KOHO for Newcomers: The Complete 2026 Review
KOHO is a Canadian fintech company that offers a free Visa prepaid card with bank-like features. For newcomers to Canada, KOHO is often the single best first account to open — before you even land — because it requires no Canadian credit history, no Canadian address to get started, and charges no monthly fees.
This guide explains exactly how KOHO works, what it costs, what you get, and how it compares to traditional bank newcomer packages.
🇨🇦 Open KOHO Before You Land
Newcomers from every country can open KOHO online. No credit check, no Canadian history required. Get a free Visa card mailed to your Canadian address. Use code 45ET55JSYA.
Open KOHO Free — Code 45ET55JSYA
KOHO Account Tiers Compared
| Feature | Essential (Free) | Extra ($9/mo) | Everything ($19/mo) |
|---|
| Monthly fee | $0 | $9 | $19 |
| Cash back — groceries | 0.25% | 1.5% | 2% |
| Cash back — eating out | 0.25% | 1.5% | 2% |
| Cash back — all other | 0.25% | 0.5% | 0.5% |
| Credit building | +$7/mo add-on | +$7/mo add-on | Included free |
| No FX fee on purchases | No | Yes | Yes |
| Savings interest | 0.5% | 2% | 3% |
| Instant transfer | No | Yes | Yes |
| Joint account | No | No | Yes |
Recommendation for newcomers: Start with Essential (free). Add the $7/month Credit Building feature. Upgrade to Extra or Everything once you need no-FX for international purchases or higher cash back.
KOHO Credit Building: How It Works
KOHO's Credit Building feature is available to all KOHO users for $7/month (free with Everything plan). It works as follows:
- KOHO sets aside a small amount from your KOHO account as a secured deposit (typically $10–$30)
- KOHO "lends" this amount back to you as a micro-loan
- Each month, KOHO makes an on-time payment on this loan from your account
- KOHO reports these on-time payments to both Equifax AND TransUnion
- After 6–12 months of reporting, your credit score begins to appear and increase
No credit check is required to activate. For newcomers with absolutely zero Canadian credit history, this is the fastest and easiest way to begin building a score.
How to Open KOHO as a Newcomer
- Download the KOHO app (iOS or Android) or visit koho.ca
- Enter your email and create a password
- Verify your identity — upload a photo of your passport (foreign passport accepted)
- Enter your Canadian mailing address for card delivery (a friend's address, hotel, or your future address works)
- Your virtual card is available immediately for online purchases
- Physical Visa card arrives by mail within 5–10 business days
- Load money via Interac e-Transfer from a Canadian bank or by Visa/Mastercard debit
Use referral code 45ET55JSYA when signing up to receive bonus cash back on your first purchases. This helps support bremo.io at no cost to you.
KOHO vs. Big Bank Newcomer Account
| Factor | KOHO | Big 5 Newcomer Account |
|---|
| Monthly fee | $0 forever | $0 for 1–2 years, then $10–$30 |
| Apply from abroad | Yes ✓ | TD and RBC only |
| Credit card offered | No (prepaid Visa only) | Yes (unsecured newcomer card) |
| Credit building | Yes (paid add-on) | Via the credit card |
| Cash back | 0.25–2% on all purchases | Depends on credit card |
| Physical branch access | No | Yes |
| Savings interest | 0.5–3% | 0.01–0.05% |
| CDIC insured | Yes (via People's Trust) | Yes |
Verdict: Use both. Open KOHO for everyday spending and immediate credit building. Open a Big 5 newcomer account for a credit card, branch access, and mortgage/loan needs later.
Frequently Asked Questions
Is KOHO safe? Is my money insured? +
Yes. KOHO holds your funds at People's Trust Company, a CDIC-member institution. Deposits are insured up to $100,000 per depositor category. KOHO itself is regulated as a money service business in Canada.
Can I use KOHO to pay rent in Canada? +
For e-transfer rent payments, you need a bank account that supports Interac e-Transfer sending. KOHO does support Interac e-Transfer. However, some landlords require a bank draft (certified cheque) for first and last month — for that, you'd need a traditional bank account.
Does KOHO report to both credit bureaus? +
Yes. KOHO Credit Building reports to both Equifax and TransUnion, which are the two credit bureaus lenders in Canada check. This is important — some credit building services only report to one bureau.
What is referral code 45ET55JSYA? +
45ET55JSYA is a KOHO referral code that gives new users bonus cash back on their first purchases. Enter it when signing up at koho.ca or in the app. It's shared through bremo.io as a partner code — KOHO pays us a small commission at no cost to you.
🇨🇦 Best Bank for Newcomers to Canada
KOHO accepts newcomers with no credit history required. Get a free Visa prepaid card, earn cash back, and start building your Canadian credit profile. No monthly fees.
Open KOHO Free — Code 45ET55JSYA