I wish I knew this BEFORE trying KOHO. ⚠️
ฝัง
- เผยแพร่เมื่อ 26 ส.ค. 2021
- UPDATE 🚨 KOHO now allows you to accept e-transfers from anyone!! 🎉👏🥳 get 1.2% cashback here: www.moneywithmark.ca/go/koho-...
Have you thought about trying KOHO? Then you NEED to know the 2 BIGGEST limitations that KOHO has.
The 2 biggest cons of KOHO are this:
1. Some companies do not accept pre paid visa cards. Companies like Paypal, and hostel world. Apparently pre paid visa cards are associated with fraud so this may be a trend that sees growth.
2. This is the biggest drawback of using KOHO. Your friends can't send you e-transfers. This is a huge drawback as most Canadians use e-transfer to send money back and forth between friends and family.
What else am I missing?
Want to give KOHO a shot still? Get an extra 1% cashback when you use this link:
www.moneywithmark.ca/go/koho-1/
UPDATE 🚨 KOHO now allows you to accept e-transfers from anyone!! 🎉👏🥳 get 1.2% cashback here: www.moneywithmark.ca/go/koho-extra-cashback/
Doesn't work
Don't know if it takes time to update will update
Does this work now? Meaning does KOHO allow you to except E transfers from anyone now?
Can confirm, I'm able to get etransfers from anyone, plus PayPal works just fine with my card. The one downfall I don't enjoy is depositing cash directly into my koho account, and withdrawaling without a fee
You can accept and send? In Canada?
I've just sent an e-transfer to a friend's koho account and it worked and I'm in Canada 😁
Yippy!!
Ya I was about to say lol me and my family do it all the time from our banks too
Collecting etransfer is easy but sending out takes forever. Sometimes takes days
Still having the problem? Of sending funds and taking forever?
@cashmoneymckay6619 I do not
Yes I have switched over to Koho since January of this year and I love it
Great to hear!
Koho is only good for skip the dishes. Other than that its useless. No different than a pre paid just virtual.
Hey mark, I just signed up for KOHO. I can do e- transfer now. I think they fixed this problem.
Hey, I etransferred my bank account using Koho and it asked for a security question and answer even though my bank is on auto deposit. It’s been an hour now, will my bank receive the funds? Don’t understand why it required a security question even though I have auto deposit.
Hey i have a quick note most companies that don't take prepaid visas actually will but it should be put in as a credit card
Im incredibly tempted to use KOHO I just heard that their customer service is terrible, I just worry in cas esomehting happens they won't be able to help me. Hav eyou expeirenced any issues with their customer service?
Can you use your koho card for hotel stays. I don't have a credit card of any kind.? Most hotels won't except debit cards with deposit anymore
I'm not sure I haven't tried it at a hotel yet. BUT. I do know you can book hotels with KOHO through Expedia.
After about 2 weeks of using my card and reloading it I was able to receive e-transfers from others.
Can you just fill up the card whenever you want to use it? Or does it have to be your primary account?
You can do either or!
I’m asking myself is it because I have a free account that the customer service is so very horrible? With KOHO. I dread going on their app and website since I joined them and it hasn’t been that long.
Hey Mark, they just fixed it. I officially switched the majority of my stuff out of td and tangerine instead. Another free online bank based in Toronto
Did they??!!
They fixed the E transfer issue? That’s huge
@@MoneyWithMark69 it’s approximately 30 mins exactly for an out of KOHO Etransfer
I just timed it and it shows on the app as well
can you do a video on the credit building feature on KOHO. Still kinda confused how that works if you have another credit card too.
Yes I already did one! Checkout my channel for it! FYI it’s okay if you have another credit card. The credit building feature will work still!
I signed up with KOHO primarily for this service, and it turned out it isn't available in my area. Had I known this, I wouldn't have signed up, so double check beforehand.
@@robinthegrape what are is that? Wondering before I sign up.
