is incorporated in the European Union (EU) and issues electronic money and prepaid MasterCard’s under an EU licensing regime governed both by the Bank of Lithuania, and MasterCard. Therefore, there are some restrictions on who we can offer a Vault account & card to outside of EEA.
Yes, UAB deVere E-Money is authorised and licensed by the Bank of Lithuania with the license number 9 which allows deVere E-money to offer electronic money services under the Electronic Money Directive 2009/110/EC
Your physical Vault Business card will be issued by Moorwand Ltd who is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register ref: 900709) for the issuing of electronic money. Registered office Birchin Court 20 Birchin Lane London EC3V 9DU. Registered in England & Wales No. 8491211.
As our name suggests, we take security very seriously. All the funds that are loaded into your Vault wallets are held in bank accounts known as Client Accounts. Our regulator, the Bank of Lithuania, imposes strict rules upon licensed electronic money service providers concerning the safeguarding of client funds. The funds held in these bank accounts are segregated from deVere E-Money’s operational bank accounts, and these funds cannot be used by deVere E-Money for normal operational business expenses.
No, unfortunately under an electronic money services licence, deVere E-Money is not permitted to pay interest to clients for funds held in the client accounts, nor is deVere E-Money permitted to receive interest from the banks providing the client account services for Vault.
There are plenty of uses for your Vault account & card: converting foreign exchange cheaply and easily on the web platform in real-time; simple bill paying via bank transfer in any of the 27 currencies supported by the app; point of sale spending, online purchases and cash withdrawals using your Vault Business card which means better expense management for your company; and free instantaneous Vault-to-Vault transfers between Vault account holders. You can also perform bulk loads to Vault accounts and simplify your payroll.
Vault Business supports 2 major card settlement currencies, 2 account loading currencies and additional 26 Transfer currencies.
Card Settlement currencies: EUR (Euro) or GBP (Sterling)
Account Loading currencies: EUR (Euro) or GBP (Sterling)
Transfer currencies:
• USD (US Dollar)
• CHF (Swiss Franc)
• PLN (Polish Zloty)
• AED (United Arab Emirates Dirham)
• AUD (Australian Dollar)
• BGN (Bulgarian Lev)
• CAD (Canadian Dollar)
• CNY (Chinese Yuan Renminbi)
• DKK (Danish Krone)
• CZK (Czech Koruna)
• HKD (Hong Kong Dollar)
• HUF (Hungarian Forint)
• ILS (Israeli New Shekel)
• JPY (Japanese Yen)
• MXN (Mexican Peso)
• NOK (Norwegian Krona)
• NZD (New Zealand Dollar)
• QAR (Qatari Riyal)
• PLN (Polish Zloty)
• RON (Romanian Leu)
• SAR (Saudi Arabian Riyal)
• SEK (Swedish Krona)
• SGD (Singapore Dollar)
• THB (Thai Baht)
• TRY (Turkish Lira)
• ZAR (South African Rand)
Business users can load in the default of the 2 Account Loading currencies via bank transfer into their Vault Business account; they can store the balance in their wallets; they can exchange their balance into any of the other 26 transfer currencies supported by Vault; and they can spend directly (i.e. without incurring third-party charges) in 2 Card Settlement currencies (EUR or GBP).
For example, you can directly load GBP into your Vault account via bank transfer; when you then use your Vault Business card in the UK, your merchants bill will be settled directly from your GBP balance without any third-party charges.
The 26 Transfer currencies are only available for converting, storing and transferring via bank transfer. This means that you cannot directly load any of these 23 currencies into your Vault Business account and you cannot directly spend in any of these 23 currencies. You can only spend directly (i.e. without incurring third-party charges) in one of the 4 Settlement currencies (EUR, GBP, USD and CHF).
For example, if you wanted to hold Australian dollars, you would not be able to directly load Australian dollars into your Vault Business account, you would need to convert one of the 2 account loading currencies into Australian dollars within web app using a foreign exchange conversion facility. You would then be free to transfer those Australian dollars from within the web platform using the bank transfer functionality to a recipient who wanted to receive Australian dollars.
