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Moving to Canada comes with its own set of challenges, including opening a bank account. KOHO offers a simple and flexible solution, specially designed for newcomers. Through its mobile application, KOHO offers a cash-back account, a prepaid Mastercard, an international money transfer service and even a credit-building tool. In this article, find out how KOHO can help you get off to a good start in Canada.
With this new exclusive offer for new clients, get the KOHO Everything Plan free of charge for 2 months. Enter the code “EARNKOHO” when you apply.
The KOHO Everything plan allows you to obtain, among other things, travel benefits:
But also, everyday benefits:
And that’s not all. The Everything Plan allows you to take advantage of the full potential of your KOHO account, with other benefits such as :
Take advantage of this offer today!
When you arrive in Canada, you’ll need to open a debit account with a payment card, so you can safely deposit your money and carry out all kinds of transactions, such as paying bills. This will also enable you to avoid using your expensive foreign payment card.
How do you find your way through all the offers from financial institutions dedicated to newcomers? Look no further, we’ve got the solution to make your life easier! In 2024, Milesopedia awarded the prize for “Best Card for Newcomers” to the KOHO Essential Prepaid Mastercard®, which is linked to a budgeting application.
Before revealing the advantages of this card, it is essential to know the particularities of Canadian cards:
The KOHO application is smart: it takes just a few minutes to open a spending and savings account, with automatic approval, linked to this card.
You’ll even have proof of Canadian address, with printable bank statements. Any questions? Customer support is available 24 hours a day, 7 days a week.
KOHO plans start at $0 per month and include a 30-day free trial to see if it’s right for you.
Discover the KOHO plans by clicking on the plan names below:
Special Offer:
The features of the KOHO Prepaid Mastercard with the Essential Plan are as follows:
Special offer:
The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:
Your funds earn 2.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, take advantage of zero FX fees on foreign purchases.
Choose between two payment options for the Extra Plan:
The KOHO Prepaid Mastercard with Everything Plan gives you more cash back:
Your funds earn 3.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.
For your travels, enjoy zero conversion charges on foreign purchases and one free withdrawal per month from international ATMs.
Choose between two payment options for the Everything Plan:
Credit history is essential in Canada. Simply put, it reflects your financial health, and shows how well you’re managing your money and paying off your debts on time.
Who can view your credit file? A person or company may ask to see your credit file, with your consent. Applicants include :
A score is assigned to you based on your repayment habits. This is called the credit score and ranges from 300 to 900.
The lower your score, the more difficult it will be to access credit, whether it’s a loan or a service that requires a credit report check.
As a newcomer, the financial history of your country of origin is not accessible. That’s why it’s so important to build a good credit history and be visible on the Canadian credit scene.
How can KOHO help you? With KOHO’s Credit Building program, you can gradually build up your credit history. As soon as you register, you’ll receive a credit line that will appear in your credit file.
Each month, you’ll make payments to this account. KOHO, in turn, will report your payments to Equifax, one of Canada’s major credit bureaus. This way, you can improve your credit rating.
With the credit building program, you also have access to a financial coach and your credit file.
It’s a wise decision to set aside money for your projects or to deal with unforeseen events as soon as you arrive in the country.
Depending on the plan you choose, you’ll earn up to 4% interest with a KOHO High Interest Savings Account. That’s one of the best interest rates in Canada! Plus, there are no minimum balances or promotional rates. Interest is calculated daily on your entire balance and paid monthly.
The money deposited in the savings account is not locked in; you can use it as you need it. In addition to being eligible for CDIC protection up to $100,000.
There’s another savings feature you’ll love: RoundUps. When you make a purchase with your KOHO card, the amount is rounded up to the nearest $1, $2, $5 or $10 (the choice is yours). The extra change goes into your savings account.
For example, if your purchase is $3 and you’ve chosen $5 as the rounding amount, KOHO will save you $2.
KOHO also offers a cash back program on your everyday purchases, the percentage of which varies according to the plan chosen:
You could also earn an additional 6.5% cash back at selected KOHO retail partners via the app.
KOHO’s international money transfer service lets you easily send money to recipients abroad, without having to visit a bank branch or Western Union office.
With this feature, you simply use the Canadian dollars you have in your KOHO account, convert them into one or more foreign currencies, then deposit them into the recipient’s bank account, wherever they may be in the world.
As a KOHO customer, you can send money via an international money transfer with no hidden fees and some of the best exchange rates on the market.
KOHO is an excellent option for newcomers to Canada who want to manage their money easily, with no hidden fees.
With a cash-back account, a prepaid Mastercard, practical financial tools and a user-friendly mobile app, KOHO simplifies your day-to-day life from the moment you arrive.
Opening an account takes just a few minutes. It’s a simple first step to a successful start in Canada.
You can deposit money into your KOHO account by electronic transfer and automatic deposit.
To access KOHO services, simply opt for one of the KOHO plans: essential, extra or everything.
It takes less than five minutes, with automatic approval, to open a KOHO account. The account offers a free, rechargeable prepaid card and an integrated mobile application.
You will need to open a chat session to request an account closure.
Savings are here (if you don’t see the sign-up form, please click here):
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