Be aware. I signed up for there 6month credit building option paying the 6months upfront. I started may 22nd 2022 and as of now it dose not show up as an open account on credit karma or borrowell credit monitoring platforms. Just got a credit card that i will keep under 10% utilisation and at 100% payment status. Capital one will accept anyone. Thats $59 a year as apposed to $84 a year for something that dose not even register as a open account.
What's in the status ? Have they reported to equifax or credit karma yet ?
Now they offer pre paid mastercard. But is it the same situation with prepaid mastercard?
Yes the same situation with Mastercard
Looks like KOHO is now a Mastercard so the issues could be resolved. I have been using the Stack card for about a year and a half because I like using a web browser to do basic management such as checking transactions and topping up via eTransfer from my Simplii account. I don't use any of the credit management features so this works well. It was my understanding that KOHO can only be managed from a phone app. Can a KOHO account be managed from a browser?
Hey! Yes you can manage KOHO from a browser ☺️
@@MoneyWithMark69 Thanks for your reply. As you seem to want to move away from the traditional banks do you think that it might be a good way of protecting your money from being frozen by our disgraceful federal government as happened earlier this year?
@@MoneyWithMark69 I signed up with KOHO but the 2 factor authentication requires an SMS code sent to a phone. When I logon to the Stack card site the code is sent to my email after logging on so I don't need to have a phone to use the website. I had an email back and forth with the support and they cannot arrange for the 2 factor to anything besides SMS. So I am not able to use this card and have cancelled. I'll stay with Stack.
@@mriverlands9584 I hate 2 factor authentication forcing us to use phone and internet. Is there any drawback for Stack ?
can i use KOHO for something like Crunchyroll subscription, Netflix, or Patreon monthly subscirptions
Yes that you can!
Amazon accepts my KOHO for payment as of May 2022. When I tried to use my KOHO last year it wouldn’t work with Amazon. Has anyone else had issue with KOHO and amazon?
I have used it with Amazon and no issues!
What about virtual credit cards? with them or other company?
KOHO has virtual credit cards, comes with your account. They actually give you separate virtual & physical card numbers. But I suppose any credit card is a virtual card too 🤷♂️
I've sent the transfer deposit info to lots of friends and it works fine for me
Same here 👍
Can I withdraw money from my KOHO app back to my Canadian bank account?
KOHO never took my identity and I’m confused how they got my credit score….someone explain please?
Can I deposit fiat from my zengo into my koho? Not many banks in Canada support fiat
I'm not sure what zengo is. But every Canadian bank can support fiat and provide a currency conversion for you
Tangerine doesn't have these two issues and it's free (at least, it always has been for me) - I switched from TD.
I couldn't stop a payment from a scam or stop for future $$ from my account by the scammers. How do I delete koho
I'm not sure;
You can't receive e-transfer but can you send e transfer?
Im a fellow canadian myself, but wondering if anyone knows how long direct deposits take since i just made a switch with my government pays monday being paid tomorrow(friday of same week), i heard it takes a few days longer than the actual pay day to get the actual fhnds despite it showing up on that pay day, so any helpful tops on how timely pays are on koho??
Got it the day I was suppose to but my friend gets direct deposit at 5 or 6 with a bank but with koho expect it like before midnight or earlier it depends
If you receive government deposits on your Koho card. Sometimes they show up days earlier. When I get deposits from Canada revenue agency they show up a day or two early
I have e transfer 3,000 dollars in koho account. And now my account is locked. Don’t know why and how. I don’t know what to do now😢. I think I lost my money 😭
It's probably just taking longer than you expect - sometimes e-transfers can take a while. Contact their support!
I have a koho account and I have had friends etransfer me and it worked just fine. I live in Canada FYI
Yes that issue is fixed!
Me and my boyfriend are new to koho but we have no problem e transferring between both of our accounts to the koho account
Yes 🙌 they’ve fixed the e-transfer issue 🤩 have you guys made a KOHO joint account yet?
@@MoneyWithMark69 no were only just trying this out first before we make it joint. I was still iffy about opening one to begin with, but we're liking it so far!
