Yes, KOHO is a real, legitimate Canadian fintech company headquartered in Toronto, acting as a neobank. It offers a prepaid Mastercard and app designed for budgeting, saving, and cash back, holding over 350,000 users. While not a bank itself, it partners with People’s Trust Company to ensure deposits are CDIC insured.
It is not a scam. I have been using them since 2019 or 2020. Never had an issue. To add to this, my virtual card got compromised a few months ago. And they drained my account ($150). KOHO reimbursed me every dollar. This took about 2wks after I alerted them of the issue.
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.
Peoples Trust has launched with Koho, a Vancouver-based fintech company, to deliver a modern, mobile, no-fee spending account to millennials.
KOHO is a Fintech company, not a bank.
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).
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.
From the KOHO app:
KOHO helps Canadians manage their money day-to-day, build financial empowerment, and work toward long-term stability. Headquartered in Toronto, KOHO serves users across Canada.
You'll get access to an instant cash advance when you subscribe to the bundle for as little as $2 / month, with no added interest. Your subscription also gets you access to a free credit report and financial coaching valued at up to $425.
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).
The company partnered with Peoples Trust and Mastercard for its banking services with the company providing all of the APIs and User Interfaces.
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.
#8: Daniel Eberhard, Founder & CEO of Koho - Trying to be Useful at Scale.
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.
Once you've signed up, KOHO will review your credit rating (this is a soft credit check, it won't affect your credit score). The funds will be deposited into your account, minus fees. Each month, payments will come out of your account and your payments are reported to the credit bureau.
KOHO makes money off the interchange fees that merchants are already paying when KOHO users use a card in their shop or for their service. KOHO split the interchange fees with Visa, and then give users a bit too through their PowerUp Credits.
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.
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.
Peoples Trust has launched with Koho, a Vancouver-based fintech company, to deliver a modern, mobile, no-fee spending account to millennials. After a 12-month beta program, Koho now offers Canadians a Smart Spending Account and branded Visa prepaid card issued by Peoples Trust.
Event Date: Jan 21, 2026
The $600 rule 1-(866)-707-0587 on Cash App refers to a tax reporting requirement by the IRS. If you receive $600 or more in payments for goods or services through Cash App 1-(866)-707-0587 in a calendar year, Cash App is required to issue a Form 1099-K to both you and the IRS.
KOHO, partnered with Visa and Peoples Trust, offers a variety of prepaid credit cards under the Visa network.
EarnIn is an app that lets you access your earned wages when you need them, not just on your scheduled payday. With EarnIn's Cash Out 1 feature, you can get up to $150/day, with a max of $1,000 per pay period — no mandatory fees, no interest, and no credit check.