2023 KOHO Review | Is KOHO right for you?
ฝัง
- เผยแพร่เมื่อ 30 ก.ค. 2024
- I've been using Koho for 5 years. In this video I'll dive into how YOU can use Koho. Learn the PROS and CONS of Koho's credit card here. 💳
💰Get an EXTRA 1.2% cash back when you signup for Koho using my link: www.moneywithmark.ca/go/koho-...
Koho Credit Building: www.moneywithmark.ca/go/koho-...
KOHO Premium: www.moneywithmark.ca/go/koho-...
Koho is a Canadian fintech company that promotes themselves as being a big bank alternative offering high interest savings accounts and pre paid credit cards. Ultimately Koho does hold up it's promise... but in my opinion they OVER deliver on their promise.
KOHO Features:
- Earn interest on all your savings
- Joint account with your partner
- Accept e-transfers from anyone!
- No bank fees
- No annual credit card fees
- Easy to move money in and out of Koho
- Spending insights & savings goals
- Round up features - to help you save
- Credit building feature
- No credit check! - which means you can't spend more than you earn
- Huge cash back for your credit card
Koho Cons:
- No ability to locate ATM's that are free for withdrawals
- Got rid of their metal credit card
- Weird negative spending thing
- No investment account options - which I'm fine with personally
Read the full KOHO visa credit card review on my website www.moneywithmark.ca/reviews/...
My IG:
@MoneyWithMark
/ moneywithmark
TikTok:
@MoneyWithMark
Chapters:
0:00 What is KOHO?
0:38 Pros of KOHO
2:04 Cash back
2:44 How does KOHO make money?
3:38 Cons of KOHO
5:53 The e-transfer issue
6:14 Get 1% cashback Bonus
6:39 What's your pet peeve?
Music:
bensound.org
Liability Disclaimer: www.moneywithmark.ca/disclaimer/
*I may earn a commission if you buy any products or services via the links in this video's description. This video is not investment, financial, or legal advice. It may be incorrect, outdated, inaccurate, or reflect personal opinions. This video is for entertainment purposes only. - แนวปฏิบัติและการใช้ชีวิต
💰Get an EXTRA 1.2% cash back when you signup for Koho using my link 👇
www.moneywithmark.ca/go/koho-extra-cashback/
Koho Credit Building: www.moneywithmark.ca/go/koho-credit-building/
KOHO Premium: www.moneywithmark.ca/go/koho-premium-card/
No - they send out the card automatically
2 years using koho. If i wasnt already with them id be using that link lol
IM NEW TO KOHO AND IM LOVING EVERYTHING ABOUT IT, I FINALLY LEFT THE BIG BANK TD.
Glad to hear it!!! I’ll be finally out of TD this year 🤩
Been using this since 3 months and honestly I should have jump in the wagon years ago. I pay for premium / and my round up are at 10$ I use my card for every day transaction! Trying to slowly get rid of my usual bank account (or at least use to the minimum! ) not really pet peves for the moment. I live in the French province and people don't really know about Koho!!!! It's fantastic the more you use it
That’s great to hear!! I haven’t used their premium. Do you like it?
What the fuck wheres my 20$?...
Thanks for the info Mark !
You’re very welcome Lila! ☺️
I love my koho 2years using now🥰
Glad to hear! I love mine too!
I’m still confused about cash back does it only work with partnered companies or can it be any company that’s a grocery store or Uber
Thanks
I find that emailing them is fast....I had a question about my roundups and they were super fast getting back to me and I was just thinking of essential plan at the time
Hi Mark, i just watched your review, i heard about koho years ago, but i wasn't interested until today because im traveling to asia next month. i dont have a credit card, so i struggle to find a prepaid mc here in canada. Can i use koho mc in asia like japan and Philippines?
I used in the philippines my koho last year and it works😂
Yes,koho mastercard can be used for hotels !anywhere mastercard is accepted
They have the vault feature if you want to lock away money unlike regular saving goal
True! I wish you could lock the other savings accounts though
Can you used koho into hotel? Cuz they want credit card for a 200 deposit to get the room and i dont have any credit card.