Hi. Thanks for your video. I just took Koho but mainly for the 5% interest on the balance since I'd like to use it mostly like a bank account or close to it. However I was wondering if I could use Koho to pay my other credit card without crushing my 820 credit score. Mainly I'd like to use it like a chequing account to boost my interests on the balance. Have you tried it? Thanks!
I'm a Koho user and I don't think it works that way. I don't think they have a balance transfer function as in paying off another credit card. A prepaid card indeed works like a debit card connected to a chequing account, but if you have money to put into a prepaid card and then pay your credit card debt, why not just pay the credit card debt directly?
Yes you can.
This why koho asked me to switch to a prepaid Mastercard. October 2022 every koho users would be getting a prepaid mastercard
i've e transfer myself but i write another question and answer and y dont see my transfer in the account what should i do?
Sometimes e-transfers can take a couple hours. Check back again later and if not double check your e-transfer info then reach out to KOHO support
@@MoneyWithMark69 thanks for the answer Mark i've made the e transfer yesterday at night and its been like 12 hours i cannot see or accept the money😢
Koho doesn't allow for depositing cheques, and my employer doesn't offer direct deposit. If they changed that I would close my other account.
Damn that also sucks!!
My mom has been sending me emt to my koho for the last 2 months consistently.
Food basics also works
Can you use KOHO for hotels and car rentals in Canada?
Yes you can! And you can earn 6% cashback if you book with KOHO through booking.com
Where you from
Man?? Edmonton here!! Looking to sign up !
Nice! I split my time between Halifax, Calgary and the Rockies
Can you pay Facebook ads with Koho prepaid debit card?
I’m not sure…. I would assume so.
Etransfers work bank to bank or Koho to back and vice-versa
Yah you can e transfer now to!
YIPPY!! 🎉
Home trust visa in Canada is the only secured visa that skyrockets your credit rating (if you don't use more than 30% of your balance) and pay zero fees if paid within 21 days. To also skyrocket your credit you must carry a balance. Your credit doesn't go up if u pay in full. So I leave about 5 dollars per month balance on it. And in 1 year I went from a 410 to a 780.
Amazing results!
Do you know income requirement for Home trust
Im a Canadian and i use KoHo and i gave my inbound e-transfer email address to friends and was able to receive e-transfers with no problem👍🏼👍🏼 the only thing that stops me from using KOHO fully is the lack of a $200 overdraft protection…they only gave me a $50 overdraft 😕
Dang that’s a downside!
How much is the maximum amount that you can receive as an e-transfer. I’m also planning to open account with KOHO
How long does it take for an interac Tranfer in KOHO?
about 1-3 minutes for me to get my transfer
With round ups where does the money come from?
From your main KOHO spending account
When paying instead choosing debit choose credit it will work
Amazing!
You can revive e-transfers form KOHO with your unique KOHO email. Visa is accepted everywhere.
YIPPY!!! 🥳 another step closer to getting out of the big banks!
yup that e-transfers issue sucks 😣
Yeah it really does… are you still using KOHO?
Can someone help how to buy KOHO? Thank you
You can signup for KOHO for free here:
www.moneywithmark.ca/go/koho-1/
Enjoy!!
I very enjoy koho but , yes it is not accepted un several places
Thanks!
No problem!
How do u withdraw cash?
E-transfer, or cash works best
Why doesn’t there credit building services report to Equifax?
I believe it’s because you do not have access to that credit with KOHO.
Makes sense…. I will still use this service it’s pretty good otherwise 👍🏾
i wanted to e transfer my funds from KOHO to my bank account and the e transfer isn't working. please help.....
Make sure you're not using the same emails for your bank and KOHO.
@@MoneyWithMark69 i am using two different e mails for both of them. i am currently in canada maybe this is the factor.,
So its been 8 months since this video? Have you heard of any progress on these 2 issues? Because i was thinking of making it my new bank but i dont want to be limited
YES! You can accept e-transfers from anyone now!! 👊 if you want to signup you can get an extra 1.2% cashback with my link: www.moneywithmark.ca/go/koho-extra-cashback/
Prepaid mean i you lose it you lose the money ? What about the interest rate? Do you have to deposit all your money on the prepaid to earn interest and if you lose it you cry?
