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Settling in Canada comes with its share of challenges, and opening a bank account is one of them. KOHO offers a simple, flexible solution built for newcomers. Through its mobile app, KOHO provides an account with cash back, 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 offer for first-time users, get the KOHO Everything plan at no cost for 2 months. Enter the code “EARNKOHO” when you apply.
Among other things, the Everything plan gives you travel perks:
It also comes with everyday benefits:
That is not all. The Everything plan lets you get the most out of your KOHO account, with other benefits such as:
Take advantage of this offer today.
When you arrive in Canada, you will need to open a debit account linked to a payment card, so you can deposit your money safely and handle all kinds of transactions, such as paying bills. It also spares you from using your foreign payment card, which racks up fees.
How do you find your way through every financial institution offer aimed at newcomers? We have a solution that makes life easier. In 2024, Milesopedia gave its “best card for newcomers” award to the KOHO Prepaid Mastercard® Essential Plan, which is tied to a budgeting app.
Before we get to what this card brings, it helps to know how Canadian cards work:
The KOHO app is clever: it takes only a few minutes to open a spending and savings account linked to this card, with automatic approval.
You will even have proof of a Canadian address, with printable bank statements. 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, so you can see whether the plan matches your needs.
Discover the KOHO plans by clicking on the plan names below:
Credit history matters a great deal in Canada. Put simply, this record reflects your financial health and shows whether you manage your money well and pay your debts on time.
Who can look at your credit file? A person or a company could ask to see your credit report, with your consent. Those who may ask include:
You are assigned a rating based on your repayment habits. That rating is called a credit score and ranges from 300 to 900.
The lower your score, the harder it will be to access credit, whether that is a loan or a service that requires a check of your credit file.
As a newcomer, the financial history from your home country is not accessible here. That is why it matters to build a good credit file and become visible to Canadian lenders.
How can KOHO help? With its credit building service, you build your credit history step by step. As soon as you sign up, you get a line of credit that shows up in your credit file.
Each month, you make payments on that account. KOHO in turn reports your payments to Equifax, one of the main credit bureaus in Canada. That is how you can improve your credit ratings.
The credit building service also gives you access to a financial coach and to your credit file.
Setting money aside for your projects or for the unexpected is a smart move as soon as you land in the country.
Depending on the plan you choose, you will earn up to 4% interest with a KOHO high-interest savings account. That is one of the best interest rates in Canada. There is also no minimum balance and no promotional rate. Interest is calculated daily on your entire balance and paid monthly.
Money placed in the savings account is not locked in; you can use it as your needs change. It is also eligible for CDIC protection up to $100,000.
Another savings feature should appeal to you: round-ups. When you make a purchase with your KOHO card, the amount is rounded up to the nearest $1, $2, $5 or $10 (you pick the amount). The extra change goes into your savings account.
For example, if your purchase is $3 and you chose $5 as your round-up amount, KOHO will set aside $2 for you.
KOHO also offers a cash back program on your everyday purchases, and the rate depends on the plan you choose:
Through the app, you could also earn an extra 6.5% cash back at select KOHO partner retailers.
KOHO’s international money transfer service lets you send money to recipients abroad without going to a bank branch or a Western Union office.
With this feature, you simply use the Canadian dollars sitting in your KOHO account, convert them into one or more foreign currencies, then deposit them into the recipient’s bank account, wherever they are in the world.
As a KOHO client, you can send money through an international money transfer with no hidden fees and with exchange rates among the best on the market.
KOHO is a strong option for newcomers to Canada who want to manage their money easily, with no hidden fees.
With its cash back, its prepaid Mastercard, its practical financial tools and its easy-to-use mobile app, KOHO makes daily life simpler from the day you arrive.
Opening an account takes only a few minutes. It is a simple first step toward a good start in Canada. Good to know: until July 31, 2026, KOHO is giving away 10 years of groceries ($500 per month for 10 years) to new accounts.
Savings this way:
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