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KOHO Financial review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

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Our verdict

KOHO Financial is a Canadian easy-access account for expats and travellers who hold several currencies, with a monthly fee of CAD 0 and a variable headline rate of 2%. The cost to watch is the conversion fee of 1.5%, above the everyday-account median of 0.22%.

Key facts

Best for
A Canadian easy-access account for expats and travellers who need several currencies and no monthly charge.
Monthly fee
CA$0↗
Currency conversion fee
1.5%↗
Transfer fee
Live exchange rate, no markup or hidden fees↗
Legal entity
KOHO Financial Inc.↗
Headquarters
Canada↗
Support channels
Chat, Help-centre↗
Audience
Expats, Travelers
Pricing model
No monthly fee
Features
Joint account, No credit check
Official website
koho.ca

Savings

Headline rate
2%↗
Rate type
Variable↗
Minimum deposit
CA$0↗
Access terms
On-demand access any time; free, unlimited Interac e-Transfers; no transaction or inactivity fees↗
Account kind
Easy access↗

Facts checked September 26, 2026, 6 sources

Apps and profiles

Elsewhere
TrustpilotLinkedInXfacebook.com

Pros and cons

Pros

  • Monthly fee of CAD 0 and a CAD 0 minimum deposit, with free, unlimited Interac e-Transfers and no transaction or inactivity charges.
  • On-demand access at any time, so the balance stays reachable instead of being tied away.
  • A joint account and no credit check, which suits shared money and applicants with a thin credit file.
  • For currency users the 1.5% conversion fee sits below the site maximum of 7%.

Cons

  • Support is limited to chat and help centre, with no phone or email contact offered.
  • The 1.5% conversion fee is above the everyday-account median of 0.22%.
  • The 2% headline rate is below the everyday-account median of 3.25%, and it is variable.
KOHO Financial

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Scored 8.8 / 10 by VaultCue.

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Who it suits

  • Expats and travellers, the audiences named in expats and travelers.
  • Anyone keeping an easy-access balance with a CAD 0 minimum deposit and a CAD 0 monthly fee.
  • Couples and housemates who want a joint account and no credit check on the application.

Who should look elsewhere

  • XTB, whose monthly fee is €0 in euro, if a euro balance suits you better than Canadian dollars.
  • Skrill, which also has a monthly fee of €0 in euro, if you would rather hold and move euro.
  • AXI Card, whose monthly fee of €0 is also in euro, if a card-led euro account fits better than an easy-access balance.

Rates and terms

The headline rate is 2%, and the rate type is variable, so the return on a savings balance follows the wider market rather than staying set for a fixed term. A variable rate suits savers who are comfortable watching the rate move, and who would rather not commit their balance for a set period.

How KOHO Financial compares

Where KOHO Financial is available

Available
Canada

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does KOHO Financial charge to hold the account?+

The monthly fee is CAD 0 and the minimum deposit is CAD 0, so there is no account-keeping charge and no floor on the balance. Interac e-Transfers are free and unlimited, and there are no transaction or inactivity charges on the account.

What rate does the savings balance pay?+

The headline rate is 2%, and the rate type is variable, so the return follows the wider market instead of being fixed for a term. The account is easy access, which keeps the money reachable while it earns.

What does it cost to convert or send money abroad?+

Currency conversion runs at 1.5%. International money transfers use the live exchange rate with no markup or hidden fees, so the conversion fee is the number to weigh for anyone converting regularly.

Can I get money out of the account when I need it?+

Access is on demand at any time, and Interac e-Transfers are free and unlimited, so moving money in and out carries no charge. The account is easy access, which keeps the balance available rather than tied away.

How do I get help if something goes wrong?+

Support runs on chat and help centre, so questions are handled in live chat and through the help centre, with no phone or email contact offered. That suits anyone comfortable typing rather than calling.

Who is the account aimed at?+

KOHO Financial lists expats and travelers as its audience, so it is built for people who live or spend across borders. The account is Canadian, with a CAD 0 minimum deposit and a monthly fee of CAD 0.

Can two people share the account?+

It lists a joint account and no credit check among its features, so couples or housemates can share a balance and an application is not weighed on credit history when the account is opened.

Who runs the account and where is it based?+

The account is run by KOHO Financial Inc., which is based in Canada. Legal ownership sits with the Canadian company, so the account is governed by Canadian practice and priced in Canadian dollars.

Sources

  • koho.ca/accounts checked September 26, 2026

    Backs: Headline rate, Headquarters

    “You can get the monthly Essential plan for free by depositing money into your KOHO account... 2% interest on your entire balance”

  • koho.ca/save checked September 26, 2026

    Backs: Access terms, Account kind, Minimum deposit, Rate type

    “Access your money whenever you need it; Interac e-Transfer Free, Unlimited; Transaction fees $0; Account Inactivity fee $0”

  • koho.ca checked September 26, 2026

    Backs: Legal entity

    “The KOHO Mastercard Prepaid card is issued by KOHO Financial Inc.”

  • koho.ca/accounts checked September 26, 2026

    Backs: Audience, Features, Pricing model, Monthly fee, Support channels

    “An instant account for newcomers: Just arrived in Canada? ... More than a travel card: KOHO is your everyday Mastercard with all the travel perks”

  • koho.ca/international-money-transfer checked September 26, 2026

    Backs: Transfer fee

    “We use the live exchange rate for every International Money Transfer ... And we never add any hidden fees”

  • koho.ca/travel checked September 26, 2026

    Backs: Currency conversion fee

    “No 1.5% FX fee if you are on Extra or Everything plan, currency conversion rate applies.”

Compiled from 6 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Licence type, Deposit protection, Currencies.

Related by the facts

KOHO Financial

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A Canadian easy-access account for expats and travellers who need several currencies and no monthly charge.

8.8/10See alternatives