The KOHO app has received great ratings with a 4.8/5 on the App Store and 4.4/5 on Google Play. Users of the KOHO Visa card enjoy Visa's Zero Liability policy which protects you from unauthorized use of your card. Also, your funds are covered by CDIC through People's Trust.
Is KOHO safe? Any money you deposit with KOHO is safe because it's stored at Peoples Trust, a “regular” federally regulated bank. KOHO has partnered with Peoples Trust for this reason, meaning that your money is CDIC-insured. This means that if KOHO fails for whatever reason, your money is still protected.
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.
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.
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.
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.
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.
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 is a no-fee spending and savings account here to simplify your personal finances. It's a bit like a spending account, with the perks of a credit card. ... 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 Visa is accepted.
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!
Interac e-Transfer interception fraud is a growing trend. By using stolen personal information and guessing security answers correctly, fraudsters can divert and deposit e-Transfer transactions to their accounts. Protect your accounts by understanding your responsibilities as a sender and recipient.
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.
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.
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.
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.
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.
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.
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.
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.
Yes! For sure! You can use your KOHO Visa card wherever Visa is accepted.
To verify whether these emails are fraudulent, check the URL listed in the email. If it begins with the acronym “https,” then the information transmitted to the site is secured by encryption, indicating that the message is legitimate.
Interac e-Transfer users are protected by multiple layers of security, making the service one of the most secure money transfer services globally. Your bank or credit union's security measures include: Encryption technology. Confidential user IDs and passwords.
If you provided an invalid e-mail address, you will be notified via e-mail that the transfer notification was undeliverable. You can readdress and resend the transfer or cancel the pending transfer and the original amount (less the service charge) will be credited back to your account.
KOHO is mandated to collect this information for the CRA. I don't have a SIN number, how do I register? Unfortunately, you won't be able to register with the CRA without a SIN.