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.
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.
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, which has a mobile application that provides a no-fee savings account, has grown its user base to more than 500,000 since the pandemic hit in March, 2020.
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.
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.
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 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!
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.
Peoples Trust Company, operating as Peoples Group, is a Canadian financial services company based in Vancouver, British Columbia. Peoples Group operates as a trust company and also maintains a chartered bank subsidiary, Peoples Bank of Canada.
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.
An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds. Always use a strong password that can't easily be guessed or found – and make sure you share it via a safe channel.
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).
The latest development on this comes out of Canada, where a new startup called Koho is launching a service aimed at millennials (first in Canada, and then in Southeast Asia and Latin America) to provide them with a new way to manage their money, free of charge after creating accounts in under three minutes.
Yes! For sure! You can use your KOHO Visa card wherever Visa is accepted. This applies to hotel reservations, car rentals, flight bookings, too.
If you were expecting an Interac e-Transfer but didn't receive it, check your spam folders or contact the sender to make sure they have the correct email address. If the sender uses an email that you've registered for Autodeposit, the transfer is processed immediately and cannot be reversed.
Input KOHO's Transit Number: 16001.
Here's the step-by-step: 1️⃣ In the KOHO app you'll see all the information you need to send an e-Transfer by tapping the $ symbol > Add funds to your account > Load via e-Transfers. Most of our users have now migrated to our auto-deposit method, so you'll only need to make a note of your unique e-Transfer email!
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!*
It's pretty simple. You add funds to your KOHO account in one of three ways: e-Transfer from your regular bank account, loading through an existing Visa debit, or by having your work's payroll directly deposit your paycheque (we call this direct deposit).
You can also send unlimited free e-Transfers, and, of course, use the card anywhere Visa is accepted. If you need to write cheques, or would prefer to only deposit part of your paycheque into KOHO, you'll still need a bank account.
Like a credit card, you can use your KOHO card anywhere Visa is accepted, and get cash back and other benefits on your purchases. The big difference: unlike a credit card, it's your money – you're not using credit. ... In fact, the average KOHO user saves roughly 7% of whatever money they load into their account.
Yes, KOHO is just as safe as any other big bank in Canada. They've partnered with People's Bank; a federally regulated CDIC-insured financial institution, to store their user's money. Moreover, they have additional security measures like their in-app card locking feature.