• TIME IN BUSINESS: Since 2017
  • CUSTOMERS BASE: 120,000 accounts
  • LOAD LIMIT: 20 loads/deposits a day; 60/month
  • RELOAD OPTIONS: e-transfer, Visa debit, direct deposit
  • ANNUAL FEE: Basic/free, Premium $89/year
  • APR: N/A
  • FX FEE: None

KOHO Review [Features, Pros & Cons in 2021]

  • TIME IN BUSINESS: Since 2017
  • CUSTOMERS BASE: 120,000 accounts
  • LOAD LIMIT: 20 loads/deposits a day; 60/month
  • RELOAD OPTIONS: e-transfer, Visa debit, direct deposit
  • ANNUAL FEE: Basic/free, Premium $89/year
  • APR: N/A
  • FX FEE: None

Best For

Everyday banking and keeping your balance in check


  • Free basic service
  • Cashback from 0.5% to 2.0%
  • Roundup saving feature
  • No transaction fees
  • Financial coaching
  • Price match guarantee
  • Tracking the spending through a smartphone app


  • $3,000 daily shopping limit
  • $600 daily limit at ATMs
  • No RRSP, TFSA, or RESP accounts
  • Customer service could be better





$84 a year or $9 a month



If you have caught yourself wondering where your money went at the end of the month, you are not alone, and this KOHO review is for you. Using a classic credit card can easily pull you into overspending. So, allocating the amount we are allowed to spend does wonders. KOHO is a great way to keep your spending in check, especially when it comes to everyday purchases.


KOHO ratings as an easy budgeting tool are high. Not only will you be in better control of how you spend, but you will have cashback and roundup features that will give some of your money back and even round up to save it for you.

In this KOHO Visa card review, we’re going to look into the service’s main features, how to apply, which plan to choose. We will answer some of the frequently asked questions, some of the most common pros and cons in KOHO customer reviews. 

What Do I Need to Know About KOHO?

KOHO Financial, Inc. is a fintech company founded in 2014 by Daniel Eberhard. In 2017, it launched as a platform for direct and electronic payments, through which you can pay bills and purchase items as with any other card in the Visa system. 

KOHO is in a banking services partnership with Peoples Trust, which is insured by the Canada Deposit Insurance Corporation. Through the partnership with the Canada Revenue Agency, the users could get their emergency benefits to their KOHO accounts directly.

KOHO Visa Card Review – Services Overview 

KOHO offers three account plans for its reloadable Visa Canada cards:

  • A basic, free, no-fix fee KOHO account and card, with 0.5% cashback on all purchases
  • A KOHO Premium Account, for $84 a year or $9 a month, which comes with a 30-day free trial. Almost every KOHO Premium review agrees that the Premium plan is superior to the basic one. It comes with 2% cashback on transportation, groceries, and restaurants. Additionally, there’s financial coaching, one free international ATM withdrawal per month, and the price matching feature.
  • A Free KOHO Joint Account, with 0.5% cashback for all purchases and extra cashback with select merchants

KOHO Review – Prepaid Credit Card Features

Load Limits and Reload Options

You can have a maximum of 20 loads or deposits per day and 60 a month, including both electronic transfers and direct deposits. The maximum KOHO card balance is $20,000. The maximum amount you can deposit is $10,000 per day and $40,000/month.

KOHO Visa Review – Spending and Withdrawal Limits

The spending limit is $3,000 a day and $30,000 a month, with a maximum of 15 transactions a day. You can withdraw up to $600 a day at ATMs; however, you can only take out $300 at a time and have no more than 5 ATM withdrawals in one day. The monthly ATM limit is $3,000.

Transaction Limits

The transaction limit for electronic transfers $3,000, which is also the daily sending limit. When you send from one KOHO account to another, the sending limit is $1,000 per transfer, $2,000 a day, and $20,000 in one month. You can have up to 10 KOHO to KOHO transactions in one day and up to 60 in one month. Pre-authorized debit limits go up to 20 a month. KOHO accounts now support pre-authorized automatic withdrawal.

KOHO Mobile App

You can use the KOHO app to track your transactions and get insights into your budget and expenses categorization. You can also set your saving targets and automate the transfers set by day, week, or month.

Typical Approval Time 

While the typical approval time for credit cards is three to four weeks, you can get your KOHO within just ten days.

KOHO Credit Building Review

According to a KOHO review from 2021, the newly introduced KOHO credit-building tool can be added for a fee of $7 a month. KOHO will report your payments to a major credit bureau over six months, after which you will have to renew the subscription. Keep in mind that KOHO’s Credit Builder tool is still not available in Quebec, Saskatchewan, and New Brunswick.

KOHO Savings

KOHO’s brand new savings feature, a no-fee savings account, launched in March 2021, offers a 1.2% interest rate. According to the company, the account comes without teaser rates, minimum balance, or fees.

