Newcomers: simplify your life with a KOHO account

Exclusive offer: Get 2 months free on the KOHO Everything plan

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:

• No foreign transaction fees;
• Free eSIM (3 GB/month);
• Travel insurance.

It also comes with everyday benefits:

• 2% cash back on groceries, food and drinks, and transportation;
• 0.5% cash back on all other purchases;
• 4% interest on your entire balance (eligible for CDIC protection up to $100,000);
• Up to 6.5% extra cash back at select merchants.

That is not all. The Everything plan lets you get the most out of your KOHO account, with other benefits such as:

• Credit Building for $5/month (to build your credit history);
• Instant e-Transfers;
• Unlimited transactions;
• Savings through the Round-ups and Savings Goals features.

Take advantage of this offer today.

KOHO – Opening a spending and savings account

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:

• Debit card: it is linked to your bank account. It lets you pay for purchases at most merchants and withdraw cash at ATMs. Your spending is taken directly out of your bank account;
• Credit card: it is not linked to your bank account. It lets you pay for goods and services using money advanced by a financial institution or a merchant. You then have to pay it back quickly, or you will face high interest charges.

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 – Choosing a plan that fits your needs

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:

KOHO Prepaid Mastercard^® Essential Plan

KOHO Prepaid Mastercard Extra Plan

KOHO Prepaid Mastercard^® Everything Plan

KOHO – Building a credit history

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:

• A financial institution, for a loan;
• A landlord, for a rental application;
• An employer, as part of the hiring process.

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.

Credit Building program

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.

KOHO – Saving and earning interest

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 – Earning cash back

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 – Sending an international money transfer

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.

Conclusion

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.

How do you deposit money into your KOHO account?

You can deposit money into your KOHO account by e-Transfer and by direct deposit.

How do you join KOHO?

To access KOHO services, you simply pick one of the KOHO plans: Essential, Extra or Everything.

Is KOHO a good service?

It takes less than five minutes, with automatic approval, to open a KOHO account. It comes with a free, reloadable prepaid card and a built-in mobile app.

How do you close your KOHO account?

You will need to open a chat session to submit an account closure request.