Personal Finance Bank accounts

How to close a Koho account

Piyush Singh
Piyush Singh
25.09.23 (updated more than 1 year ago)
Read time 1 minute

KOHO Financial is a Canadian fintech company based in Toronto. While it’s not a bank, they do provide banking services such as savings and chequing accounts. In this article, we will discuss how to close a KOHO account and we will also take a look at Wise which can be used both with or without a bank account.

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Table of Contents

How to close your KOHO account

If you want to close your KOHO account you need to do the following steps¹:

  1. Make sure your funds have been transferred
  2. Open a chat window with KOHO to close your account

How to cancel a KOHO Plan

If you’d like to cancel your KOHO Plan instead, there are a few easy steps to follow²:

  1. Open the KOHO app
  2. Navigate to My Plan
  3. Click Unsubscribe

Also, it’s essential to know that even if you cancel your KOHO plan the benefits stay in place until the next billing date. Once the billing cycle is done you can continue to use KOHO Easy, their free account.

If you prefer to ask for help with canceling your plan, you can contact support through the in-app chat.

Is there a fee for closing a KOHO account?

There are no fees³ to open or close a KOHO account. You only spend what you load on the card, which means if you change your mind you can simply e-transfer your money back to your bank account.

Meet Wise - your international money transfer alternative

Are you closing your bank account to switch up how you handle finances? KOHO may have been charging you a 1.5% markup⁴ on the exchange rate, but you don’t have to pay that anymore! Wise is a great way to manage your money at home and abroad. It offers

  • Not just USD account details but also accounts in CAD, EUR, GBP and other currencies
  • The ability to send money at the mid-market rate - no more currency conversion fees!
  • No hidden fees, and
  • The ability to send and receive money in over 70 countries worldwide.

wise-products

Wise is a money service business (MSB) which saves you money compared to other providers, each time you use it for international or domestic transfers.

With their assured transparency, resources and customer support, you definitely won’t miss out on managing your finances whether you sign up for another account or not.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Sources:
  1. KOHO help section- account closing
  2. KOHO help section - canceling a plan
  3. KOHO cancellation fees
  4. KOHO exchange rates and fees

Sources verified on 22 September 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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