No Canadian credit history? No problem. Here's why KOHO is the #1 banking choice for international students arriving in Canada.
KOHO is the best banking option for international students in Canada. It opens instantly online with no credit history required, earns 3% interest, gives cashback on every purchase, and actively helps you build a Canadian credit score — something you'll need for apartments, phone plans, and eventually a credit card. Plus, get $100 free with referral code 45ET55JSYA.
Most banks require 1–2 years of Canadian credit history. KOHO approves anyone 18+ with a valid ID — open your account the day you land in Canada.
No branch visit, no appointment, no SIN needed to start. You can open your KOHO account before you even arrive in Canada.
KOHO's free Credit Builder reports your account payments to Equifax and TransUnion — building the credit score you need in Canada.
As a student on a tight budget, paying $15–30/month to a bank is painful. KOHO is genuinely free with no hidden fees.
Your tuition savings earn 3% while sitting in KOHO — more than most Canadian savings accounts, while staying accessible.
Earn up to 5% cashback at select merchants. As a student buying groceries and taking transit, this adds up to real savings.
Receive money from family abroad with low conversion fees. Much cheaper than wire transfers through traditional banks.
KOHO's app is available in English and French — useful for students at Quebec universities or bilingual programs.
Available on iOS and Android. You can also sign up at koho.ca on a web browser.
Enter code 45ET55JSYA during signup to get $100 added to your account. Takes less than 30 seconds.
Upload a photo of your passport or study permit. KOHO uses AI verification — usually approved in minutes. No SIN required to start.
Your KOHO prepaid Mastercard arrives by mail in 7–10 business days. Use the virtual card instantly for online purchases while you wait.
Turn on KOHO Credit Builder in the app. This reports your payment history to the credit bureaus — your Canadian credit score starts building immediately.
Share your KOHO account and transit number with your scholarship, employer, or family for direct deposits. Found in the app under "Add Money."
Starting from zero — here's what to expect on your credit-building journey.
*Scores are estimates and vary based on individual credit behaviour. No hard credit check required to open KOHO or enable Credit Builder.
| Bank | KOHO | Simplii | RBC Student | TD Student |
|---|---|---|---|---|
| No Credit History Needed | ✅ Yes | ✅ Yes | ❌ Often required | ❌ Often required |
| Monthly Fee | $0 | $0 | $0 (student waiver) | $0 (student waiver) |
| Opens Online Only | ✅ Yes | ✅ Yes | Branch visit | Branch visit |
| Interest on Balance | 3.0% | 0.40% | 0.01% | 0.01% |
| Cashback | Up to 5% | None | None | None |
| Credit Building | ✅ Built-in (free) | None | ✅ Via credit card | ✅ Via credit card |
| Welcome Bonus | $100 cash | $50–100 promo | None | None |
| ATM Fees | Varies | Free (CIBC ATMs) | Free (RBC ATMs) | Free (TD ATMs) |
Many international students use KOHO as their primary account (cashback, credit building, 3% interest) and Simplii as a backup for free CIBC ATM access when they need cash. Both are free — zero cost to use both.
Get $100 free, start earning 3% interest, and begin building your Canadian credit score from day one.
Get $100 With Code 45ET55JSYA →Yes. KOHO accepts international students and newcomers to Canada. You need a valid ID (passport or study permit works) and a Canadian address. No SIN is required to open the account, though you'll need one to enable some features.
No. KOHO does not do a hard credit inquiry. This makes it perfect for international students with no Canadian credit history. You simply verify your identity with a government-issued ID.
KOHO's Credit Builder feature reports your account payment history to Equifax and TransUnion — Canada's two credit bureaus. Making regular purchases and keeping your account in good standing builds your credit score over time, without the risk of going into debt.
You can receive international wire transfers to your KOHO account using the account and transit number found in the app. You can also receive e-Transfers from anyone with a Canadian bank account. Your family can use services like Wise or Western Union to send funds to your KOHO account.
Yes. KOHO deposits are CDIC-insured through Peoples Trust Company, a federally regulated Canadian bank. Your money is protected up to $100,000 per category. KOHO has served millions of Canadians since 2017.
KOHO is the #1 choice for most international students due to no credit history requirement, zero fees, credit building, and high interest on balances. Simplii is a good backup for ATM access. Traditional banks like RBC and TD also have international student programs but require branch visits and sometimes credit history.