You would not be able to directly spend in Australian dollars on your Vault Business prepaid card if you were in Australia. However, if the merchant where you were spending in Australia accepts MasterCard then the merchant’s invoice will be settled directly from your Card Settlement currency balance. This will involve the merchants bank converting your Australian dollar invoice into EUR or GBP at an exchange rate outside of Vault Business control.
Cross-currency spending on your Vault card outside of the default Card Settlement currencies results in other FX fees being applied by the merchant’s bank.
There are two good sources of information on how to use your Vault Business web platform. Firstly you can navigate within the web platform to Support → FAQ; or read the FAQs on our website https://business.devere-vault.com/faq
You can navigate to Settings Terms and Conditions or read these on our website https://business.devere-vault.com/terms.
At deVere E-Money we are dedicated to safeguarding and preserving your privacy when using our services or communicating electronically with us. Please read them on our website https://devere-vault.com/privacy-policy
This Privacy Policy, together with our terms of use, provides an explanation as to what happens to any personal data that you provide us with, or that we collect from you or other sources whilst using our Services on our web platform for Vault Business https://business.devere-vault.com, our website https://www.devere-emoney.com, with your Vault Business prepaid MasterCard and other online products and non-banking services , that enable you to convert currency and make payments swiftly and in a cost-effective manner. You may choose not to provide any information to us, in which case, we may be unable to provide certain services to you such as, receiving money, sending money and exchanging currency etc.
If you have any questions or concerns about our Privacy Policy or data processing, or if you would like to make a complaint about a possible breach of privacy laws, please contact us at [email protected].
You can open a Vault Business account if your company is incorporated in the Single European Payments Area (SEPA). A complete list of Single European Payments Area (SEPA) countries can be found here
However please be aware that these rules only apply to opening a Vault Business account, and if you also want a Vault Business prepaid MasterCard, there are specific MasterCard rules as to who can then apply for a Vault Business prepaid card.
There are strict MasterCard rules on who can apply for Vault Business prepaid card, and you can apply for a Vault Business prepaid MasterCard if you are one of the following categories of applicant:
• You are resident in the Single European Payments Area (SEPA irrespective of your nationality).
• You are a SEPA national, currently temporarily resident outside of the SEPA as an “Expat”; you are also an existing deVere Group client and can provide a valid SEPA proof of address (POA), such as a utility bill or copy of a driver’s license showing your original SEPA address.
• You are a deVere employee resident globally, irrespective of your nationality.
The Single Euro Payments Area is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of 2018, SEPA consists of the 27 member states of the European Union, United Kingdom, as well as the four member states of the European Free Trade Association, and Andorra, Monaco, and San Marino.
Your Passport or National ID card are valid proofs of identity. Please note that your Driving Licence is unfortunately not accepted, as many countries do not include a built-in photo ID with your driving licence.
• The proof of identity must not be expired.
• If your proof of identity is a passport, and it includes personal data on more than one page, both pages should be uploaded. In the same manner, if your proof of identity is an ID card, both sides of it should be uploaded.
• A photo of a photograph or a photo of a scan of your passport will not be accepted.
• The MRZ (Machine Readable Zone is a chip located on the main identity page of an ID card or a passport) and must be visible along with the applicant’s signature.
Your selfie must be a real-time photo, made by yourself and your shoulders must be visible in the photo.
• A photo of a photograph will not be accepted as a selfie.
• A photograph made by other people will not be accepted as a selfie
As a registered Vault Business account user, you can request a virtual business card from within the web platform. If you are a resident in the Single European Payments Area (SEPA), you will then be able to activate your virtual card and receive the 16-digit PAN number, expiry date and CVV. Please note that virtual cards do not have a PIN as online transactions do not require it.
