Koho’s International Money Transfer: How to Send Money Around the World
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Koho is a Canadian fintech company that offers customers the ability to earn interest on their account balance and rewards on the daily spending through their line of products.
With Koho, you also get access to their International Money Transfer feature, which lets you send money around the world quickly and easily while enjoying some of the best exchange rates on the market.
What is Koho’s International Money Transfer?
Koho’s International Money Transfer lets you easily send money to recipients overseas without having to visit a physical bank branch or Western Union location.
With this feature, you simply take the Canadian dollars that you have in your Koho account, exchange them into any number of international currencies, and have them deposited into a recipient’s bank account somewhere else in the world.
As a Koho customer, you can send money with an International Money Transfer without incurring hidden fees and while enjoying some of the best exchange rates available.
How Does Koho’s International Money Transfer Work?
Koho’s International Money Transfers is one of the many features provided through Koho’s three available service plans:
The plans are priced starting for as little as $0/month, and there are often discount offers available for the higher-tier plans. We’ve written guides to each plan, so click on the plan names above or below to find out which one is best for you.
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| $144 | |||
| $48 | |||
| $177 |
How to send an International Money Transfer
Sign up for an account
To send money using Koho’s International Money Transfer feature, the first thing you need to do is sign up for one of the above plans and log in to your account on Koho’s website or through their app.
Next, you need to add money to your account via the website or the app.
Enter money transfer details
Once your account has funds in it, you can select « Send Money, » followed by “Send Internationally” on the website or in the app.
You can then choose which currency you’d like to send to your recipient and how much you’d like for them to receive. For example, if you’re paying for your hiking tour up Mount Fuji, you’ll likely be sending your recipient Japanese Yen.
With Koho’s International Money Transfer, you can send money to 190+ countries, choosing from many currencies, and all exchanges are done using live exchange rates, which is often the best available rate.
Keep in mind that you can only send as much money as you have in your Koho account. Also, this account balance is what’s used to fund your Koho prepaid Mastercard, so make sure to keep that in mind so that you can maintain your desired balance.
Enter recipient details
Once you’ve entered and accepted the currency transfer amount, it’s time to enter the details for your recipient.
The exact details needed can change based on which country the recipient lives in, but typically, it will include at least their full name, e-mail address, and banking information.
Review
Once you’ve got your transfer set and ready to go, you’ll get a chance to review all the information, including the exchange rate and Koho’s service fee to confirm that everything is in order.
Send
To wrap up the process, just hit “Send,” and your transfer is on its way!
The Canadian dollars from your Koho account will be withdrawn immediately and will arrive in your recipient’s account in the selected currency shortly.
The transfers can take as little as 30 minutes for many popular destinations like the Philippines, Mexico, the United States, and the EU; though, keep in mind that transfers may take up to a couple days to be deposited.
You will get an email confirmation that the money was sent and another when the money arrives successfully. Your recipient will receive the same.
Benefits of Using Koho’s International Money Transfer
Using Koho’s International Money Transfer is fast, reliable, and can save you money.
Koho transfers use live exchange rates, offering some of the best rates in Canada. They’re also 100% transparent about their fees and let you track your transfer in real-time, so you can feel confident that your money won’t get lost on its way.
Additionally, you can send up to $5,000 each day, for a total of up to $15,000 each month, giving you lots of financial room to make purchases, send remittances, and more.
Koho’s International Money Transfers are also very accessible thanks to their easy-to-navigate app that lets you send money with just a few taps. Plus, if you ever have a question or need help, there is 24/7 customer support within the app.
In my experience, services like the Koho’s International Money Transfer can be incredibly useful when you’re making larger purchases abroad.
They can be used in much the same way we use Interac e-transfers here in Canada to pay back a friend, buy secondhand items, or pay for a service.
For example, this feature makes it super easy to send money to a landlord when living abroad for a few months. Or perhaps you’re purchasing a used Vespa while you’re staying in Italy and need to send to some Euros to close the deal.
By transferring money this way, you’ll avoid having to get a ton of cash from local ATMs that often have low withdrawal limits and charge crazy high fees.
Also, as part of your Koho plan, you get Koho’s prepaid Mastercard, with both the Extra Plan and the Everything Plan offering cards that don’t charge foreign transaction fees. This means that you’re able to access the money in your account around the world without incurring the extra 2.5% fee that’s common to other cards.
Even Koho’s Essential Plan gives you a card that only charges 1.5% on foreign transactions, so you really can’t lose no matter which plan you choose.
Bottom Line
Koho‘s International Money Transfer is a great way to send money to recipient’s around the world quickly and easily.
With an easy-to-use platform, excellent exchange rates, and transparent fee structure, you can confidently transfer money for purchases, remittances, and more!
FAQs
What is an International Money Transfer?
With Koho, an International Money Transfer (also known as a remittance) refers to sending money from one country (in this case Canada) to another. You can send your Canadian dollars to friends, family, and others in over 19o countries around the world, and they’ll receive the funds in their local currency.
How long does an International Money Transfer take?
Koho’s International Money Transfers can take as little as 30 minutes to arrive in the recipient’s account. The actual amount of time it takes for the transfer to arrive depends on where the money is going – some transfers can take up to 1 to 2 business days.
The good news is that Koho will give you an estimated arrival time when you initiate the transfer, so you won’t be stuck wondering about its status.
What information/documents do I need to send money overseas?
With Koho, you don’t need a lot to send an International Money Transfer. In most cases, all you’ll need is:
- An account with Koho
- Your recipient’s full name as it appears on their ID
- Your recipient’s bank account information
