KOHO for Newcomers to Canada — Full Review (2026)

KOHO is one of the most recommended financial tools for newcomers to Canada, and for good reason. Unlike traditional banks, KOHO doesn't require Canadian credit history, doesn't need a SIN to open, and has no monthly fees on its basic plan. This review covers everything a newcomer should know about KOHO in 2026.

What Is KOHO?

KOHO is a Canadian fintech company founded in 2014. It offers a prepaid Visa account and a smart banking app. KOHO partners with Peoples Trust (a CDIC-member bank) to hold your funds, so your money is insured. KOHO is not a bank itself — it's a financial technology company — but it functions like one for everyday banking needs.

Over 1 million Canadians use KOHO, and it has become especially popular among newcomers, students, and people who want to avoid bank fees or build credit without a traditional bank.

Why KOHO Is Perfect for Newcomers

• No SIN required to open: Use just your foreign passport to sign up on day one
• No Canadian credit history needed: Zero credit check to open an account
• No monthly fees on the basic (Essential) plan
• Instant virtual Visa card: Use for online shopping and Apple/Google Pay immediately
• Physical Visa card arrives by mail within 7-10 business days
• Credit building feature reports to Equifax to help you build a credit score
• Cashback on purchases: Earn 1-2% back on spending categories
• Free e-Transfer sending and receiving
• Spending analytics to track your budget in a new country

KOHO Plans and Pricing (2026)

KOHO Credit Building — Key Feature for Newcomers

KOHO's Credit Building subscription (approximately $10/month) is one of the most valuable features for newcomers. Here's how it works:

1. KOHO creates a small internal "credit account" in your name
2. Your monthly subscription payment is recorded as an on-time installment payment
3. This payment history is reported to Equifax Canada
4. Over 3-6 months, you build a credit score without a traditional credit card

For newcomers who can't yet qualify for a regular credit card, this is an excellent way to start your Canadian credit history immediately. You'll pay about $120/year, but the credit score you build is worth far more in mortgage and car loan savings.

KOHO Pros and Cons for Newcomers

How to Open a KOHO Account as a Newcomer

1. Download the KOHO app (iOS or Android)
2. Enter your email and create a password
3. Take a photo of your passport or foreign ID
4. Enter your Canadian address (even a temporary one is fine)
5. Enter referral code 45ET55JSYA to claim your $100 bonus
6. Your virtual Visa card is ready immediately
7. Add your SIN later in the app settings when you receive it

KOHO vs Traditional Banks for Newcomers

KOHO is best for Day 1 banking and everyday spending. Traditional banks (TD, RBC, Scotiabank) are better for salary deposit, wire transfers, and formal banking. Most newcomers use both: KOHO as their spending card and a big bank account for payroll and formal transactions.

Is KOHO Safe?

Yes. KOHO's banking partner, Peoples Trust, is a CDIC-member institution, meaning your funds are insured up to $100,000 by the Canada Deposit Insurance Corporation. KOHO uses bank-level encryption and two-factor authentication. Your money is safe.

Related Guides

• Best Banks for Newcomers to Canada
• Building Credit History as a Newcomer
• Understanding Your Canadian Credit Score
• Opening a Bank Account Without SIN