KOHO Review: Key Features, Pros and Cons

KOHO review
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Banking is essential in today’s world, and Canada is one of the most expensive places to bank in the world. Daniel Eberhard founded KOHO in 2017 to help Canadians save money on banking fees while providing them with the perks of having a credit card. In this KOHO review, we will be looking at how it works, the key features, and the advantages and disadvantages of using KOHO.

What Is KOHO And How Does It Work? 

KOHO is a bank that offers users free prepaid cards that can be reloaded. It helps to control/track spending habits while earning cash on every purchase made. There are three types of cards that KOHO offers. These are the KOHO Prepaid Visa card, the KOHO Joint Prepaid card, and the KOHO Premium Prepaid card.

The prepaid visa and the joint prepaid cards are free, while the premium card costs about 9 dollars per month. Paying annually is rewarded with a discount of about 24 dollars. The card can be used like any other prepaid card, but users need to create an account.

You can get started with your KOHO account by following these steps:

  • Go to the KOHO website.
  • Select the ‘create an account
  • Enter your email address and create a strong password for your account.
  • Provide the needed information (name, job, phone number, address, etc.)
  • Select a color scheme for your card.
  • Re-confirm the address given. This is so that the address is correct while KOHO mails the card to you.
  • Download the app.
  • Add some money to your KOHO account through Interac e-transfer. This can be done from your normal bank account. You can also transfer money to your KOHO account through direct deposit
  • Make a purchase with your KOHO card (either online or offline). It works the same way a credit or debit card is used.

Immediately you have activated your account, you can now analyze your spending, set saving goals, and check your balance.

KOHO Key Features

KOHO generally has a lot of features accessible to all or some of the cards. The standard features include:

  1. KOHO Credit Builder: Through a building program they offer, you can build your credit. However, you have to subscribe to the program with 7 dollars that you would pay for six months (depending on your credit goals).
  2. Bonus on Referral Code: Using a referral code, users can get a 1% extra cashback on all purchases. They can enjoy this within the first 90 days of their registration.
  3. Early Payroll: This provides users with access to about 100 dollars of their next paycheque. However, this feature is only accessible to those who have a steady income at the end of every month. KOHO would make this amount available with no fees, no interest rate, nothing.
  4. Round-Up: KOHO also allows users to save every time a purchase is made. This feature would round up every 1 or 5 or 10 dollars and save the difference of the purchase towards your saving goals.
  5. Apple Pay: For situations where you forget your card or misplaced it temporarily, users can link the KOHO card with your iPhone, making transactions flexible.
  6. Ability to Customize Your KOHO Account: There are several KOHO accounts available to users. They include the Personal account, the Joint, the Metal (a 16GB card for any account), and the Premium account.
  7. The App: The KOHO stellar app allows users to browse through the account’s features very easily. The app can be used to check account balances, set up automatic bill payments, reload the card, and transfer money.


The Advantages of the KOHO card includes:

  • It costs about zero dollars monthly (except for the premium card).
  • You can earn about 0.5% of your cashback. For a premium car, you can earn up to 2% more.
  • Apple Pay compatibility.
  • The application process is fast and easy.
  • Ability to track and budget your savings through the app.
  • Early payroll could come in handy.
  • There is no transaction fee (except for foreign transactions).


Although KOHO is an excellent bank, like every other good thing, it also shortcomings. Some of the cons of using KOHO include:

  • There is a daily spending limit of 3,000 dollars.
  • Only the premium card can be used anywhere in the world. The prepaid joint and visa card can only be used in Canada.
  • Users can only withdraw about 600 dollars from the ATM. Anything higher than that would have to be collected in person from the bank.
  • Payments and Purchases don’t help to build credit on the card.
  • You can’t use this bank app independently. You would still need a regular bank account to back KOHO up.


Even though KOHO has a few drawbacks, the card offers the perks of a credit card, a debit card, and a personal budget app (all-in-one). In essence, it is best for saving money, budgeting, and cashback rewards. This is why this bank is highly recommended (with a 4.8-star rating) for every Canadian that wants to save money off the many financial charges that comes with living in Canada.

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