koho card

KOHO review

KOHO is an exciting concept that offers its customers a reloadable Visa card and an app that provides spending insights and helps you manage your finances. In this review, we take a look at several aspects of this Canadian offering:

Where is KOHO.ca based, and how it is licensed

KOHO is based in Canada. It is a fintech company that has partnered with Peoples Trust (a federally regulated company) and Visa to enable it to hold funds that are loaded onto your card. As well as these trusted partners, KOHO is also backed by investors Power Group and Portag3.

How to open an account with KOHO.ca

As you might expect from one of the new generations of fintech companies, KOHO is a digital-only offering. To open an account, you head to Koho.ca, review the accounts they have on offer, and select the account you want. Provide all the necessary details, and you can be done in five minutes.

You’ll choose between the KOHO at $0 / month, the KOHO Premium at $84 annual or $9 / month (with a free 30-day trial), or the KOHO Joint at $0 / month.

Whether you opt for the entry-level KOHO account or the KOHO Premium option will typically come down to your spending. If you spend a lot on your card, the KOHO Premium fee can work out well when considering a 2 percent cashback offer on items such as food and drink, groceries, and transport. If you travel a lot, KOHO Premium can also be a good idea because there are no foreign transaction fees, which isn’t usual for standard credit cards. Try to calculate if you will at least break even by taking the KOHO Premium option. As far as the KOHO Joint account goes, this can make sense for you and a partner, but that doesn’t mean only a ‘significant other’. You might also like to share a KOHO Joint account with a business partner.

The options for adding funds include e-Transfers, your existing bank institution, or direct deposit via the app, using an information form before your payroll department pays directly into your KOHO account.

KOHO.ca mobile app

The KOHO mobile app’s beauty is that it allows you to manage several aspects of your account centrally. It is also the place to take tighter control of your finances, as the app will enable you to set savings goals and take a handy overview of your purchases. While the signup process might take longer than you expected, life gets much easier once you are on the KOHO mobile app itself.

Savings, loans, and cashba

KOHO might be seen by many as more of a current account option, rather than a place to put savings. But the ability to ‘stash’ spare change away with the RoundUps feature and use automated savings can help you build your savings as you monitor your spending.

There currently appears to be no loan option with KOHO.

KOHO provides up to 5 percent cashback in some outlets. The rate for KOHO Premium is 2 percent, with 0.5 percent for standard KOHO account holders.

KOHO.ca for travel

As mentioned above, KOHO Premium holders will not be charged foreign transaction fees on their purchases. With a regular KOHO card, you can still expect to save about one percent in transaction fees.


  • Automated savings and insights
  • Cardless payment
  • Zero monthly fees for a standard account
  • A referral program

 For those who are just starting to budget and need a little helping hand, KOHO can fit the bill. It allows you to keep your spending money separate from money, which you need for monthly outgoings such as bills, making organizing your finances that bit easier.