Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

KOHO Mastercard vs. Wealthsimple Cash Card 2024

Updated:

Fact Checked

KOHO and Wealthsimple are two of Canada’s most popular financial technology companies.

The KOHO Prepaid Mastercard and Wealthsimple Cash Card are both prepaid cards in Canada. This comparison covers their features, pros, cons, fees, limits, how they work, and more.

KOHO vs. Wealthsimple

I provide an overview of their service offerings to understand better how these companies compare.

What is KOHO?

KOHO is a fintech company with a goal to change how traditional banking works. It offers a prepaid card (KOHO Mastercard) that works alongside its other financial products, i.e.

  • KOHO Earn Interest
  • KOHO Credit Building
  • Other prepaid card plans (Extra, Essential, and Everything)
  • KOHO Cover

KOHO has partnerships with both Mastercard and Peoples Trust. It is also backed by large investment firms, including Drive Capital and Portag3.

What is Wealthsimple?

Wealthsimple is the top online wealth management firm in Canada, with more than $30 billion in assets under management.

Since its founding in 2014, the company has expanded its operations from robo-advising to include:

  • Self-direct stock trading (Wealthsimple Trade)
  • Crypto trading (Wealthsimple Crypto)
  • Tax return filing (Wealthsimple Tax)
  • Savings accounts (Wealthsimple Save)
  • Prepaid Mastercard

Wealthsimple is backed by top investment firms, including Power Financial Group and Allianz X. Learn more about it in this review.

KOHO Mastercard vs. Wealthsimple Cash: Prepaid Cards

This article will focus on the prepaid cards offered by both KOHO and Wealthsimple, plus their corresponding features.

KOHO Easy Mastercard

KOHO’s prepaid card was previously licensed by Visa; however, it is now offered under a Mastercard license.

This card is available in several formats: KOHO Essential ($20 bonus), KOHO Extra, and KOHO Everything. The standard KOHO Card waives monthly fees when you set up a recurring direct deposit.

Users earn 1% cash back on grocery and transportation purchases and up to 5% higher rates at select partners. They also earn a 5% interest rate on their deposits.

When you sign up for the card, you can choose from four colour designs. You also get a virtual card you can easily add to Google Pay, Apple Pay, etc.

For even more features, you can upgrade to the paid plans and earn higher cash back rates while paying no-FX fees abroad.

KOHO Prepaid Mastercard

KOHO Mastercard Prepaid Card 2

$20 welcome bonus after first purchase (use CASHBACK promo code during sign-up)

$0 monthly fee*

Earn up to 5% unlimited cash back

Get 5% savings interest on your balance

Unlimited Interac e-Transfers and debit transactions

Free budgeting app and access to credit building

Wealthsimple Cash Card

The Wealthsimple Cash Prepaid Mastercard is linked to your Wealthsimple Cash account and app.

Like KOHO, you get both a physical and virtual card and can easily add them to your preferred wallets.

You earn cash back on purchases made using this card, and it has no annual fee. Wealthsimple Cash also pays a high interest on your balance of up to 5%.

Wealthsimple Cash Card

wealthsimple logo

Prepaid Mastercard

1% cash back on purchases

Free money transfer app

Access to virtual and physical card

Verdict: The KOHO Prepaid Mastercard offers a higher cash back rate on all purchases.

KOHO Mastercard vs Wealthsimple Cash: Savings Account

Using the KOHO Card and app, you earn 5% interest on your balance. In addition, your KOHO account also works as a hybrid bank account with chequing features like free Interac e-Transfer, bill payments, and more.

Wealthsimple Cash also pays interest on your balance, with rates as high as 5% if you have a sizeable balance. This account also offers free eTransfers, bill payments, auto investments and more.

Verdict: Wealthsimple = KOHO

KOHO Mastercard vs. Wealthsimple Cash: Cash Back Rewards

With the regular KOHO Mastercard, you earn up to 5% cash back on purchases.

The Wealthsimple Cash Card pays 1% cash back on purchases.

Verdict: KOHO wins in this category.

KOHO vs. Wealthsimple Prepaid Cards: Credit Building

If you want to rebuild or improve your credit score, KOHO offers a credit-building service for $5 to $10 monthly. You can easily opt in for this service using the app and see improvements within six months.

The Wealthsimple Cash Card does not impact your credit score.

Verdict: If you need to improve your credit score, KOHO is the better choice.

