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.
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.
How does it work? First, you load funds to your no-fee KOHO account via e-Transfer or direct deposit. Then, you make whatever purchases with your KOHO prepaid credit card—and earn cash back every single time. Finally, you can use your KOHO app to look at your spending trends and cultivate healthy saving habits.
Is KOHO Safe? 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.
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.
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.
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.
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.
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.
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.
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!
We do support e-transfers - without fees! You can send to non-KOHO users and it works the same way as a regular e-transfer. ... but if you're looking to receive or send funds to other countries through KOHO we suggest looking into Wise!
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!
30. * A third party e-Transfer refers to an Interac e-Transfer sent from someone other than yourself to your KOHO account. **To be eligible to receive third-party e-Transfers to KOHO, your KOHO account must be fully verified, your email must be verified, and your physical card activated ? Accueil.
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.
How fast can the KOHO Credit Building program improve my credit? Your credit score can improve within 6 months of using the credit building program.
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.
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.
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.
Children need to be the age of majority (18 or 19, depending on your province) to use any KOHO accounts at this time, including Joint Accounts.
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).
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.
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).