What Fees Does Koho Charge?

What Fees Does KOHO Charge?

KOHO offers a low-fee Canadian banking app and prepaid Visa. But it does have some fees; let’s break them down clearly.

1. Monthly Account Fees

KOHO offers three monthly account plans, and the fees vary.

• Essential Plan

  • Costs $0/month. Yes, this plan is free, and you don't need to upgrade to a better plan, but you can if you want to.
    
    

• Extra Plan

  • Costs $12/month ($144/year) .

  • Includes up to 1.5% cashback on groceries, eating & drinking, and transportation; and 3% interest on savings.
    
    

• Everything Plan

  • Costs $14.75/month ($177/year) koho.ca.

  • Offers 2% cashback in top categories, 4% interest on savings, no foreign transaction fees, eSIM, and free travel perks

  • You can get 3 months of the Everything Plan for FREE when you sign up using Koho referral link https://web.koho.ca/referral/WIKA251Q or enter referral code WIKA251Q when you sign up. That's $66 of savings!
    
    

2. Credit Building Fees (Optional program)

KOHO provides an optional credit building service called Credit Builder. They basically open a small line of credit in your name and then charge you $10/month as a payment and service fee. They then report your payments to the credit bureau Equifax, which helps you increase your credit score. It's a good way for those with bad credit to start rebuilding their credit score.

3. Foreign Transaction Fees

• Essential & Extra: Standard foreign transaction fee applies when spending in another currency.

• Everything Plan: No foreign transaction fees.
  
  

4. ATM Withdrawal Fees

KOHO does not charge ATM fees. However, some ATM operators may still charge a fee, and KOHO doesn’t reimburse those.

5. Overdraft Fees

Koho Cover is an optional overdraft protection program. Cover offers overdraft protection of up to $250, and charges a maximum of $5 per month of overdraft fees.

6. Transaction and Surcharge Fees

• No domestic transaction fees.

• Some merchants may add surcharges (1–4%)—these are charged by the merchant, not KOHO

7. Other Fees

KOHO does not charge:

• Monthly minimum account balance fees

• E-transfer fees

• Paper statement or itemized billing fees

• Lost card replacement fees

Overall, Koho offers pretty low fees in addition to some handy optional credit building tools.