KOHO for Newcomers to Canada: A 2025 Guide
New to Canada? Discover how KOHO's no-fee account, budgeting tools, and credit building features make it the perfect financial tool for newcomers in 2025.
Welcome to Canada! Moving to a new country is an incredible adventure, but it also comes with a long to-do list. One of the most important steps is figuring out your finances. Opening a bank account, understanding a new currency, and learning how to manage your money can feel overwhelming, especially when traditional banks have complicated requirements.
What if there was a simpler, more welcoming way to get started? A financial tool designed to help you settle in, save money, and feel in control from day one. That’s where KOHO comes in. It’s not a traditional bank; it’s a modern spending and saving account with a reloadable prepaid Mastercard and a powerful app, all designed to make your transition to life in Canada smoother. Plus, you can start with a KOHO referral to get free cash when you claim your KOHO referral bonus.
This guide will show you why KOHO is the perfect financial partner for newcomers in 2025. We’ll explore how its features can help you navigate the Canadian financial system, save money, and build a strong financial foundation in your new home.
Getting Started: Banking Without the Barriers
One of the first hurdles for many newcomers is opening a traditional bank account. Big banks often require a credit history, proof of address, and a lot of paperwork, which can be difficult to provide when you’ve just arrived.
KOHO makes getting started incredibly simple. You can sign up for an account in minutes right from your phone, often without needing a credit history. This easy and accessible process means you can have a working Canadian spending account almost immediately, allowing you to focus on other important parts of settling in. It’s a key reason why many choose KOHO when comparing KOHO vs traditional savings options.
Say Goodbye to Confusing Bank Fees
When you’re managing your finances in a new country, the last thing you need are surprise charges eating into your budget. Many traditional bank accounts come with monthly fees, charges for sending money, and steep penalties if your account balance gets too low.
KOHO was built on a foundation of transparency and fairness, which is perfect for anyone trying to make every dollar count.
- No Monthly Fees: The standard KOHO account is completely free. You don’t have to pay a monthly fee just to have an account.
- Free e-Transfers: Sending money to a landlord, friend, or family member in Canada is easy with Interac e-Transfer. With KOHO, these transfers are free and unlimited.
- No Overdraft Worries: KOHO is a prepaid system, which means you can only spend the money you’ve loaded onto your account. This is a huge relief because it’s impossible to accidentally overdraw your account and get hit with a non-sufficient funds (NSF) fee, which can cost over $45 at a traditional bank.
With KOHO, you have a straightforward, fee-free platform. This lets you manage your money with confidence, knowing there won’t be any hidden costs.
Earn Money Back on Your Daily Spending
As you get settled, you’ll be spending money on all sorts of new things—from stocking your fridge with Canadian groceries to buying a monthly transit pass. What if you could get money back on those essential purchases?
A traditional debit card won’t give you any rewards, but KOHO does. It has a built-in cashback program that helps you save while you spend.
- Cashback on Essentials: Earn 1% cashback on groceries and transportation with a standard KOHO account. This means you’re saving a little bit every time you buy food or get around the city.
- Partner Offers: KOHO partners with hundreds of popular retailers across Canada to offer even higher cashback rates. Before you shop for furniture for your new apartment or buy a winter coat, you can check the app for special deals to earn up to 10% cashback.
This cashback is automatically added to your KOHO account. It’s an effortless way to make your money go further, which is incredibly helpful when you’re starting fresh. Building credit is easier when you have a KOHO bonus to start.
Master Your Budget in a New Country
Managing a budget is challenging for everyone, but it’s especially tricky when you’re getting used to a new currency and cost of living. The KOHO app is designed to be your personal budgeting assistant, giving you the clarity you need to stay on track.
- Real-Time Spending Insights: The moment you use your KOHO card, you get an instant notification on your phone. The app automatically organizes your spending into categories like “Groceries,” “Rent,” or “Shopping.” This gives you a clear, visual picture of where your money is going, helping you adjust your budget as you learn the costs of living in Canada.
- Save Effortlessly with RoundUps: This feature is perfect for building savings without even trying. Every time you make a purchase, KOHO can round up the amount to the nearest dollar (or more) and put the spare change into your savings. A $3.75 coffee automatically becomes a $0.25 savings contribution. It’s a simple, powerful way to start building an emergency fund.
- Set and Achieve Savings Goals: Do you need to save for a security deposit, a car, or furniture? You can create specific savings goals right in the KOHO app. Watching your progress bar grow is a great way to stay motivated and reach your goals faster.
A Safe and Secure Way to Build Credit
When you arrive in Canada, you start with no credit history. A good credit score is essential for your future here—it affects your ability to get a phone plan, rent an apartment, and eventually get a mortgage.
Building credit usually requires getting a credit card, which can be difficult to obtain without a credit history. It also comes with the risk of accumulating high-interest debt if you’re not careful.
KOHO offers a safer alternative with its optional Credit Building feature. For a small monthly fee, you get a line of credit that KOHO helps you manage. Your consistent, on-time payments are reported to the major credit bureaus, allowing you to build a positive credit history in a controlled and predictable way. It’s the perfect way to establish your financial reputation in Canada without the risks of a traditional credit card.
Your Financial Partner for a New Beginning
Moving to a new country is a huge step, and your financial tools should support you, not complicate things. KOHO is more than just a place to put your money; it’s a system designed to help you succeed in your new life in Canada.
It simplifies the process of getting a Canadian spending account, eliminates the stress of hidden fees, helps you budget effectively, and rewards you for your spending. Most importantly, it gives you the tools to build a strong financial foundation and the confidence to manage your money like a local from the day you arrive.
Welcome to your new home. Let KOHO help you get settled.
Ready to start your Canadian financial journey? Get your KOHO referral code here and use KOHO referral code C4MNILZARC to claim your gift!
