KOHO users can withdraw money at any ATM. The cost is $2-3 depending on the out-of-network fee the ATM you're withdrawing from charges. We don't charge any fees on our side.
Then, you use your KOHO card in person or online to make purchases, just like you would with any ol' debit or credit card. Finally, you can use your KOHO app to look at your spending and saving habits and create easy-to-execute Savings Goals.
At this point, you're probably asking yourself, “What's the catch?” since this all sounds way too good to be true. But, the fact of the matter is that there are no hidden charges when you use KOHO. That's right - none.
We've partnered with Peoples Trust, a federally regulated bank to hold any money you load onto your KOHO card. This means that if anything were to happen to us (and that's a big if!), your money would be safe and you'd be able to access it through Peoples Trust.
There's no doubt that KOHO is legit. Although the best travel credit cards in Canada offer a ton of benefits, KOHO is a great no fee, card/app that encourages Canadians to spend and save in one spot. You'll never spend more money than you have and you'll earn some cash-back rewards in the process.
You can use KOHO for everyday spend while also building your credit score. Fact. ... You can use that to build your credit score, while using KOHO for everyday spend. If you don't have loans or a mortgage, spend a regular (but small) amount on a traditional credit card and pay it down in full each month.
An affordable way to build your credit score with KOHO. Head to your KOHO app and click Tools > Credit Building > Register to build credit.
Like a credit card, you can use your KOHO card anywhere Visa is accepted, and get cash back and other benefits on your purchases. The big difference: unlike a credit card, it's your money – you're not using credit. ... In fact, the average KOHO user saves roughly 7% of whatever money they load into their account.
Learn how friends and family members can send funds to your KOHO account! This means that you can now accept Interac e-Transfers from friends, family, and business accounts to KOHO!* The sender will just need to send the e-Transfer to your unique email address found in-app (ex.
KOHO Financial Inc.
(styled as KOHO) is a Canadian fintech company based in Toronto. While not a bank itself, the company provides banking services in partnership with Peoples Trust through a mobile app and prepaid Visa card.
Yes! You are able to deposit money to KOHO from these merchants. PayPal will send micro-deposits to your KOHO account 2-3 days after you've initiated the link, and you will need to confirm the deposited amounts on your PayPal account.
This can take up to 45 minutes. Once we receive it, it will be processed in the order in which we receive it. For users that don't have third-party e-Transfers enabled, the sender name on the e-Transfer must match the name of the KOHO account holder.
This should be done by 12 PM EST. As you continue getting direct deposits from the same source to your KOHO account, they'll be loaded earlier in the day. If you haven't received a direct deposit by 12 PM EST on your expected payday, reach out to us in-app to assist!
How fast can the KOHO Credit Building program improve my credit? Your credit score can improve within 6 months of using the credit building program.
In Canada, according to Equifax, a good credit score is usually between 660 to 724. If your credit score is between 725 to 759 it's likely to be considered very good. A credit score of 760 and above is generally considered to be an excellent credit score. The credit score range is anywhere between 300 to 900.
Overall Winner: KOHO
While they charge 1.5% on foreign transactions, they provide cash back on every purchase, send e-Transfers, and offer a joint account. If you're a frequent traveler, Stack's 0% on foreign transactions and higher discounts might appeal to you more.
Canadian financial institutions are extremely safe, and KOHO is no exception. KOHO stores your money in Peoples Trust, a federally regulated banking institution. That means if—and that's a big if—KOHO goes under, you'd still receive all your money through Peoples Trust.
To get overdraft protection, users opt into the service for $5 per month. Koho recollects the overdraft funds used at the month's end. The company is charging zero interest on the overdraft.
Koho is the brainchild of an entrepreneur in Vancouver called Daniel Eberhard, who has been working on the product in stealth for the past two years with 2.6 million Canadian dollars (around US$2 million) in backing from investors that include David Tedman from Hootsuit and Shopify co-founder Scott Lake, along with the ...
Daniel Eberhard, CEO and founder of KOHO, joins BNN Bloomberg to discuss his company's "what the fee" initiative which is focused on tracking bank fees for Canadians.
KOHO itself is not CDIC insured. In the unlikely event that KOHO fails, your funds will be returned to you by Peoples Trust Company (our partnering bank who holds your funds).
Koho, which has a mobile application that provides a no-fee savings account, has grown its user base to more than 500,000 since the pandemic hit in March, 2020.