You can request a physical business card from within the web platform, but you should ensure that you have at least €5 in your EUR wallet. You will be prompted to enter your employee first name, surname, e-mail and mobile phone and to confirm your preferred physical card delivery address. Once the physical card arrives, employees can activate it by clicking on the link in the email that they will receive from us and entering the 9-digit token number printed on the front of the card. If they successfully complete this security check, they will receive the PIN via SMS on the mobile phone number used during card ordering.
Applications are usually reviewed within 2 – 3 business days and can be approved swiftly if you have provided the correct documentation. However, the process might take longer out of Lithuanian office hours (08:00-18:00 EET) or during bank holidays & on weekends.
You can re-submit your documents by logging into Vault Business and viewing your account application status. You can then resubmit any missing or pending documents in the web platform.
Vault Business is a unique multicurrency electronic money account, containing 27 currency wallets. Certain categories of business account holders can also apply for a prepaid business MasterCard, so that corporate users can make payments in any outlet that supports Mastercard. Transactions are authorised through the default card settlement currency (EUR or GBP), so we advise you to always maintain an adequate balance in respective wallet.
If you have already opened a Vault Business account, you may request a virtual Business Vault prepaid MasterCard free of charge, from within the web platform. After the approval process your dashboard will be updated with a 16-digit MasterCard number which will be enabled, so that you can use it for online purchases.
You can also request a physical Vault Business card to be sent to your employee address for POS purchases and ATM cash withdrawal, at a cost of €7.
Although we take the security of the Vault Business cards very seriously, many clients have complained that they have to be physically present at their distributing address when a registered letter is delivered and therefore, we have complied with client requests and arranged for cards to be delivered by unregistered mail so that you do not have to be at home when the card is delivered.
Upon requesting the physical card, employees will receive an email with instructions on how to activate their card. This means that the card has been requested. You are advised not to activate the card before it has been received under any circumstances.
If you are resident within the Single European Payments Area (SEPA) you could expect the delivery of your physical card within 14 days of your initial request but if you are resident outside of the SEPA, you should allow up to 30 calendar days.
If the Vault Business card does not arrive within the expected time, please contact the Vault Support Team email at [email protected]. You will then be informed about the card delivery status.
Before using the Vault card, you must first activate it by clicking on the link you have received via email.
You may have as many Vault Business cards (both virtual and physical) as you wish to cover your company needs.
Yes, once you have successfully registered your Vault Business account, you will have access to a range of features within your dashboard, including loading funds, exchanging currencies and making bank transfers. You only need a Vault Business prepaid MasterCard for POS, ATM or online card purchases.
Your 9-digit token is a unique code which identifies your Vault Business card and can be found on your physical Vault Business card under your name.
To reset the password, navigate to: Vault Business application login screen → Forgot Password? → enter email address → submit. You will then receive a password reset link to the email address you provided on your Vault Business account.
If a client enters their password incorrectly 3 times during login, the account becomes temporarily suspended for security reasons. Please contact the Vault Support Team via Live Chat or email at [email protected] to advise how we can help you restore access to your account.
deVere E-money does not send out a physical version of client PIN codes. Instead, business cardholders will receive their card PIN via SMS.
You can change your PIN through any Bank ATM that supports ‘PIN Services’. The ATM will update your card’s chip to the new PIN instantly.
Once a replacement card is ordered, a €7 fee will automatically be debited from your Vault Business account. If the fee should not have been debited, please contact the Vault Support Team via Live Chat or email at [email protected] and we will reimburse your EUR wallet.
Applications are usually reviewed within 2 – 3 business days and can be approved swiftly if you have provided the correct documentation. However, the process might take longer out of Lithuanian office hours (08:00-18:00 EET) or during bank holidays & on weekends.
You can re-submit your documents by logging into Vault Business and viewing your account application status. You can then resubmit any missing or pending documents in the web platform.
You can load in default Account Loading currency (EUR or GBP) by making a bank transfer in the respective currency.