I been wanting that book " richest man in babylon " that's cool
Dm me on instagram @moneywithmark I’ll buy it for you and mail it to you 😊
I just signed up for KOHO today. I had Tangerine (For the Visa Debit) and Tangerines security is awful so I closed my account and went to KOHO
Nice! I think you’ll like it better
ive been using it for a bit and I love it, other than the fact sometimes I cant receive the e transfer from someone else even if the correct info is filled out. I still love it though.
Oh that’s interesting… I haven’t had that problem before
They have changed that now I believe. You can set up another email addy for ppl to send you money to koho.
I appreciate you kind sir.
Anytime!
Hi Mark. I was just wondering what the different kinds of cards there are? The ones I've seen so far are the premium and the easy card? Are those the only two available? Thank You.
They’re coming out with a lot more different packages. But yes those are the main 2
Thanks for the review. Late to the new fintech party. Seems like its a good option for people who have modest banking needs, and want a real interest earning alternative to a chequing or high-interest (ahem - like 0.7%) from the big banks. But essentially, if I'm understanding this correctly, you're essentially loading up a pre-paid credit card. Which then acts like your debit/credit card. What happens in instances where you have a scheduled monthly withdrawal that won't accept credit cards - like a mortgage payment for example?
You can sign up for KOHO cover me - which is a paid feature that gives you overdraft protection ☺️
How do you think koho stands up to all the other new zero fee alternative banking accounts like NEO financial, tangerine, simplii, Wealthsimple cash and now even PC financial?
I think it’s better. In terms of everyday banking, spending and saving I think KOHO outdoes them all. But IMO wealthsimple is best for investing, tangerine is best for full feature more traditional banking (but screws you with fees when you start investing) and neo financial might be the first to “do it all” … but we’re a few years away from them building out their product features & geographic reach
Hey Mark, thanks for your sharing your knowledge! I am about to graduate uni and want to break away from my fossil fuel funding big bank! I am leaning towards KOHO because of what seems like an integrated budgeting option within the app, as I need to see the number right in front of me or else ill go over budget. Are there any other apps that do this? Is it a bad idea to transfer all of my money to KOHO right away? I have very little savings and low income at the moment. Thanks in advance!
Hey 👋 I haven’t found a better app for this purpose than KOHO. Only downside is you can’t deposit mobile cheques (right now) with KOHO. That might not be a problem though.
Apart from direct deposit and e-transfer is there any other way to add funds to your account? Maybe in the ATMs?
I have not tried depositing cash onto my KOHO card… good idea though!
Can I send an e-transfer to family in USA? Any hitches or glitches with that?
We’ll I don’t believe USA individuals have interac e-transfer. But if they’re Canadian but live in the USA and have Interac e-transfer then I assume it would work! Might want to do a test with $10 first
They got accepted into phase 2 towards becoming a legit bank in Canada! They announced it a month ago!
Huge News!!! SOOO exciting. First new bank in Canada in like 200 years 😅😭
Hey mark im new with koho just wondering now we can received e-transfer from familly n friend ? And are we able to use it at any store now ?
Yes you can!! 👏 they’ve made significant improvements 😁
When I was on Social assistance. They knew I was banking with CIBC. BUT I had money saved in a TD account that I did not mention to social assistance. BUT they somehow found out about it and took some of my savings I away. If I used my new koho account as a place where I can save my money. Will social assistance find out about it again and take some of my saving away again??
That SUCKS! I have no idea. But if you want to be 💯 safe about your savings I would buy gold and silver Canadian mint coins or keep it in USD cash under your bed 🛌
Lol talk about playing the system ..... lol I know many people who do that😄😄
Can you do a video on the interest?
Do we earn on what's in our spendable or just roundups
Great question! You earn interest on all your money! Except for joint accounts - I’m unsure if you can earn interest in a joint account
@@MoneyWithMark69 awesome thank you. I'm only earning 0.5% but it's all I really need :)
Hey Mark can you make a video on Koho switching from Visa to MasterCard?
Yes I will! There’s more KOHO changes coming this spring so I’ll make an update video in the next few months
Does KOHO card master card works in Costco ?
