Everything you need to know about KOHO: how to sign up, load money, earn cashback, build credit, and use it as your everyday bank in Canada.
KOHO is a free prepaid Visa card with a mobile app. You load money, spend anywhere Visa is accepted, earn cashback on purchases, and use built-in tools to budget and build credit. No monthly fees, no credit check required.
Signing up for KOHO takes about five minutes. Here is exactly how it works from start to finish:
1Download the KOHO app from the App Store or Google Play. Create your account with your name, email, date of birth, and Canadian address. No credit check is performed.
2Verify your identity by providing your Social Insurance Number and a photo of your government-issued ID. This is required by Canadian financial regulations and takes just a few minutes.
3Get your virtual card instantly. You can start using your KOHO virtual Visa card right away for online purchases and mobile payments through Apple Pay or Google Pay. A physical card arrives by mail within 5 to 10 business days.
4Load money into your KOHO account via direct deposit, Interac e-Transfer, or electronic funds transfer from a linked bank account. Your balance is available for spending as soon as the funds arrive.
5Start spending and earning cashback. Use your KOHO card anywhere Visa is accepted in Canada and internationally. Cashback is automatically calculated and deposited into your balance.
There are three main ways to add money to your KOHO account:
KOHO earns you cashback on purchases automatically. There is nothing to activate, no points to redeem, and no categories to select. Every qualifying purchase earns cashback that is deposited directly into your KOHO balance.
The free KOHO account earns cashback at select partner merchants. Upgrading to KOHO Everything ($9/month) unlocks up to 5% cashback at participating retailers, a higher interest rate on your balance, and additional features like price match guarantees and purchase protection.
Cashback earnings vary by merchant and plan tier. The KOHO app shows your total cashback earned, making it easy to track how much money your spending is putting back into your account each month.
One of KOHO's strongest features is its built-in budgeting toolkit:
KOHO offers a credit-building feature that reports your account activity to Equifax, one of Canada's two major credit bureaus. This is particularly valuable for Canadians who are building credit for the first time, rebuilding after financial difficulties, or looking to improve their score without taking on debt.
Here is how it works: you set a fixed amount that KOHO reports as a recurring payment to Equifax each month. As long as you maintain that balance in your account, KOHO reports an on-time payment, which gradually builds your credit history and improves your score. Unlike credit cards, there is no debt, no interest, and no risk of missed payments damaging your score.
KOHO is not a traditional bank and does not offer every banking product. Here is what KOHO does not provide:
For most Canadians, these limitations are easily addressed by maintaining a secondary account at a traditional bank or using a platform like Neo Financial alongside KOHO.
KOHO offers multiple plans to fit different needs:
Get KOHO (Code: 45ET55JSYA)Try Neo Financial
KOHO gives you a prepaid Visa card linked to an app. You load money via direct deposit, e-Transfer, or bank transfer. Spend anywhere Visa is accepted and earn cashback on every purchase. The app tracks spending, saves automatically, and can build your credit score.
Yes. The basic KOHO account has zero monthly fees. Premium plans like KOHO Everything cost $9/month but offer higher cashback rates and additional features. The free tier is fully functional for everyday banking.
You can load money via direct deposit from your employer, Interac e-Transfer from another bank account, or electronic funds transfer from a linked bank account.
For everyday banking, yes. KOHO supports direct deposit, bill payments, e-Transfers, and card purchases. However, it does not offer mortgages, loans, cheques, or physical branches.
KOHO automatically earns cashback on purchases made with your KOHO Visa card. Cashback is deposited directly into your KOHO balance with no points to redeem.