KOHO Credit Card Review – Eligibility Criteria

Everyone of legal age can get a KOHO card, and all you need is an ID. The service is available in Quebec as well. What’s more, there is no income threshold minimum, no minimum credit score, and the length of credit history does not matter. It’s as simple as just signing up, and if you want to upgrade to Premium, all you need to do is pay the fee. 

How To Apply for a Prepaid Credit Card with KOHO? 

What do you need to do to open a KOHO account? 

You will be asked to verify your identity, so have a copy of any two of the following documents ready – ID, driver’s licence, passport, work permit, bank statement, or utility bill. 

Step 1:

Head over to the KOHO website and click Open Account. Create an account by entering your email address and password for your account.

Step 2:

Pick the colour scheme for your card.

Step 3:

Enter personal information such as your name, address, phone number, and job.

Step 4:

Confirm your mailing address to which the card will be sent.

Step 5:

Follow the link you received in your email to install the KOHO app and finish setting up your account.


  • No annual fee for the basic account
  • No minimum balance
  • No NSF fees 
  • 0.5% cash-back on all purchases, or 2% on Premium account on groceries, restaurants, and transportation
  • Budget tracking and spending insights through the smartphone app
  • Apple Pay and PayPal compatible
  • Great joint accounts 
  • No returned payment fee
  • No late payment penalty
  • Price match guarantee


  • Foreign currency transactions come with a 1.5% fee unless you are a Premium user.
  • Can’t build credit score without a special KOHO Credit Builder program that comes with a $7 fee
  • No RRSP, TFSA, or RESP accounts
  • Somewhat low limits on withdrawal and purchases

KOHO Card Review – Privacy & Security Policy

When you create a KOHO account, the personal information you give will be used only to verify identity with third parties holding that information, such as your mobile service provider. Your information will not be shared for any purpose other than the verification of identity. Only authorized employees and representatives have access to sensitive data.

KOHO User Reviews & Feedback

Users enjoy KOHO’s simplicity and lack of hidden fees. One of the most mentioned benefits is the positive impact on spending habits and easy saving. Almost every KOHO review on Reddit users left mentions the roundup feature as a favourite. The same goes for 2% cashback with a Premium account. Almost every KOHO app review highlights the ease of use. The negative KOHO reviews and complaints mainly mention poor customer service and slow issue resolution.

KOHO Alternatives

There are plenty of excellent prepaid credit cards in Canada to choose from. Here are a couple of KOHO alternatives you might consider:

KOHO vs STACK Prepaid Mastercard

This KOHO prepaid Visa review found many similarities between KOHO and Stack when it comes to helping you control your spending. But if you travel a lot, the Stack Prepaid Mastercard is a good choice, as it has no foreign exchange fees or ATM withdrawal fees and offers excellent rates across 150 currencies. The Stack cashback program also includes over 140 retailers.

KOHO vs Mogo Visa Platinum Prepaid Card

The Mogo Visa Platinum Prepaid Card has a maximum spending limit of $5,000 per one purchase, which is higher than KOHO’s $3,000 daily limit. It is a good choice for those who care about reducing carbon footprint, as Mogo will offset one pound of CO2 for every dollar spent. Still, it has a high international ATM transaction fee of $3, and the balance is $10,000 compared to KOHO’s $20,000.

Wrap Up

Every positive KOHO Canada review will tell you the same – it is easy, fast, and affordable everyday banking. After you open a KOHO account, all you have to do is direct a part of your paycheck to your KOHO account or e-transfer a portion of your money. After that, you’re all set and ready to spend and save. 

Having a KOHO Canada account is most beneficial to those who want to set themselves a sort of allowance, a self-imposed spending limit in order to save by rounding up to the nearest number and getting some cashback with every purchase. As we’ve already pointed out in our KOHO review, it’s a particularly good tool for couples who need an easy way to use a portion of their budget together while maintaining other private accounts.


Is KOHO legit?

KOHO is absolutely legit. It will help you save and manage your money while getting you some cashback as well. It is just as legit as a regular bank, only without the fees, tellers, lines. Overall, it’s a fast and smart way to handle your daily finances.

Is KOHO safe?

KOHO is safe, and your money is safe with KOHO. Even if something were to happen, the company is partnered with the federally regulated Peoples Trust insured by the Canadian Deposit Insurance Corporation. Their investors’ list includes the National Bank of Canada, Greyhound Capital, Drive Capital, and more.

Is KOHO debit or credit?

It’s both, and it’s neither. It is a no-fee reloadable pre-paid Visa that you can use as a debit card, but with cashback. Vendors will treat it like any other credit card in the Visa system. When choosing an online paying option, you should select “credit card,” although it’s technically not one.

Can you build credit with KOHO?

You can build your credit score along using KOHO, but you will need to pay some of your fixed and recurring bigger costs such as loans, mortgages, or bills from your classic credit card, then use KOHO for all your daily spendings. This KOHO review found a recently activated credit builder program for $7 a month, lasting six months, which brings you to a total of $42 per billing cycle. After the six-month cycle has passed, you will need to renew the subscription to keep using the feature.