You can transfer money from your bank account to our EUR, GBP or PLN currency collection bank accounts, quoting your 9-digit Vault Business account number (token). The amount received will be allocated to your Vault Business account but please note that when sending money via SWIFT method, you will need to decide whether the transmission fees are paid to your bank, our receiving bank or shared.
You can also receive deposits from clients and other third-party bank accounts.
No, you cannot at this stage load funds straight into the additional 24 Transfer currency wallets in Vault. You can only load funds in 3 currencies (EUR, GBP and PLN) via bank transfer in the respective currency. Once you have loaded funds in one of these 3 currencies, you can then exchange into one of the other additional 24 Transfer currencies.
You can exchange currencies by navigating to: Wallets and then select the relevant currency wallet → Exchange. You will be prompted with a quote before committing to the exchange, after which the action is irreversible.
We recommend that you load your Vault Business account in the same currency as your original bank account to benefit from Vault’s attractive rates when exchanging currencies. For example, if you are loading GBP, you should first load GBP into your GBP wallet, and then exchange it to any other currency required later. If for instance you try to load EUR by sending GBP bank transfer then you may incur unfavourable exchange rates applied by your bank, which are outside of Vault Business control.
The additional 24 Transfer currencies are currently only available for converting, storing and transferring via bank transfer. Direct loading and spending are unavailable for the additional 24 Transfer currencies in current Vault Business version.
Vault Business accounts can receive bank transfers and Vault-to-Vault transfers from other third parties.
This will depend upon whether the third party selects to pay the bank transfer fees at their end or charge these to deVere E-Money. Vault Business cannot be held responsible for any bank transfer fees charged by third-party organisations during the process of a bank transfer load from a bank account to deVere E-Money.
You simply need to log-on to the online banking portal of your company bank account and set up a bank transfer in one of the 3 currencies available (EUR, GBP and PLN) using the bank details listed in the FAQ. It is vital that you enter your 9-digit Vault Business account number as a reference/purpose for the load for the funds to be recognised and transferred to a Vault Business account.
Local transfers
These are transfers made in a country’s domestic currency and payment system. For instance, GBP transferred between two UK domiciled banks or EUR transferred between two banks domiciled in the Single European Payments Area (SEPA). This is normally the fastest and cheapest method of moving money.
SEPA Credit Transfers
The Single Euro Payments Area (SEPA) represents a new format for international bank transfers in Europe. Currently, SEPA comprises 34 countries, including 27 EU member states alongside United Kingdom, Iceland, Monaco, Switzerland, Liechtenstein, Norway and San Marino. Its purpose is to simplify cross-border money transfers in Euros, which is the only currency SEPA supports.
In many ways, a SEPA transfer is like a local domestic transfer. Banks that support SEPA transfers either have direct relationships established or a network of intermediary banks, thus allowing transfers to run across country borders.
SWIFT transfers
The Society of Worldwide Interbank Financial Telecommunication (SWIFT) is a financial messaging system that runs on a network of tens of thousands of financial institutions from around the world.
SWIFT does not actually send money, it simply sends messages between the banks. Because of this, other systems that require more human intervention must be used to transfer the actual funds, making SWIFT transfers slow. However, there is a trade-off, as the transfer method is easily traceable and can be recalled if necessary. On the downside, the complex nature of these transfers normally incurs a fee, which often gets passed on to consumers
Faster Payments are a method of transferring funds between UK banks who are members of the Faster Payments network, and the payment will arrive almost immediately. CHAPS payments are guaranteed to arrive on the day you make them. BACS is another method of transferring funds between UK banks, but it can take up to 3 working days. BACS are generally free, but banks will typically charge for both Faster Payments and CHAPS.
At the time of setting up your transfer, you may need to select on the online banking portal for your personal bank account, how you wish to pay the bank transfer charges. If you are making a Local/SEPA transfer, you are likely to be charged a flat fee of up to €2. However, if you are making an international or SWIFT transfer, you are likely to be offered the choice of BEN, SHA, or OUR.