KOHO vs Wealthsimple: Limits

The following limits apply to a regular KOHO account:

  • Daily maximum load: $20,000
  • Monthly maximum load: $40,000
  • Maximum card balance: $40,000
  • Daily POS limit: $4,000
  • Daily ATM limit: $600
  • Maximum amount/transaction: $4,000
  • ATM limit per withdrawal: $300
  • Maximum direct deposit (per transaction): $20,000
  • Daily maximum e-Transfer (outbound): $3,000
  • Daily maximum e-Transfer (inbound): $5,000
  • KOHO-KOHO transfer limit (per transaction): $1,500
  • Daily KOHO-KOHO transfer (inbound): $2,500
  • Daily KOHO-KOHO transfer (outbound): $2,000

Visit KOHO to check other limits. Also, note that Premium accounts get higher limits.

Limits for the Wealthsimple Cash Card include:

  • Daily maximum spending limit: $5,000
  • Maximum ATM withdrawal (per transaction): $500
  • Maximum daily ATM withdrawal: $1,000

KOHO Card vs. Wealthsimple Cash Card: Fees

While Wealthsimple Cash is free, these fees may apply and be charged by third parties:

  • Currency conversion fee: typically 2.50%
  • ATM withdrawal fee: typically around $3

A standard KOHO account is free*, and you don’t pay NSF, e-transfer, or account fees.

For currency conversions, a lower 1.50% fee applies (typically 2.50%), and $2-$3 is charged by out-of-network ATMs.

KOHO Extra users pay a $9 monthly fee or $84 annually.

KOHO Mastercard vs. Wealthsimple Cash Card

KOHO vs. Wealthsimple: Security

Wondering whether the KOHO and Wealthsimple prepaid cards are safe? Yes, they are.

KOHO keeps your deposits with Peoples Trust, a federally regulated bank, and your funds are eligible for the Canada Deposit Insurance Corporation (CDIC) insurance.

Your Wealthsimple Cash and Save account deposits are held at a CDIC member bank and are protected up to specific limits.

Both financial institutions use encryption and bank-level security to protect your information.

Verdict: KOHO = Wealthsimple.

KOHO App vs. Wealthsimple Cash App: Money Transfer

Using the Wealthsimple Cash app, you can send and receive unlimited Interac e-Transfers for free. You can also transfer money to other Wealthsimple users instantly using their Dollar $ign handle or phone number.

KOHO also supports eTransfers and KOHO to KOHO transfers.

Verdict: KOHO = Wealthsimple.

KOHO vs. Wealthsimple Card: Customer Support

You can reach Wealthsimple’s customer support by chat, phone, and email.

You can reach KOHO’s customer support by chat in-app and by email.

Pros and Cons of the KOHO Prepaid Card

Pros:

  • Cash back rewards on some purchases
  • Free account
  • Access to credit building
  • High interest savings account
  • Free budgeting app

Cons:

  • Not a credit card and does not impact your credit score unless you pay for “credit building

Pros and Cons of the Wealthsimple Cash Prepaid Card

Pros:

  • Free prepaid card
  • Instant money transfers in Canada
  • Cash back rewards on all purchases
  • Access to other Wealthsimple products, including investing and crypto
  • High interest rates on savings

Cons

  • Not a credit card and does not affect your credit score

KOHO vs Wealthsimple Prepaid Cards: Conclusion

KOHO vs. Wealthsimple: Which should you choose?

While the KOHO Prepaid Mastercard ($20 bonus) offers more benefits and rewards, you could benefit from carrying both cards in your wallet.

KOHO vs. Wealthsimple FAQs

Where is Wealthsimple Cash not accepted?

You can’t use the Wealthsimple Cash Card to make payments in about 51 countries, including Cuba, Albania, Ethiopia, Kenya, Iraq, Ukraine, Libya, and Belarus.

Where is the KOHO Card not accepted?

You can’t use the KOHO Card in about 52 countries, including Albania, Belarus, Congo, Cuba, Ethiopia, Ghana, Iraq, Romania, etc.

Related:

Best Credit Offers in June 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

Save on fees and access unlimited transactions, eTransfers & bill payments.

Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

Get this guaranteed approval credit card for any credit score ($25 bonus)

Get an instant $25 welcome bonus.

Earn 5% unlimited average cash back at thousands of locations.

Guaranteed approval for poor and bad credit scores. Takes 3 minutes.

No monthly fees and up to 15% cashback on your first-time purchases.

Stop paying monthly fees with a free chequing account + $400 bonus

Get a $400 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (6.00% interest rate offer).

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

Free financial education

Expert advice

Free resources

Detailed guides

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.