TYPE: Prepaid Visa
ATM LIMIT: $600 / day
ATM FEE: FREE
ENTERPRISE OPTION: N/A
APP: iOS & Android
CUSTOMER SUPPORT: Email, Telephone or Live Chat
MONTHLY FEE: FREE
LOADING OPTIONS: Bank transfer, Debit Card , Direct Debit & Apple Pay
CARD DELIVERY CHARGE: Free
- About KOHO
- What is KOHO and how does it work?
- The KOHO App
- KOHO Safety & Security
- KOHO Key Features
- KOHO Payroll
- Advantages of KOHO
- Disadvantages of KOHO
KOHO is a Canadian, no fee, reloadable Visa card with an associated app which allows you to keep track on your spending. Simply load money onto the KOHO Visa card and you are then able to use it just like any other debit or credit card. As it is a prepaid card, it helpfully means that you cannot go overdrawn and spend money that you do not have. KOHO is partnered with The Peoples Trust Company bank which means that your money is secure.
What is KOHO and how does it work?
KOHO helps to control both your outgoings and your savings. It essentially works as a bank account which helps you to keep better track of your spending. You are able to load money onto the card in a number of different ways. You can do this by either depositing money from your latest paycheck directly, setting up an e-transfer, and soon you will be able to link your KOHO card to a bank account to transfer cash. To load money onto a KOHO card is easy, and your money can be transferred and will be ready to use almost instantly.
Your KOHO card once you are ready to use it can then be linked to the dedicated app. This helps you to track your spending efficiently, along with giving you cash-back and enabling you to set a savings goal. You will also have a virtual KOHO card through the app with allows you to gain access to your money completely online. This is a great option for making most of your online purchases or for easily paying recurring bills. A KOHO account is free to use with no associated fees unless you sign up to premium and comes with free cash back and extra perks.
The KOHO App
An interesting feature of KOHO is that it operates in the same way as a savings account as it can track your spending in real time. There is an app which can be downloaded from the App Store and Google Play. The app will give you instant notifications on all your purchases and you can personalize spending categories helping you to manage your money. The app helpfully also gives you advice on where you can find deals and discounts. KOHO tracks your average spending across the week and alerts you if you are spending more than usual.
KOHO Safety and Security
Being partnered with Peoples Trust and Visa KOHO offers a protected way of managing your money. KOHO gives you a card with a chip and PIN facility so your information stays secure. If the worst should ever happen, you would be eligible to claim your money back from the Peoples Trust bank.
KOHO Key Features
Cashback – The biggest bonus of using KOHO is that you get to earn cash-back when you spend. You can earn 0.5% cash-back every time you use it and earn extra cash-back at specific retailers on the app.
RoundUps -KOHO has an optional RoundUps facility which allows you to ‘round up’ your spending to the nearest $1, $2, $5, or $10, which it will then save for you.
Savings App – In the app, you are able to set savings goals and every week save money towards your goal. It helps you to be in full control.
KOHO Early Payroll
KOHO Early Payroll is a new innovative feature that offers help and support to Canadians who experience cash shortages in-between pay cheques, get by with everyday spending. This feature is extremely handy in months where customers may be hit by unplanned spending such as home emergencies, travel emergencies and a whole host of other bills that can spring up unplanned. KOHO Early Payroll is expected to be available to all Canadian customers from July 27th 2020. To find out more and sign up, click here.
Advantages of KOHO
- No annual fee to pay
- 2% cash back with the premium account on travel, entertainment and food & drink.
- Save money on credit card and banking fees. KOHO lets you transfer money, pay your bills, and get money out of an ATM all for free. You can save on paying interest on your card if you fail to pay your balance on time as the KOHO card is not a credit card. So, there is no worrying about your balance and amassing big interest charges.
- You can make use of your KOHO Visa card when you travel around the world. KOHO only charges a fee of 1.5% on international transactions. This is low in comparison to many banks and credit cards which typically charge a 3% fee for international purchases.
- It is possible to have either a personal or joint account which makes this a good card for couples who thinking about starting to share their savings.
Disadvantages of KOHO
- There is only a small amount of flexibility. Depending on your banking requirements you might still need to have a traditional bank account. That means that you would then still have to pay any banking fees.
- It is not possible to improve your credit score when you use your KOHO card, as you can only spend your own money which you have made available for yourself.
Overall KOHO is a useful no fee card with a handy app that encourages you to save and keep track of your spending. It will be impossible to spend more money than you actually have so you can avoid any costly fees, and when you use it you will be earning cash-back rewards as you go.