A closer look at apps that work like KOHO in Canada

KOHO® is a popular Canadian fintech platform. You can use your KOHO account to spend and save, but you’ll need to consider the provider’s account fees.

Other apps like KOHO in Canada include Wise, Neo Financial®, Tangerine®, EQ Bank®, and PC Financial®.

We’ll take a closer look at some alternatives to KOHO, including fees, limits and key features for domestic or international payments. Let’s dive in!

What is KOHO, and why look for alternatives?

KOHO is a digital money transfer app in Canada. You can send money online, order a KOHO Prepaid Mastercard® or earn cash back on popular purchases.

Key features of KOHO:

• Use your KOHO Prepaid Mastercard to spend in Canada and abroad¹
• Earn up to 4% interest on your balance
• Borrow up to 250 CAD²

However, you’ll need to pay for an Extra or Everything KOHO plan to get access to some advanced features, such as no foreign transaction fees.²

Plans can cost up to 14.75 CAD amonth.² You’ll also pay 1.5% for any non-Canadian transactions using your Mastercard, so you may want to look for a more affordable spending alternative.³

Key things to consider when exploring apps like KOHO in Canada

There are some things to consider before choosing the right money transfer app for you. Let’s take a closer look.

Fees and account costs

Some apps like KOHO charge monthly or annual account fees. Many apps also charge for transfers, including foreign transaction fees.

If you spend in a currency other than Canadian dollars, you’ll likely pay a markup to convert your money into the right currency.

Look for accounts that use the mid-market exchange rate — the standard, fair rate for currency conversion without hidden fees or markups.

Spending, saving and budgeting features

Many apps offer helpful spending and saving features, such as interest-earning capabilities, cash back on purchases and in-app spending insights.

These features can help you grow your savings and understand your spending habits for the future.

International transfers and foreign currency

If you regularly spend money abroad, choose a provider that offers global features. This includes multi-currency accounts or international debit cards.

Look out for accounts that let you send and receive money in local currency. This can reduce costs for international transfers, as you can avoid hefty conversion fees.

Popular apps like KOHO in Canada

There are a few popular apps like KOHO in Canada. Let’s take a look at some alternatives.

Neo Financial

Neo is a Canadian digital banking platform. You can open a range of credit cards, invest your money, or spend with the Everyday account. Neo’s Mastercard credit cards offer cash back and support recurring subscription payments. Some cards come with an annual fee. For example, the Neo World Elite Mastercard costs 125 CAD per year.⁴

PC Money

PC Money is a PC Financial account for Canadians. You can earn interest on your savings, with no monthly fee or minimum balance requirements.

You’ll also get unlimited free online and in-store transactions, including Interac® e-Transfers, with no foreign exchange transaction fees.⁵

Foreign currency transactions are converted from Canadian dollars at Mastercard’s exchange rate — and you may not know the cost until after the payment is processed.⁶

Tangerine

You can open a selection of Tangerine accounts, such as the Tangerine no-fee daily chequing account, which offers free transactions and an interest rate of up to 0.10%.⁷

However, you may need a more flexible alternative if you want to send money abroad, as Tangerine doesn’t offer international wire transfers.⁸

Wise

Wise is a simple alternative to KOHO for Canadians. You can open a Wise account in seconds, with over 40 currencies at your fingertips.

Key features of Wise:

• Order a Wise card to spend in over 140 countries
• Get local account details in over 10 currencies
• Open a Wise Jar to put money aside

Use Wise to spend, convert and manage your money in a range of foreign currencies – all at the mid-market exchange rate.

You’ll get 24/7 digital customer support and security features like 2-factor authentication to help keep your money safe.

Pros and cons of apps like KOHO in Canada

Let’s take a closer look at the pros and cons of some popular apps like KOHO in Canada.

Pros and cons comparison of KOHO alternatives

Feature comparison of apps like KOHO in Canada

Let’s take a look at the key features of some Canadian apps like KOHO, such as Wise, EQ Bank, Neo and Tangerine.

Feature comparison across alternatives

Why Wise stands out among apps like KOHO in Canada

Wise stands out for its global reach. You can send and receive money to over 160 countries at the standard fair mid-market exchange rate.

Wise doesn’t charge monthly or annual subscription fees. It’s a safe, cost-effective and easy alternative to other apps like KOHO in Canada.

Conclusion

KOHO is a popular choice, but you may still want to explore alternatives. The right money transfer app for you depends on exactly what you need from your account.
If you’re looking for flexible multi-currency account options and low-cost international payments, Wise could be a great choice for you.
You can use your Wise account to send money worldwide or manage your budgets online. To get started, check out Wise.

Sources verified on 21 October 2025