KOHO is a Canadian fintech that functions as a prepaid card and savings account, not a traditional bank or a dedicated business account. This review explains what KOHO actually is, whether it works for freelance business use, and when it is — and is not — the right tool.
What KOHO Actually Is
KOHO is a FINTRAC-registered prepaid card provider backed by Peoples Trust. It is not a bank. Its core product is a prepaid card linked to a spending account, with optional round-up savings, credit-building features, and cashback rewards. KOHO does not offer:
- Interac e-Transfer (as of 2026 — KOHO has offered limited e-Transfer functionality but it is not a core feature of the basic plan)
- Business-specific accounts (no separate business registration)
- Chequebook or EFT pull payments
- Integration with Canadian payroll or CRA remittance systems
KOHO Plans and Pricing (2026)
| Plan | Monthly Fee | Key Benefit |
|---|---|---|
| KOHO Easy | $0 | Prepaid card, basic cashback (0.5%) |
| KOHO Essential | $4/month (or $36/year) | 1% cashback, free e-Transfers (limited) |
| KOHO Extra | $9/month (or $84/year) | 2% cashback, more e-Transfers |
| KOHO Everything | $19/month (or $180/year) | Premium cashback, credit building, financial coaching |
Where KOHO Works for Freelancers
KOHO is useful for Canadian freelancers in specific, limited scenarios:
- Spending account with cashback: Use KOHO as a supplementary card for business purchases to earn cashback (1–2% depending on plan). Some freelancers keep KOHO for recurring business subscriptions to capture rewards.
- Credit building: KOHO’s Credit Builder feature (an add-on) helps newcomers and those with thin credit histories establish a Canadian credit score — relevant before applying for a business credit card or line of credit.
- Budgeting separation: Some freelancers use KOHO to separate discretionary personal spending from their main bank account, keeping their business account clean.
Where KOHO Does Not Work for Business
- Receiving Interac e-Transfer: KOHO’s e-Transfer capabilities are limited. Most Canadian clients pay freelancers by e-Transfer — a KOHO account is unreliable as a primary payment-receiving account.
- CRA remittances: GST/HST and income tax payments to the CRA require a Canadian bank account payee setup. KOHO accounts do not work for CRA bill payments.
- Business name: KOHO does not support business name registrations — all accounts are under your personal legal name.
- Not a business account: Officially, KOHO is a personal spending account. Using it as a business account can create bookkeeping complications and does not provide the same credibility as a registered business bank account.
The Bottom Line
KOHO is not a business banking solution. For freelancers, it works best as a supplementary personal tool — cashback card, credit builder, or budgeting account — alongside a dedicated business bank account (EQ Bank Business, BMO eBusiness, or a credit union account).
Canada Founders rating: 3.5 out of 5
Useful personal finance tool but not a genuine business account. No business name or GST/HST features. Good for personal spending management. Freelancers needing a business account should consider EQ Bank Business or a major bank.
Frequently Asked Questions
Is KOHO safe for Canadians?
Yes. KOHO is a legitimate Canadian company, FINTRAC-registered, and customer deposits are held with Peoples Trust, a CDIC member institution. Your funds in KOHO are eligible for CDIC deposit insurance up to $100,000 per depositor per category.
Does KOHO support Interac e-Transfer?
KOHO has added e-Transfer functionality on paid plans. However, this is not the seamless, unlimited e-Transfer experience of a traditional bank. Verify the current limits and capabilities at koho.ca before relying on KOHO as your primary e-Transfer receiving account for client payments.
Should I use KOHO instead of a business bank account?
No. Use a dedicated business bank account (BMO eBusiness, EQ Bank Business, or similar) as your primary business account. KOHO can complement it as a spending card with rewards, but should not replace a proper business account for receiving client payments, making CRA remittances, and maintaining organized business records.