When making an international or SWIFT transfer, you the sender will be prompted by your bank to choose which party will pay the bank transfer charges.
OUR, SHA & BEN are the common codes that you are likely to see when you set up a bank transfer payment from your own personal online banking portal.
The OUR instruction means you the sender will pay all bank transfer charges upfront. This transfer method guarantees that Vault will get the exact amount you wish to load. If you use OUR, we will receive all your payment and credit the full amount to your Vault wallet. This is the method that we suggest you use while making bank transfer loads to Vault and we encourage making a smaller number of larger values loads to minimise your bank transfer costs.
SHA (shared) transfers incur charges applied by both your bank and our correspondent (intermediary) bank, over which we have no control. As such, we cannot guarantee that we will receive the exact amount you have transferred. Whilst this may appear to be an equitable method of sharing bank transfer charges, it can often lead to a higher overall bank transfer cost for you.
BEN (beneficiary) transfers incur no charges on you, the sender. We receive your payment minus all transfer charges which are deducted both by the correspondent bank and/or the receiving bank. Vault has no control over these charges.
We usually recommend that when making a bank transfer load to Vault Business, you select the option to pay all the bank transfer charges up front as OUR’s. The difference between OUR, SHA & BEN charges will vary depending upon the currency you are sending, where your bank is based and which transfer method you have selected (Local or SWIFT). We recommend that you test out several different methods of transfer from your usual bank to find the most cost-effective method of loading your Vault Business account.
As we do not currently distribute unique IBANs to our clients, we identify and verify bank transfers through the 9-digit account number.
If you or one of your clients forgot to include this number while making a bank transfer, you are advised to provide the Vault support team with a proof of payment with clearly visible names of the transfer remitter’s account name, any reference that was used and the amount of the transaction. This can be done by contacting the Vault Support Team via email at [email protected].
Loading via bank transfer will usually appear in your Vault Business account on the next business day, after we confirm receipt of the funds, and if you have correctly quoted your 9-digit Vault account number.
For us to check the status of a bank transfer load, the Vault support team will require a proof of payment with all the details included in the transfer. Please contact our Support team via email at [email protected] by attaching the necessary document and our team will gladly check the status of your bank transfer load.
Vault Business does not currently support fund transfer from Paypal. You can only transfer funds from your personal bank account.
You can instantly transfer funds to other Vault Business and Retail (individual) users for free using Vault-to-Vault transfers. To do this, you must add your beneficiaries through your dashboard. Adding beneficiaries requires you to enter the registered email address or the 9-digit account number of your prospective beneficiary. The funds can be transferred via Vault-to-Vault transfer by navigating to Wallets Transfer Send money to Vault Users. Alternatively, to load another Vault user’s account, you can always use bank transfer loading method.
No, you can only use your virtual and physical Vault Business cards for spending directly in the default of the 2 Card Settlement currencies (EUR or GBP). You can still spend indirectly in 120 currencies around the world where MasterCard is accepted. To spend in currencies other than Card Settlement currencies, you should hold funds in your default Card Settlement currency wallet (EUR or GBP). Cross-currency spending in other than default Card Settlement currency is a more expensive option due to third-party FX fees applied by the merchant’s bank, which are outside of Vault Business’ control.
However, please note that you can still make bank transfers out of your Vault Business account in any of the 27 currencies available in Vault.
This will depend on the usage group that you or your Vault Business admin assigns to your card. Please refer to our T&C’s for more information.
If the local currency is the same as your default Card Settlement currency (EUR or GBP), it is always best to pay/withdraw in that currency to avoid unnecessary conversion costs, also known as Dynamic Currency Conversion or DCC. Opting to use Vault for your conversions will result in a better rate than those offered by merchants or online retailers who will generally offer unfavourable exchange rates. Always remember to check the payment terminal and if the amount is not shown in the local currency, then kindly ask for it to be changed. For example, you are in France and wish to pay at a local restaurant; the merchant’s terminal offers you the opportunity to pay in GBP or EUR and therefore you would select EUR to settle the bill from your EUR wallet. If you were to select GBP, the merchants bank would determine the exchange rate from GBP to EUR, which would almost certainly be more unfavourable than the exchange rates within Vault.