If you lose your card - no worries! You can still access the app and move your money out of it.
For the interest rate you get it on all of your money loaded into the app
I just got koho card by mail they want me to go to a merchant and activate my pin or something like that. I’ve already phoned the number that came with the card and I activated my card. Then they told me to enter a pin number then they said go to a merchant can you please tell me step-by-step what it is they want me to do. Thank you.
That's exactly right. First time you'll pay you have to put in your pin. No tapping
@@MoneyWithMark69 but how does the money get in my card?🥺
You put money on it.
@lindywoods6256 e-transfer or direct deposit
@@MoneyWithMark69 but how. What are the steps?
I found KOHO now worked for me with Apple Pay (May 2022j it didn’t in 2021.
Amazing!!! 🤩
I have been using Koho pretty much from their very beginning. I absolutely love it. I treat it as my main bank account. Any money in my actual bank account I just immediately transfer it to my Koho. And any money I get from Canada revenue agency automatically goes to Koho. They have a really good thing going on. And they have awesome customer service.
Ya me too! I’ll be officially leaving the big banks for good this year. Do you use premium?
@@MoneyWithMark69 yeah I was using premium for almost the whole time. I have not been using premium lately. But it's good because if you have premium, and you spend enough on your Koho, premium will pretty much pay for itself with the cash back that you get
Ya I can send e-transfer to anyone
I only have money on PayPal but can’t put it on to koho
Yes you would need to be able to e-transfer or setup direct deposit
@@MoneyWithMark69I tried that tonight and it doesn’t work for me
This is my first time hearing bout KOHO and I want to see if it’s good or not
Awesome! I’ve got an updated KOHO review coming out this week
im from canada and i use pre paid visa and master card gift cards with pay pal
Yes that'll be awesome, fixing the etransfer issue 😀
Well i'm doing etransfer it seems to be doing fine
Yes!! 👏 they launched some improvements 🤩
Does Walmart work in Canada?
Yes!
Bae love ur videos but like either turn up the background music or change it or just take it out cause the buzzing made me think I was going insane for a second there
Okay! Will do thanks for the feedback!
Just gave up on Koho support. Great card purchasing things, but the minute you try reporting that someone tried to make an illegal purchase, the cat and mouse game started. Try calling these people by phone! You need to make an appointment. What I could say to a live person would take a few minutes. Texting can take up hours. What's this company scared of in speaking to a customer. Very disappointed
Thanks for the tips eh!
Good to know
Yes you can have people e transfer you to email I do it all the time
why didn't you just redo the video?
Got a referral code ?
Yup! www.moneywithmark.ca/go/koho-extra-cashback/
Does KOHO have monthly fee ?
No! But you can upgrade your account to premium for a monthly fee
I had canada post reloadable cards this is better.
Yes it’s much better! Plus KOHO just fixed their e-transfer issue
@@MoneyWithMark69 With canda post when i want to reload my card it cost me 3$ everytime and they got 3$ monthly fees I'm glad i switched over and found this company not sure how they do it though but it's nice not having to pay fees when you reload it.
I have a koho mastercard? Any information of that
Yes - same card! They just switched providers from Visa to MasterCard
@@MoneyWithMark69 - I’m just starting my koho Mastercard and it’s 0pts and 695 credit score & payments is every 27, will it change each month?
@BlueAndAurora I don't understand your question
@@MoneyWithMark69 - on my koho app it’s says 695 but 0pts but I haven’t used my card yet, physical card, and where do the points come from ? And I pay monthly the day I sign up, or taken out of my spendable, and I could increase it?
For me, if I still have to keep a regular bank account, even at the lowest rate, then any interest I earn on koho is virtually useless. Until koho can do everything a bank does, I wont switch.
Fair point. What's missing in your opinion?
Tienes razón las transferencias electrónicas no funcionan si vienen de otras personas 😅
I love your moustache, it reminds me of eggman from sonic
Hah thank you!
KOHO is working great for me
Glad to hear!