Hi do u know if Koho prepaid card has tap?
Yes it does! And you can add it as a virtual card to your Apple Pay or google pay
Hi Mark, if I sign up for the KOHO Prepaid card, how long will it take to transfer money on your KOHO Prepaid card. Cause I'm currently using the CIBC Air Canada AC Conversion prepaid card, and it will take up to 3 business days for the money to go on that card and im not a fan of that because CIBC had the Smart prepaid card which was so convenient, but now that they are discontinuing that card. I was forced to which to the CIBC Air Canada AC Conversion prepaid card.
Whenever I add funds to my KOHO, whether it be through E transfer or anyway else it is instantly there. Hope that helps.
Within an hour usually 😊
i just tried to sign up with Koho. the Pw / Email i used to sign up with on my desktop computer , won't match up with the Koho Phone App? wtf is going on with this? the hardest part of Koho is trying to sign up geesh
Jeez that’s what weird!! Maybe try a pw reset
Hw can get the visa koho card do yu have any idea 💡
They don’t worth with Visa anymore, it’s Mastercard but still accepted everywhere visa is!
I did not understand, what the point is. I am sincerely looking into it, but not understanding. With a credit card I can dispute a transaction or if anything happens, this is bank's money and they take care of it. With KOHO this benefit seems to be lost. What's the point then? Just waiving the credit card banking fee?
You still have that credit card insurance on your purchases with KOHO
Hey mark! I have been a KOHO user for a few years now. Wondering if I would be better off paying for the premium for the year? In the process of paying off debt so trying to avoid regular credit cards. Cheers!
If you’re putting 2,000+ a month on your KOHO card then yes I would say upgrade to premium bc the extra cash back will be worth it!
@@MoneyWithMark69 probably a dumb question but would bills count towards cash back if you switch your budgeting to KOHO?
@@Saskguy20 I asked about this. If you have it set up as preauthorized payment via payees website yes, if you just do it with the pay bills section no
I’m a new koho member
Congrats 🎉
@@MoneyWithMark69 - love ur videos & good tips on koho
I am new to Koho. I tried to transfer some money I had on koho to my bank account. The transfer had been loading for 30 hours of waiting and had still not been made. I don't have my physical card yet. Could this be the cause of my problem? Because right now I can't withdraw money from my koho account or make transfers to people who don't have Koho.
You did an e-transfer? Maybe double check the information is correct. Seems too long to wait 🧐
I have a sort of random question. Is I possible to change your cards design? And if so how do I do that
You can request it in the app! They’ll issue you a new card
@@MoneyWithMark69 thank you so much, the app doesn't mention much about it and you are the only person who responded and I am greatful 🙏
I live in Canada but i would like to know can i use my Koho card in Europe(France,Belgium or Wtv?) thankss
Yes you can!!! Anywhere visa is accepted ☺️
@@MoneyWithMark69 what are the fees?
Can you use koho in greece and italy? Traveling this september, and planning to put 6k in it.
Yes you can!
Hey Mark! so I signed up using your link for the extra 1% cash back but can't seem to find where it shows I got the extra 1% back, currently all I've done is signed up and set up direct deposit with my work. how do I know if I am getting the extra 1% back?
Ah I messed up - you get an extra $20 after you spend $5 ☺️ if you don’t get it let me know and I’ll message KOHO about it!
@@MoneyWithMark69 no worries thank you!
Can you send money via Interac to people without a koho account ? Because, I was trying to put back in my real bank account my money, but I was not able to do it. How to take money out and transfert it on an other account other than koho?
Yes you can!
@@MoneyWithMark69 do I need a physical active card koho to make transfers to my bank account?
Do the joint accounts earn interest like the essential personal account? I can't find any information on the benefits of the joint account.
Not right now unfortunately 😕 but they have told me they are planning on adding that to joint accounts!
@@MoneyWithMark69Wow thanks for the quick reply! That's a shame, any recommendations on a high interest joint savings account?