You can exchange currencies by navigating to: Wallets and then select the relevant currency wallet → Exchange. You will be prompted with a quote before committing to the exchange, after which the action is irreversible.
No – any balance that you hold in one of the 26 Transfer currency wallets can only be used to pay bills via bank transfer. If you are in a country that does not support your default Card Settlement currency (EUR or GBP), the bank that you are withdrawing cash from will offer you an exchange rate for converting from your default Card Settlement currency wallet into the local currency you are trying to withdraw.
Transactions that cannot be fulfilled due to lack of funds will be declined. However, you can manually convert funds from one of your other wallet balances or load more funds via bank transfer to solve the problem.
In some cases, offline transactions or Vault Business fees for services you are using can lead to a negative balance in your account. As stated in our Terms & Conditions, if this happens, you agree to top up your account to rectify your outstanding balance.
We will notify you if this happens, and we’ll allow up to 7 business days to top up. If the balance is still negative after the deadline, Vault Business will automatically correct the balance by initiating an exchange between accounts or by attempting to top up via bank transfer.
We recommend that you do not use your Vault Business card for security deposits when checking into a hotel or hiring a car. We suggest using a credit or debit card in such cases, and only using the Vault Business card to settle the final bill.
The funds issued from a Vault Business card for security deposits are given a temporary 30-day block, as the Vault Business cards are not credit cards and hold a prepaid balance. You are asked to kindly use any other card for the security deposit, and your Vault Business card for normal transactions. The funds will still be pre-authorised on the other cards.
You should be able to link your Vault Business prepaid MasterCard to Paypal. Paypal has its own verification standards which you will need to adhere to when linking your Vault Business card. Paypal could charge you a small fee to confirm your card, so we recommend that you load funds to the relevant currency Vault wallet prior to linking your Vault Business account with Paypal. The fee will be credited back once the card is confirmed and authorised.
Unfortunately, you cannot link your Vault Business e-money account to PayPal without a Vault prepaid MasterCard as PayPal does not accept e-money accounts.
If you suspect an incorrect transaction, please contact the Vault Support Team via email at [email protected] as soon as possible. Our Vault Support Team will resolve the issue for you, after verifying that the transaction was conducted improperly.If you suspect an incorrect transaction, please contact the Vault Support Team via email at [email protected] as soon as possible. Our Vault Support Team will resolve the issue for you, after verifying that the transaction was conducted improperly.
You can send funds directly from your Vault Business account to bank accounts around the world, from within Vault Business web app. To make a bank transfer out of Vault Business, please navigate to: Wallets → Transfer → To Bank Account. Kindly follow the further instructions by entering all the transfer details required. If you are having any difficulties setting up your first bank transfer, please contact the Vault Support Team via email at [email protected].
When setting up a bank transfer within the Vault Business web app you will be asked whether you want to make a local transfer or a SWIFT transfer.
Local transfers
These are transfers made in a country’s domestic currency and payment system. For instance, GBP transferred between two UK domiciled banks or EUR transferred between two SEPA domiciled banks. This is normally the fastest and cheapest method of moving money.
SEPA Transfers
The Single Euro Payments Area (SEPA) represents a new format for international bank transfers in Europe. Currently, SEPA comprises 34 countries, including 27 EU member states alongside United Kingdom, Iceland, Monaco, Switzerland, Liechtenstein, Norway, and San Marino. Its purpose is to simplify cross-border money transfers in Euros, which is the only currency SEPA supports.
In many ways, a SEPA transfer is like a local domestic transfer. Banks that support SEPA transfers either have direct relationships established or a network of intermediary banks, thus allowing transfers to run across country borders.
SWIFT transfers
The Society of Worldwide Interbank Financial Telecommunication (SWIFT) is a financial messaging system that runs on a network of tens of thousands of financial institutions from around the world.
