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KOHO Visa is a reloadable card and app that is made for Canadians to help them budget, spend, save, and earn cash back.

KOHO is not another bank. No, they don’t want any of that complication. Having to pay fees at every turn? Yuck! That’s neither trendy or geeky, and it’s definitely not financially savvy, which is what KOHO is all about.

Credit card balances, interest payments, pesky monthly fees, overdraft, failed budgeting, and empty savings accounts…who wants those? You can simplify your finances, increase your savings rate, and manage your money FREE of charge all from one app!

The KOHO app is free to download and join. Sign up here (use referral code CASHBACK to get a bonus 1% cash back in your first 90 days) to enjoy the KOHO advantage and start meeting your financial goals.

Review Rating Summary: 4.9/5

KOHO rates very high when you look at the zero monthly fees, budgeting and savings features, cash-back offer, customer support options, versatile app, and referral program.

As a gift to you, when you open a new account using the link below and enter the referral code CASHBACK, you will get an additional 1% cashback (or up to a total 3% cash back) for 90 days!


About KOHO

KOHO is a Canadian fintech company launched in 2017 by Daniel Eberhard. One of their goals is to save Canadians from the exorbitant banking fees we pay on a monthly basis – some of the highest in the world!

Also, the company wants to make budgeting and saving easier so average Canadians can up their financial game without needing to drastically change their lifestyle.

Because KOHO is not a bank, they have partnered with Visa and Peoples Trust (a federally regulated company) to hold the funds you load on your card

How KOHO Works

KOHO offers a reloadable (prepaid) Visa Card and a versatile app that integrates with the card and helps you budget effortlessly, spend knowledgeably, and save automatically.

Opening an account takes less than 5 minutes. When setting up your account, you get to choose a Visa Card that more or less works like a debit card and gives you the ability to spend, while also encouraging savings – aka “a smart spending account.”

In order to start using your card, the easiest way to deposit funds is by using e-Transfer. You can also set up direct load to also put all, or a portion of, your paycheque on your KOHO Card.

After loading the card, you are ready to roll! Whether you want to pay for coffee, groceries, or your monthly bills, the KOHO card does it all. Not only that, but the app also provides easy-to-understand insights into your spending patterns, lets you set savings goals and helps you reach them.


Why I Use KOHO

1. Zero Monthly Fees: Canadians pay an average of $220 in bank fees every year. KOHO charges $0 for your account, a new card or replacement card, Interac e-Transfer, electronic fund transfers from your bank, ATM withdrawals (within KOHO ATM network – over 8,500 ATM’s), and more.

2. 0.5% Cash-Back on Purchases: Your traditional bank does not reward you when you use your debit card. This means that unless you are banking with an online-only bank like Tangerine, the concept of earning interest on your chequing, or in KOHO’s case, earning cash-back rewards when spending your “cash,” is surprising.

KOHO gives you a 0.5% cash-back bonus (aka PowerUps) every time you spend, meaning that you do not need a credit card to enjoy loyalty rewards! You can earn an extra 40% in cash back when you use your KOHO card for Foodora orders. No promo code is required. If you sign up for KOHO Premium, your cash back increases to 2%.

3. Automated Savings: The KOHO app allows you to set savings goals and helps you reach your goals. For example, say you want to save $1,500 for a vacation that is 6 months away, the app will show you how much you need to save on a daily (weekly, monthly) basis and debit that amount every day so you can meet your savings target. Smart, eh?

In addition, KOHO also supports one of the savviest saving strategies ever invented – the RoundUp! Similar to Mylo and Wealthsimple, the KOHO app allows you to save some money every time you make a purchase by rounding-up your spending to the nearest $1, $5, or $10 and saving the difference.

For example, let’s say you purchase a cup of coffee for $2.25, the app will automatically SAVE $0.75 (rounding up to the nearest $1), or $2.75 (if rounding up to the nearest $5), or $7.75 (if rounding up to the nearest $10).