They just updated and now friends can e-transfer, but it takes FOREVER. Like hours..😩
this used to be the case for me. now its more like 30 mins althought the notif takes long
Good thing I don’t have friends that send me money 😂😂😂
Uh, none of these points are true. You can use the card almost anywhere except to rent a car. You can send e-transfer to KOHO friends.
Still want to give KOHO a shot? Get an extra 1% cashback when you use this link:
www.moneywithmark.ca/go/koho-1/
Made ONE foreign currency online purchase, KOHO ended up taking the same amount out of my account TWICE... I'm really speechless, this is an awful first impression and their customer service is virtually nonexistent.
I think they blamed the receiving merchant for rejecting the payment when KOHO is the one who messed up. Now I gotta sort out the mess and stop using KOHO for any online purchase.
Oh really!? Damn that seems crazy. I’ve made purchases from AUS and USA and UK but haven’t seen that problem yet… hopefully you get that figured out!
I've only just signed up and it's the first suggestion or tip that showed on my home screen. I imagine it must be a recurring problem for them. Hope they sort it out for you.
Thank you. Yes that seems to be the most requested knowledge base article. Their customer service keep saying the money will come back into my account, but as of today the duplicate payment changed its status to "settled". On top of that, I just got charged a second FX transaction fee. This means I officially got charged twice and they both (KOHO and the merchant) claim to not know where the money is LOL. This is literally my first time using KOHO and I have already learned a pricey (not a small amount) lesson.
I've seen the same things online. Customer service is basically non-existent. Somewhat essential when you can't walk into a branch (you... like an actual bank) to get back missing funds (or to access funds [period]). DO NOT FULLY SWITCH FROM AN ACCOUNT TO KOHO. Dumb. Really really dumb.
Does the etransfer work now?
Yes it does !
@@MoneyWithMark69 Nice, what about automatic deposit?
How many points can my score go up using two secured credit cards? Currently I have a credit score of 540. Can't get ANY credit-card.
You should checkout KOHOs credit building feature than.
I think thats why koho is switching to master-card
That is wrong I’ve gotten lots of transfers I can’t Stan how long it take KOHO to send transfer too others
You’re right! They fixed that issue ☺️
That’s so wrong!!! I get money from others in seconds. Sending money to them can take over twelve hours
I have a prepaid Visa card with Desjardins, and PayPal accept it
Nice!
Secured credit card
Koho classifies as a credit card
Classified as a pre paid credit card - but it will soon become a debit card
@@MoneyWithMark69 koho falls under Mastercard network, which vendors identify koho cards as a credit card when paying with koho. Koho is a credit card.
yes man
Do u still feel the same
No! Things have changed a LOT since I made this video. New updated video coming out soon 😁
I don't understand why companies don't accept prepaid cards. The money is there lol
I know right!
on some prepaid credits cards you can do charge backs which means you get what your purchasing but the company also loses that money so some places dont like to risk it.
Koho is meant for credit building. People shouldn't look at Koho as their primary bank.
It’s getting pretty close to replacing banks now…
Koho is not meant for credit building. It doesn’t show up on my credit report. Because it’s pre-paid, it’s not actually credit. The only way to build credit with them is with their monthly credit building subscription, which was not available at the beginning. All my bills except for one (because that business doesn’t accept prepaid cards) come out of my koho card. It’s really convenient because I set up each expense as a goal so when I add funds to koho I automatically have those goals filled. With my bank I can’t create little pockets to be automatically filled each month on one deposit. Regardless, I still have bank accounts for withdrawing cash for rent and my other credit cards.
As of today
1)You don't need to tell them it's a prepaid 😅 It has the same network as a crédit card so just say you're paying with credit it will work !
2) Yes you receive e-transfers deposited automatically 😂😂
👏 so many great improvements!
I got 22 dollars scam 😢😢
Oh no! What happened?
The fact that they practically require you to use the phone app (many features are missing from the browser), the fact that the phone app requires google play services to run on android (as of recently), and the fact that they have no secure OTP authentication (just SMS) were all deal breakers for me. I recently got rid of my account.