If you are transferring money across borders, for instance, GBP to Luxembourg or USD to Switzerland, you will typically need to use the SWIFT transfer method.
SWIFT does not actually send money; it simply sends messages between the banks. Because of this, other systems that require more human intervention must be used to transfer the actual funds, making SWIFT transfers slow. However, there is a trade-off, as the transfer method is easily traceable and can be recalled if necessary. Please note that as indicated in our Terms & Conditions, Vault Business charges 10 GBP fee for this. On the downside, the complex nature of these transfers normally incurs a fee, which often gets passed on to consumers.
Outgoing transfers using the Local functionality take between 1 and 3 working days depending upon the destination; Priority/SWIFT payments typically take between 2 and 5 working days to reach the recipient’s account. Usually Local payments will be quicker than a Priority/SWIFT payment, especially for the UK, SEPA and USA payments network.
You can utilize a limited 10-minute leeway period during our payment service provider’s clearing hours (9:45 to 16:00 London time) to cancel all SWIFT and some local transfers out of Vault Business, after which transfers are deemed released and therefore irreversible. Transfers made during offline hours will be conducted in the following working day. You are urged to establish the correct details before committing to a transfer. Vault-to-Vault transfers and some local transfers occur instantly so you are encouraged to make sure the correct details are inputted before committing to a transfer.
If money is transferred to the wrong account, please contact the Vault Support Team via Live Chat or email at [email protected]. Once the details are verified, the transaction will be reversed, if possible.
Clients can instantly transfer money free of charge from any of the 27 currency wallets to other Vault business or retail (individual) users by indicating their 9 Digit Token or an email address, which they used for registering to Vault.
You should navigate to: Transfer Funds → Send Money to Vault User. You will need to identify the other Vault beneficiary using either their unique 9-digit Vault account number.
Once you have added a beneficiary, they will remain on your contact list indefinitely unless you manually delete them. To initiate the transfer, you must select the beneficiary and enter the currency-specific value to be transferred, and press submit. Upon process completing, the money is sent to your chosen beneficiary.
The beneficiary will receive an email advising them that they have received a transfer which will include the value you have sent.
Virtual Vault Business cards are free but if you apply for a physical card, there is a fee of €7 or £7 including delivery (the funds must be available in respective business account wallet).
If you need to replace your Vault Business physical card, there is a fee of €7 or £7 including delivery (the funds must be available in the respective business account wallet).
All cash withdrawal transactions will incur a 1% fee of the amount withdrawn in that currency. The following minimum fees will apply, depending on your Vault Business card default settlement currency:
• GBP 2.00
• EUR 2.00
Vault charges a small fee for ATM withdrawals, but you should note that certain ATM machines might also charge fees for their services which are outside of Vault’s control.
For instance, please note that many ATMs in Thailand will apply a charge for cash withdrawals, usually 150 Thai Baht (about £3), regardless of the amount withdrawn. Most US banks also apply charges, but they normally inform customers about this prior to the withdrawal. Vault cannot account for third party ATM charges, as we do not have any control over such costs.
You can receive a bank transfer made in Euros via the Single European Payments Area (SEPA) free of charge with no additional or hidden fees. However, if you are receiving funds via SWIFT, then there may be additional charges applied by intermediary / correspondent banks depending upon where your bank is based, the currency which you are transferring and the transfer charging option you have selected.
All our currency exchange rates are live during UK trading hours, meaning the exact rate of exchange will be displayed within Vault Business web app and applied to any funds that you subsequently convert. You will always be prompted with a quote before committing to the exchange, after which the action is irreversible.
Converting currency outside of UK foreign exchange trading hours will incur a premium since markets are closed. This small fee will be included in the quote.
You may find information related to the cost of transfers out of Vault by referring to our Terms and Conditions: click here.
No.