None that I know of... Perhaps if you NEED it to be a second account (instead of just sharing your login details between you and your partner) then maybe try opening a neo account for your joint but just share the login with both of you www.moneywithmark.ca/go/neo/
Koho now pays you interest on your balance now too
YEAH!!! 🎉
Will koho work for making mortgage payments? I want to get rid of my bank account? Can i use koho as my only bank?
Yes you can use KOHO for mortgage payments! That's where my TD mortgage comes out of.
Can you put your Visa vanilla gift card balance on your koho card?
I don’t think so, you’d have to be able to e-transfer it first
The reviews on the ap are terrible. So many 1 ⭐️ reviews. Apparently they have stolen tons of money from people and also shut down accounts for no reason all the time and leave people stranded. Be careful. I almost signed up until I read reviews. I’m not sure how that have a 4.8 review with all the 1 ⭐️ reviews.
Oh interesting!! Thanks for letting everyone know!
Yeah they stole money from me to the stole like 17 bucks from mr
Are they sure they weren't signed up for credit building, premium, cover. They take money for monthly cover and credit building. Premium is 9 bucks a month if u don't get annual. They only take money from there
strange. i've never had this problem and i've been around for 4 years!
Maybe it’s just bots I never had this problem either
Hi 👋 I was wondering if I join and spend money , do I get 0.5% cash back on anything I spend even if I don’t have the credit building tool
And is it 0.5% cash back or 1.2% ?
You get 0.5% on everything OR you can use my link and get 1.2% cashback on everything for your first couple months www.moneywithmark.ca/go/koho-extra-cashback/
I have one of the lesser known banks, Simplii Financial, which has no monthly fees, and I don't have credit cards, so I'm thinking.... Would Koho be a good card to start off with?
This card doesnt help you build your credit score so as a first card i’d say no. Get a capital one secured credit card. Its not free and you need a security deposit which will also be your credit limit. Use it right and your credit score will increase. I have koho and use it for everyday stuff like a debit but at least i get cash back instead of getting nothing.
KOHO is a pre paid credit card. If you want a typical credit card you should checkout Neo Financial. I did a video on them too www.moneywithmark.ca/reviews/neo-financial-credit-card/
Hi, Mark. I like using Kobo's virtual card for online purchases, especially with unfamiliar companies, and then changing the card #. It doesn't do several things I want however, like auto bill payments, chequing and mailing me foreign cash, or give me ATM use to deposit and withdraw cash. I believe we should keep cash going to avoid being corralled into government surveillance and control via CBDCs. I gather those things are not significant to you.
I have had 2 charges made on my koho account since they switched to Master Card. This is very frustrating as I have had to call all my utility companies and change my card number and again last night it happened again. They again just want me to close this card and get a new one!! I have my card on lock and have asked on chat what do I do now that it is locked.. how can I get my money and pay my bills? I am not looking forward to calling all my utility places again.
I feel ya. KOHO has virtual cards with every account. I use those numbers instead of waiting for the physical card
That is, to improve my credit rating, I just need to put money on the card and use it?
No - you’ll have to signup for their credit building feature AFTER you signup for you standard KOHO card 👊
@@MoneyWithMark69 So, i need to pay 10dollars every month to build it?
Tried using your link, but it doesn’t seem to have done anything. Any ideas? Thanks for the great and informative video!
Offer probably expired.
@@erickpalacios8904 kind of what I thought, as the referral code seems to be the new deal. Just thought I’d double check, always love extra cash when I can get it. Thanks for the reply!
Damn! I'm not sure... sometimes it doesn't work I've heard. Hope you still got to sign up!
I don't know why companies insist on credit cards & don't accept PayPal?
Yeah me neither. PayPal isn’t as popular in Canada vs the USA so maybe that’s why
How can I cancel on e transfer on Koho?
Go to the pending transfers section! If you don’t see it it’s already collected
Do they do a credit report ?
No KOHO does not, but you can get one from Equifax here: www.moneywithmark.ca/go/Equifax/
Can I apply for a virtual credit card on KOHO? I need a virtual credit card.
Nope! Once you make an account you automatically have a virtual card!
@@MoneyWithMark69 In the States they can create a one-time credit card for one use. It seems we don't have that here, is this right?
for all those saying the "cost is on business, not you and me" should have thought a step further, that business will charge "you and me" for any cost it has to incur, or it becomes a charity.