4. Real-Time Insights: Have you ever wondered where all your money goes at the end of the month? KOHO shows your spending categories and how much goes to what. It also shows how your spending compares to other KOHO users.

With these cold-hard spending facts at your fingertips, you can better budget and take the important financial steps that are pertinent to reaching financial freedom.

5. Versatile App: Their app makes it easy to accomplish multiple tasks you would normally need your bank for. For example, you can easily set up payroll deposits, transfer money into your investment accounts, automate your bill payments, and more.

The live in-app support chat function is invaluable. You can reach real customer service reps between 9am-5:30 pm EST seven days a week.

6. Apple Pay: You can use KOHO with Apple Pay on your iOS device. Simply add KOHO to your Apple wallet and you no longer need to bring out your physical KOHO card when you are shopping in-store. Talk about convenience! If you have any questions about setting up KOHO in your Apple Wallet, you can reach support via the app or talk to them at 1-833-793-3372.

7. Financial Coaching: You can access free financial advice through the app when you have a direct payroll deposit setup. Have a question about investing, debt, savings or budgeting? The answers are now at your fingertips.

8. Referral Program: They have a generous referral program. Whenever you refer a friend to sign up, you both receive an additional $$$ i.e. a bonus 1% cash back for 90 days. 

KOHO Joint Accounts

KOHO is now offering a free KOHO Joint Account and Prepaid Visa for those who want to partner with a friend, spouse, roommate, or sibling. You can open a joint KOHO account without having to visit a bank branch to complete long and complicated forms.

Shared account holders get a personal KOHO account along with a joint account. The benefits that come with the account remain the same and include: 

  • A Joint Account reloadable prepaid VISA card
  • Zero fees
  • Expense tracking
  • Real-time Joint updates and spend notifications 
  • RoundUps 
  • PowerUps (instant 0.5% cashback on all purchases)
  • Shared savings goals (you can set and contribute to goals together)
  • Free e-Transfers
  • Free, instant KOHO-to-KOHO transfers
  • Personal account spending privacy, and more

Roundups and Powerups Insights

Is KOHO Safe and Legit?

As per their website, they have partnered with the Peoples Trust Company to hold your funds. Peoples Trust is based in Vancouver and is a member of the Canada Deposit Insurance Corporation.

In general, the CDIC insures deposits up to $100,000 per category.

KOHO enjoys the backing of some of Canada’s biggest financial institutions including Portag3 Ventures, Drive Capital, National Bank of Canada, and Greyhound Capital.

Is KOHO Right For You?

KOHO may be right for you if want to/are:

Save More Money: As shown by data collected from KOHO users, “the average KOHO user reduces their spending by 15% and saves nearly $500” within the first 3 weeks following sign-up. This is because the service brings you closer to your money.

You get real-time information and see how your money is being spent – this helps you budget better. The savings plan and RoundUp features are also very practical.

Need to save for a wedding, vacation, emergency fund, etc.? A KOHO account is great for reaching your money goals.

Save on Fees: if you want to pay less in banking fees, online banking options (like Tangerine and EQ Bank) and non-bank options (like KOHO) can help. While KOHO may not meet all your banking needs, they can help you save a lot in fees.

Travelling: You can use your KOHO card outside of Canada and save on foreign transaction fees. Most credit cards/banks charge a flat 2.5% or more for this fee, however, when you use your KOHO card abroad, you only pay 1.5%. You can use your card to book hotels, rent a car, shop online and in-store, and more.

Comfortable With Online Banking: People are busy these days and desire convenience and this is what KOHO provides. If you love or are comfortable with conducting financial transactions using your phone or tablet, KOHO is a great choice.

Two downsides to using KOHO that are worth mentioning include:

  • KOHO does not fully replace your bank. For your investing needs e.g. TFSA, RRSP, and RESP accounts, you will need to look elsewhere. With that being said, if your investment accounts are with Wealthsimple, KOHO makes it easy to directly fund your accounts using their app. They also have further app integrations in the works to make your banking easier.
  • There are limits on how much you can load on your KOHO card as well as daily transaction limits. For example, the maximum card balance is $20,000, there’s a $3,000 daily limit on transactions, and the daily ATM withdrawal limit is $600. In my opinion, these limits are reasonable and will not pose any problems to the average user.

