Saturday, March 30, 2019

KOHO Prepaid Visa: Earn $60 bonus

Updated on Mar 30, 2019: CRA tax return is qualified for the Direct Deposit $40 bonus. So, you still have time to earn this total $60 bonus. BTW, if you want to transfer money from KOHO to outside bank account/other KOHO users, please remember that there is a one-time maximum transfer limit of $3000 (per 24 hours).

Deal Link:

KOHO is a reloadable prepaid Visa with smartphone App. You can download the App from their website. I think that KOHO is a smart way to save and spend. It looks like the STACK prepaid MasterCard we introduced before (see link:, but it also has some different benefits. I think KOHO is a very useful card for some people.

KOHO Prepaid Visa Introduction

1) It is a prepaid card. So you can only spend the money you have in the KOHO account, just like using a debit card【Same as STACK】. The good thing is that because KOHO is not linked to any bank account, so it is even safer than a normal debit card.

2) KOHO is available to QC residents 【better than STACK】

3) KOHO has no account fee (including $0 ATM fee)【similar as STACK】.

The only KOHO service fee is inactivity fee: $1/month, starting month 13 after activation if your card has not been used for 90 days. You can add KOHO to your account and buy $0.15 e-gift card every 90 days to avoid this charge.

4) KOHO charges 1.5% foreign exchange fee. It is better than normal Canadian debit cards/credit cards【STACK charges 0% on this】

5) You can add funds to your KOHO account via Interac e-transfer or payroll direct deposit.

6) You can also transfer funds out of your KOHO account via FREE Interac e-transfer. No minimum requirement for that.

7) You can earn 0.5% cashback on every card purchase. It is better than normal debit card and STACK card.

8) You can use KOHO to pay bills or you can set up the pre-authorized debit for recurring bill payments. PAD information: Transit - 16001; Institution - 621; Account# - 12 account # 【better than STACK】

9) You can link KOHO to your Paypal account as a credit card or a bank account to either send or receive funds【better than STACK】

10) You can transfer funds to other KOHO user (Free & Instant) 【same as STACK】

11) KOHO's fund is managed by People's Trust, but no CDIC insurance【same as STACK】

12) KOHO can provide a virtual card for online purchase, which is quite safe. You can use it before the physical card arrives in mail【better than STACK】

13) KOHO can provide targeted offer to its user in the App【same as STACK】, for example:

14) You can lock the card in the app.

15) KOHO doesn’t charge non-sufficient funds (NSF) fees. Instead, you’ll get a friendly notification if there aren't enough funds to fulfill a transaction. Or, if you have money tucked away in a Savings Goal, the app will pull from there.

16) Round up for savings【better than STACK】

17) KOHO will provide support on joint account and Apple Pay soon.

From my point of view, KOHO prepaid Visa is very user friendly and I love it a lot. Hope you will love it too!

How to Earn KOHO Referral Bonus

KOHO provides a referral bonus now. You can invite your friends to join KOHO. When you do, you can earn a ton in referral bonuses. Just tap the little gift box on the top right of your KOHO app to invite your nearest + dearest. For each friend you refer to KOHO, you can both get a bonus up to $60:
  1. $20 when they make their first purchase (must be made within 30 days of using the referral code)
  2. $40 more if they set up Payroll Direct (aka direct deposit with an employer) for at least $500 
If you don't have a referral code, please use our code: 48FTM2B0, thanks.

Based on my experience, you don't need to wait for your physical card for the first purchase. Here is how to do it right after registration:
  1. Interac e-transfer $5 from my bank to KOHO
  2. Add the virtual card # into as a payment method
  3. Buy $0.20 Amazon e-gift card using KOHO virtual card
Then, I receive this $20 bonus in my KOHO account!!

Updated on Feb 8, 2019: Free KOHO Joint Accounts have arrived. You can now open a KOHO account with anyone (just one) you want. Both people need to have a KOHO account for this.

BTW, If anyone wants to leave his/her KOHO referral code below, please use the following format ONLY: "My KOHO referral is: *******. Thanks." Other format will be deleted.