And businesses have started doing that too!! Charging ppl extra if you pay with credit
I can pay any bills from koho? And i can use a koho card anytime for everything?
Yes you can!
@MoneyWithMark69 ok, thank you 😊
How long it takes to etransfer people from your koho account 🤔
It’s been mostly instant for me. But I have heard sometimes e-transfers can take up to 45min - but that’s rare
@@MoneyWithMark69 Right now it's taking a day to transfer... it's usually instant but i don't know what's going on.
What’s your referral code?
Here you go! www.moneywithmark.ca/go/koho-extra-cashback/
My biggest issue is it takes hours to receive an etransfer from a Koho account. It's a problem socially it seems like you're lying when you say "i sent the 💰 just give it an hour" 🤣
Oh really? I’ve found that it’s been nearly instant for me 🤷♂️
Mark , is a visa or Mastercard 🤔
It’s a Mastercard now!
Old video so i hope you see this, how does the Koho daily interest work? If im getting 4.25% and my daily average is about $1500
The 4.25% would be annually so you would get approx 0.35% a month on $1500. This will give you $5.25 a month
Hey Mark! The link doesn't seem to work to enter your promo code. Can reply with it?
Hey Natasha! Thanks for letting me know. Try this link: www.moneywithmark.ca/go/koho-extra-cashback/
Or visit my links page here: www.moneywithmark.ca/links/
Thank you!
Can I create a Koho account without living or going to Canada?
Yes! You'll just need to have Canadian documents to prove your identity
@@MoneyWithMark69 I’m not Canadian at all… so I’m basically in the same situation hahaha
@mauritja00 temporary resident? I think you'd need to be at least a temporary resident
@@MoneyWithMark69 not at all hahaha, I just get paid in CAD and wanted to use this over wise
Oh I see! Wise would be best. It you have a USA LLC you can checkout relay financial! www.moneywithmark.ca/go/relay/
Your code didn’t work for me
Dang! Yeah I’ve had people say that… can’t figure out why not 😭
They Locked my account and I can’t get hold of any customer service representative and it’s driving me nuts
Like you locked yourself out?
@@MoneyWithMark69 pretty much lol but I desperately need assistance and they haven’t gotten back to me and it’s been a week 😭
Me too. Did you unlock it?@@Qetsia
Hi!! My biggest Pet peeve with KOHO is I can't pay my rent using their card, my Superintendent's debit machine won't accept the KOHO card. I have to pay my rent with cash now.
You can via e-transfer
They shut down my account after I sent e transfer of 3000 CAD😢
Sent to your account or out of your account? If you sent it to your account contact your originating bank
Me too. Did you unlock it?
I want the metal card :(
Me too! Bring it back!
Koho is not free anymore, all plans have a monthly fee now
Yeah it sucks 😞 updated video is coming out in 2 weeks!
It’s not free, they charge a membership fee.
That’s only if u sign up for one of their premium plans
I'm sticking with Stack as KOHO doesn't allow web access without an app for 2-factor - DUMB. Also, no human contact if you have an issue to discuss. This "App Only" concept stinks. Hopefully you don't have a complex issue with the KOHO as there's nobody to explain things to. If you have some contacts at KOHO perhaps you could explain to them that there is a segment of the population that is becoming increasingly suspicious of installing more invasive apps.
I have and KOHO is well aware of their poor customer support. I believe they’re more focused on expanding their app features before investing in more long term customer support help
Koho is the worst decision I made it in 2023.
Oh really? Why’s that?
😢what happened?
Please never install this app
I have to use the big banks to get paid by EFT transfer and it requires a SWIFT Code. If KOHO was link to the SWIFT CODE network I would deposit my paychecks to the card.
Ahhh i see. You can do e-transfers but I do not believe they are connected to the swift nerwork
@@MoneyWithMark69 It happens with prepaid cards they are missing features some customers need.
You lie that’s what all credit card companies say of course there’s monthly fee
There is none for their base account. You of course can upgrade to premium accounts with monthly fees 😊
R2ITQ4NA
I don't understand