Yes, currently, Vault Business is unable to support bank transfers to some beneficiaries in specific industries. This is due to deVere E-Money agreements with intermediary banking transaction parties as well as AML/CTF rules enforced by authorities on such transactions. These beneficiaries are primarily those linked or associated with the certain activities, please refer to our Terms and Conditions here.
Some restaurants, particularly in the USA, will allow the option of adding a tip to the bill after they have processed the payment. If a tip is agreed upon, then the restaurant will probably process a second transaction for the total bill with the tip included. Most likely, you will only be prompted once about an additional fee. deVere Vault recommends paying the tip in cash, as outstanding authorisations can take up to 30 days to be released.
In some cases, an offline authorisation is performed by the merchant which does not disappear once the authorisation is settled. The initial authorization of the usual transaction which you can see in your statement most of the time is shown as “Auth” which turns to “Fin” once the transaction is cleared (settled), usually in a few days’ time.
However, the initial authorisation of an offline transaction stays on the Vault statement together with the settlement and that is why it might seem like a double charge. Rest assured that you are not charged twice, and it is the same transaction.
On “Transactions” page the characters preceding each transaction titled “Auth” or “Fin”, mean that the transaction is still pending, and that the funds have been settled, respectively.
Please note that the initial authorisation “Auth” turns to “Fin” once the transaction is settled, usually in a few days’ time.
Vault Business cards may not always work during flights as some airlines do not have a live connection to authorise transactions, in which case Vault transactions may not work temporarily.
Unfortunately, some automated petrol pumps do not authorise the exact value of a transaction, so such services are not supported by Vault Business. We recommend using physical cash when at a service station.
Certain websites only accept Credit or Debit cards. This is common with booking websites, which would usually only accept credit cards. Please be informed that Vault Business is a PREPAID card, so clients should always check the payment options available on the website.
Also, if you have registered your virtual card details to any online merchant while your physical card was not activated, please provide the new expiry date after you activate the physical card.
Each retail store has its own returns policy and will handle the returns in the same manner as any other Mastercard transaction. Processed refunds will appear on Vault Business account in the same currency as they were made in.
If a transaction has been reversed or a refund has been made, you will not see a reversal as a separate transaction, however, there will be more funds added to your Vault Business account. Should you need more information on the specific reversal, please contact the Vault Support Team via Live Chat or email at [email protected].
If clients use their Vault Business card to travel using Transport for London, the total cost of all the journeys made in a day will be calculated at the end of the day, with a single charge being made that same day or the following. It is recommended that clients keep at least 20 GBP (or equivalent in EUR) in their default Card Settlement wallet.
Clients are advised to refrain from using their Vault Business card for hotel or car reservations, tips at restaurants or automated petrol pumps.
Clients The best part about using Vault Business is low exchange rates. The conversion rates are based on live market rates from the UK Foreign Exchange Market during trading hours. There is a minor spread applied to the live feed, which is still much cheaper than most banks or agency exchange rates. To add to that, we do not place any administration fees on our users, which makes us one of a kind in the financial sector!
The ATM did not dispense my cash.
If an ATM did not dispense cash, please contact the ATM owners first as the problem might have occurred due to an issue outside our control. You are also advised to make sure that you have enough funds in your Vault wallets prior to attempting to withdraw money.
are advised to refrain from using their Vault Business card for hotel or car reservations, tips at restaurants or automated petrol pumps.
Prepaid cards do not support the Cashback feature, so you will not be able to receive a cashback from a merchant.
For anti-money laundering and security reasons, it is not possible for you to change vital information like your email address, company registration address, surname, etc within web app. To change this kind of information please contact the Vault Support Team via Live Chat or email at [email protected] you may be asked to provide documentation to prove the changes required.
If you wish to purchase cryptocurrencies, we recommend that you download the “deVere Crypto” app at www.devere-crypto.com
As a regulated e-money issuer, we are obliged under the law to collect additional information about you and your Source of Funds (SoF). The additional information includes supporting documentation – original documents or their copies as well as copies approved by notary depending on the requirements.
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