A similar prepaid card to KOHO in Canada is the STACK Mastercard and app. You can read my STACK review and get a free $5 sign up bonus!

Sign up here for KOHO and get bonus $$! Use the referral code CASHBACK

KOHO Premium

KOHO recently launched their premium service for those who want to harness additional benefits including:

  • 2% cash back on groceries, dining out, and transportation.
  • No foreign currency transaction fees: Similar to the STACK Mastercard, KOHO premium users can now save the 2.5% to 3% FX fee normally charged by their credit card provider.
  • Free financial coaching that includes weekly money tips and one-on-one coaching sessions where you can get answers to your pressing personal finance questions.
  • Price matching: Get the best deal on your purchases. If there is a better deal elsewhere, KOHO will credit your account with cash back.
  • Snappy new card design that is ‘premium’ in every way!
  • Higher limits, meaning that you can now take out $400 at an ATM per transaction, for a max of $800 per day. Your account balance can also be up to $40,000 instead of $20,000. instead of $20,000.
  • KOHO premium is free for the first 30 days and then costs $9 per month or $84 when you pay for a full year (savings of $24).

Check out my KOHO Premium review here.


How Does KOHO Make Money?

When I first heard about KOHO and that they do not charge monthly fees, this was my first question. As per KOHO, they are able to operate without charging fees because Visa shares some of the commissions they receive from merchants with KOHO when you use their card to make payments or purchases in-store and online. These commissions are also referred to as interchange fees. It is part of these interchange fees that they return to you via their 0.5% cash-back feature. WIN-WIN!

Will using KOHO Affect Your Credit Score?

No, the prepaid KOHO Visa card is not a credit card and does not impact your credit score one way or another.

KOHO Referral Code?

You need to use the referral code of an existing KOHO client if you want to receive the extra 1% cash back for 90 days. KOHO has kindly provided my readers with the referral code CASHBACK which can be used for an unlimited number of times! To utilize this opportunity, download the app via this link and then enter CASHBACK when prompted.

Is KOHO Free?

The basic KOHO account is 100% free to use and offers a 0.50% cash back on all your card’s debit purchases. In addition, you can earn up to 5% in cash back when you opt-in for offers from select brands. If you want to earn 2% cash back in up to three categories and pay no FX fees, you can choose KOHO Premium and pay $9 per month.

Does KOHO build Credit?

KOHO is a prepaid credit card and while it allows you to earn rewards similar to a premium credit card, it is not a credit card and your spending is not reported to credit bureaus and does not impact your credit score.

Can I use KOHO To Rent a Car?

You can use KOHO to facilitate transactions similar to your credit card, including using it to pay for car rentals. The KOHO Visa prepaid card is accepted wherever Visa is accepted worldwide. You can easily add the KOHO Visa card to your Apple or Samsung wallet and make payments on the fly.

What is KOHO Premium?

KOHO Premium is their newest service offering 2% cash-back on groceries, eating & drinking (bars, restaurants, food delivery, coffee, etc.) and transportation (gas, uber, public transportation, etc.), no FX fees, free financial coaching, price matching, and a premium new card design.

Can I withdraw Money From KOHO?

You can use your KOHO Prepaid Visa card to make withdrawals at any ATM carrying the Visa Plus ATM logo. Select “credit” if you are asked to identify what thype of card you are using by the ATM.

Note that ATM withdrawal fees may apply.

This article was originally published in 2018 and is regularly updated.

KOHO Visa Review - Get Up To 3% Cash Back
  • Zero Monthly Fees
  • Budgeting Insights
  • Automated Savings
  • Customer Support
  • Cash-Back
  • App Versatility
  • Referral Program


KOHO offers a reloadable card and app that help Canadians to budget, spend, and save smartly. Enter the KOHO referral code CASHBACK to receive your extra 1% Cash Back offer!