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.
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.
It's super simple to pay your bills from your KOHO account. You can also send unlimited free e-Transfers, and, of course, use the card anywhere Visa is accepted. ... However, if you need to write cheques or receive e-Transfers from non-KOHO accounts, you'll still need a regular bank account for those functions.
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.
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).
A prepaid Visa card with KOHO is a unique financial tool, because it encapsulates many of the benefits of a credit card with the low-risk nature of a debit card. With KOHO, you earn cash back on every spend.
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.
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.
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!
You can use your KOHO Visa card wherever Visa is accepted. This applies to hotel reservations, car rentals, flight bookings, too. Be sure to select 'credit' as the form of payment or ask the merchant to register your KOHO card as a credit card when you're ready to make your purchase.
Note: KOHO is also a VISA card, and there are a few retailers like Costco and No Frills that often don't accept VISA. If you want to use a prepaid card at those places, and it's a big concern, check out STACK instead—it's a Mastercard.
Unfortunately, no, but it's free to open and close an account with us anytime (without any fees)! You also only spend what you load on the card, so if you change your mind, you can always e-transfer your money back to your existing bank account.
Yes. This uses Visa's 3-D Secure 2.0 technology that allows your bank to verify that the person making a load to KOHO is actually you.
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.
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.
This process is manual and can take anywhere from 5 min to a few hours. If you are experiencing issues, here are some tips: You can try to cancel and resubmit the e-transfer.
CDIC is funded by premiums paid by member institutions and do not receive public funds to operate. CIPF is the only compensation fund approved by the Canadian Securities Administrators for investment dealers regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
Can you tell me more about the interest rate? ... You'll earn 1.2% interest* on your entire KOHO balance — your Spendables, RoundUps, Savings Goals, all of it. This is an annual rate, which will be calculated daily and paid out monthly to maximize your earnings.
It's easy: just create an account and add money to your KOHO account via Interac e-Transfer from your regular bank account or by setting up automatic payroll deposits. Then, use your KOHO card to make purchases either in person or online. It works the same way as debit or credit.
But since your KOHO card is not a credit card and we don't want you to end up in debt, we don't let you overdraft on your account. Plus, you have to manually load your KOHO card (or set up direct deposit of your paycheque or e-Transfer funds) using the app, so you can easily manage how much you have available to spend.
KOHO is a prepaid card that works like a hybrid between a free chequing account and a credit card. Using your KOHO Visa card, you can pay for purchases online and in-store wherever Visa credit cards are accepted worldwide. ... The KOHO limited edition metal cards are no longer available.
You can totally use your KOHO card to book flights. Be sure to select 'credit' as the form of payment or ask the merchant to register your KOHO card as a credit card when you're ready to make your purchase.
As previously reported, Capital One is ending its relationship with Costco Canada and pulling out as the exclusive Mastercard partner of the retail giant. In a deal announced Thursday, CIBC will take over the existing Canadian Costco credit card file, with more than $3 billion in outstanding balances.