KOHO is generally considered a safe and legitimate Canadian fintech company, partnering with Peoples Trust Company (a federally regulated bank) to hold funds and offering CDIC protection for certain deposits. It is popular for its no-fee prepaid Visa, cash-back rewards, and credit-building tools. However, user reviews are mixed, with significant reports of poor customer service and account freezes.
We work hard to make sure your money is always safe and available, that's why we've partnered with Peoples Trust, a federally regulated bank, to safeguard your funds. And once you opt-in to Earn Interest, up to $100K of your funds are eligible for CDIC protection.
Whilst you can use your KOHO card in the USA, a KOHO USD account isn't available. If you receive money from the USA to your KOHO account, this must be converted to CAD, which may involve fees and currency exchange rate markups.
(styled as KOHO) is a Canadian fintech company based in Toronto. While it is not a bank, the company is considered a neobank and provides banking services via Koho Financial Inc. pursuant to a license by Mastercard International Incorporated.
KOHO is not a bank as it does not have a license, but it has partnered with Canadian bank the Peoples Trust Company in a white-label deal, along with Visa Inc. (“Visa”), to provide a range of services to its customers including a smart spending account, a mobile app, and a KOHO Visa Card.
The Tangerine No-Fee Daily Chequing Account is our pick for the best digital banking option for daily use in Canada because it comes with a $0 monthly fee and unlimited free transactions and Interac e-Transfers.
Founded in 2014, KOHO is one of Canada's leading financial technology companies, transforming the way Canadians spend and save. Through koho.ca and the KOHO app, users can access a spending and savings account with no hidden fees, along with tools like Cover (overdraft protection), Credit Building, and RoundUps.
You are able to withdraw cash from an ATM using your physical KOHO card. Look for ATMs on the "Cirrus" network as they'll support withdrawals using a Mastercard. Important: You may be charged a $2-3 out-of-network fee to use an ATM (KOHO doesn't own any ATMs for free withdrawals).
Peoples Trust has launched with Koho, a Vancouver-based fintech company, to deliver a modern, mobile, no-fee spending account to millennials.
KOHO gives you everything Cash App does, plus features that actually matter for Canadian life. Ready to take control of your money? Sign up for a KOHO account today and start loading funds.
KOHO is built to cut out a lot of the fees people are used to with traditional banking: No NSF/overdraft interest. No transaction fees. No surprise interest charges.
The 2/3/4 rule is a guideline, primarily used by Bank of America, that limits how many new credit cards you can get: no more than 2 in 30 days, 3 in 12 months, and 4 in 24 months, helping to prevent over-application and manage hard inquiries on your credit report. While not universal, it's a useful benchmark for responsible card application, though other banks have different rules (like Chase's 5/24 rule).
KOHO Essential is designed to work like a no fee monthly account for most people because: It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000. Grow your savings with a 2% interest savings rate on your entire balance.
Yes. Your KOHO card is a prepaid Mastercard®, which means you can use it almost anywhere in the world Mastercard is accepted—in stores, online, and at many ATMs.
From the KOHO app:
You can load the following amounts: The minimum amount you'll need to deposit in order to use this method is $10 per transaction. You can deposit up to $3,000 per transaction, with a total limit of $3,000 every 24 hours.
Be ready for the unexpected with a $1,000-$15,0001 KOHO Line of Credit provided by Fora, a convenient alternative when traditional banks aren't an option. Join KOHO today to start your application.
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After a 12-month beta program, Koho now offers Canadians a Smart Spending Account and branded Visa prepaid card issued by Peoples Trust.
With KOHO, you get access to thousands of fee-free ATMs across Canada through our network partners. Using another bank's ATM usually comes with two potential fees: The ATM operator's surcharge ($2-$4) Your own bank's out-of-network fee ($1.50-$5)
In the KOHO app, tap Send Money. Or on KOHO Web, go to Send Money > Choose the amount you wish to send > Choose the recipient > Select a question and answer > Send. Kindly be aware that you can only send funds from your Spendable balance; Cover funds are not eligible for e-transfers (including K2K transfers). All set!
For KOHO, a Toronto-based fintech founded in 2014 with over 2 million customers nationwide, the initiative is a natural extension of its mission to make financial services fair, transparent, and accessible.
KOHO isn't a traditional credit card—it's a prepaid Mastercard® you load with your own money. With KOHO Essential Plan: It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000. Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.