Does KOHO require SIN number?

Asked by: Dr. Carmine Leannon  |  Last update: May 26, 2023
Score: 5/5 (32 votes)

As part of financial regulations, we'll require your Social Insurance Number (SIN) to open the account, as well as a few other minor things. If you choose to opt-in within the app, we'll ask for this additional information during the sign up process.

Do you need a SIN number to open a bank account in Canada?

There are three different ways that lead to an open bank account in Canada, and you can do so without a Social Insurance Number (SIN). Though if you plan to open an interest-earning bank account, you will need to present a SIN.

Is KOHO a Canadian bank?

(styled as KOHO) is a Canadian fintech company based in Toronto. While it is not a bank, the company provides banking services in partnership with Peoples Trust through a mobile app and prepaid Mastercard card.

How do I verify KOHO?

Your identity may be verified automatically if you have an adequate credit file where the name, address, and date of birth match what you used to sign up for KOHO. To verify your identity with Selfie you'll need a valid government-issued photo ID and a working camera on your mobile device.

Why do people use KOHO?

KOHO is a free spending and savings account where you can get instant cash back and earn interest on your entire account. You get a prepaid reloadable Visa that gives you all the spending power of a credit card without any fees or interest.

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Can I use KOHO at ATM?

ATM Withdrawals ?

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.

What do I need to open a KOHO account?

You may present two forms of identification from the following list:
  1. A current Canadian driver's license.
  2. A current Canadian passport.
  3. A Canadian birth certificate.
  4. A Canadian Social Insurance Number (SIN) card.
  5. A certificate of Indian Status.
  6. A provincial health insurance card.

Does KOHO give you a physical card?

You also get a Physical Card in the mail that arrives within 10 days of your account being verified.

How long until I get my KOHO card?

→ Sign up within the KOHO app for iOS or Android.

Your KOHO card will come within 10 days.

Does KOHO help build your credit?

What is Credit Building by KOHO? Credit Building by KOHO is an optional tool that can be added to your standard or premium KOHO account. For $7 a month on a 6-month subscription, KOHO will help you build up your credit score by reporting payments to a major credit bureau.

Can KOHO card be used internationally?

Globally accepted payment method

Your KOHO prepaid Mastercard is a global payment method, which is accepted by tens of millions of merchants in over 200 countries around the world.

Is KOHO a Visa or Mastercard?

KOHO prepaid cards switching networks to Mastercard

They've left the Visa network for Mastercard. There's a couple of things to note about this. The first is if you're new to KOHO, you'll be getting a Mastercard. For existing members, you get to choose if you want to keep your Visa or get a Mastercard.

Is KOHO legal?

Use and Ownership of Your KOHO Card: Your KOHO Card is reloadable. Only people who can lawfully enter into contracts and are the age of majority in the Canadian province or territory where they live can have a Card.

Why does the bank need my SIN?

The banks will ask you if you have a SIN because they are obliged to report any interest you earn on money in your account to CRA.

Do I need SIN number to get bank account?

Giving your Social Insurance Number (SIN) when you open a bank account. Financial institutions must ask for your SIN if you're opening an account that will earn interest for tax purposes, such as an interest-bearing account or a Registered Retirement Savings Plan ( RRSP ).

Does my bank need my SIN?

Private sector organizations, such as banks, credit unions and trust companies, have a legal obligation to ask for a customer's SIN for any accounts and investments that pay income (for example interest and dividends).

What bank is KOHO under?

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.

Does KOHO automatically send you a card?

You also get a Virtual Card upon signing up for KOHO, so you can start spending right away. Open your KOHO app and select the card image in the top right corner. That's where you'll find your Virtual Card! You can add it to Apple, Samsung, or Google Pay or use it for your online shopping!

How do I put money on my KOHO card?

given you 3 ways to load your card so you can start spending + saving.
1. e-Transfers ?
  1. e-Transfer loading.
  2. e-Transfer time to Load.
  3. 3rd party e-Transfers.

Does KOHO affect credit score?

Since payments made with your KOHO prepaid Mastercard don't affect your credit score (since it's not a line of credit), using it for most purchases helps you to minimize the amount that you're putting on your credit card each month.

Does KOHO card work for hotels?

You sure can. Just a heads up that for hotels, car rentals, and gas stations, merchants may put a pre-authorization hold (usually around 15-20%) on your card.

Can you use KOHO as a credit card?

Just like a spending account, you can put money into your KOHO account and then use it however you see fit (we like snacks and vacations!). And we're like a credit card in that we offer cash back and other perks, plus you can use your KOHO reloadable prepaid credit card anywhere Mastercard® is accepted.

What does KOHO stand for?

Koho or KOHO may refer to: Koho language, a language of Vietnam. K'Ho an ethnic group of Vietnam. Kōhō, a Japanese era.

How do I set up KOHO?

Your card will arrive within 10 days of signing up + there are 3 easy steps to activate: Call 1-855-564-6999 and select option 2 to activate and set your PIN (make sure to be calling from the same phone number associated with your KOHO account) Load funds onto your card.

Can KOHO go into negative?

As a result, your Spendable may go into a negative amount if the amount saved within your Goals and/or RoundUps exceeds your card Balance. Regardless, the amount on your card's Balance is what you have available to spend.