Your guide to sending money from Canada to the Philippines with Taptap Send
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Your alternatives to KOHO for a USD account in Canada
KOHO is an online financial service which offers many popular tools in Canada, but doesn’t give the option to hold an account in USD. If you travel to the US often, have family or business there, a USD wallet is vital.
This guide looks at alternatives to KOHO, including Canadian banks and Wise, so that you can decide which provider offers the services best suited to your needs.
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Why a KOHO USD account isn’t available
Whilst you can use your KOHO card in the USA, a KOHO USD account isn’t available. If you receive money from the USA to your KOHO account, this must be converted to CAD, which may involve fees and currency exchange rate markups. If you then plan on spending this money in the US, in USD, you’ll need to pay again to convert your CAD back into USD for a second time.
Instead, an account which allows you to receive and hold your money in USD - like a multi-currency account from Wise - avoids this charge, saving you money and time.
Alternatives to KOHO for a USD account
Major Canadian banks and Fintech providers offer alternatives to KOHO for a USD account. Whilst both have their merits, which one will work best for your individual circumstance will depend on what you plan on using your USD account for.
Canadian banks offering USD accounts
Many Canadian banks offer USD accounts. Royal Bank of Canada, for example, offers two USD chequing accounts. The RBC U.S. Personal Chequing Account is 3 USD per month, and offers 6 free debit transactions per month, with a charge of 1.25 USD for every debit thereafter. The RBC U.S. High Interest eSavings account has no monthly fee, but offers only one free debit monthly, charging 3 USD per debit after that¹.
This can stack up rapidly, particularly if you are planning on using your chequing account frequently for small purchases. As a result, banks such as RBC are less well suited to people transacting in USD often, although they may appeal to those looking to save or invest in US dollars.
Comparison of KOHO vs. Alternatives for USD Accounts
| Feature | Koho | Wise | Canadian banks |
|---|---|---|---|
| Offers USD account? | No | Yes | Yes |
| FX conversion method | Hold money in CAD, and convert when you spend in the USA or send internationally. | Convert in your Wise account, or when spending or sending. | Convert when moving money from a CAD to USD account, or when spending or sending money. |
| Access to account details (for receiving USD) | Not available | Provides local and SWIFT details. No fee to receive a non-wire, non-swift payment, and a low fee to receive a wire payment. | Most banks offer SWIFT details only. Incoming payment fees of around 17.5 CAD may apply. |
| Account Fees | KOHO essential account is free, with paid accounts up to 14.75 CAD² | No monthly fee Currency conversion fees from 0.48% | Fees are variable by bank, but account fees are typically per month, per transaction or both. |
Fintech alternatives to a KOHO USD account
Fintech services are a popular alternative to bank accounts. Companies such as Wise and Simplii offer multi-currency accounts, allowing you to avoid unnecessary currency conversions.
With Wise, you can receive money in 23 currencies, and hold it in over 40 currencies, including USD.
Wise personal accounts have no monthly fees , meaning that you can receive and hold your USD without needing to pay for an account or conversion fee. If you do want to convert your USD to CAD, Wise uses the mid-market exchange rate, and charges a small upfront fee. This means you know exactly how much you are being charged for your currency conversion. If you want to transfer money between Wise accounts or spend on your card in a single currency, this can be done for free, allowing you to spend and receive money with confidence.
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Simplii’s USD savings account offers a 2.80% interest rate, and no monthly fee³. They allow you to transfer between CAD and USD with no foreign transaction fee, and a competitive exchange rate. However, the USD savings account offers limited options for money withdrawal, as it does not allow you to make Point of Sale transactions or withdraw cash. This means that whilst it might be suitable for those looking to save their money in the long term, it is not suitable for day-to-day transactions.
Key considerations when choosing a USD account
When you’re choosing which USD account will work best for you, there are several factors to consider. You may be able to open a free account with a US based provider, though this may incur high foreign transaction fees when converting money from CAD to USD. It is important to make sure you understand these fees, as they are often complicated.
They may also involve unexpected charges, which make transactions more expensive than anticipated. One such hidden fee is in the exchange rate chosen by your provider. Some banks set exchange rates at a markup compared to the midmarket rate, meaning that you pay more than you need to when converting your money. As a result, a provider like Wise, which uses the mid-market rate to avoid this hidden fee, might be a better choice.
Another important consideration is the ease of access of your money held in USD: depending on the account’s method of currency conversion, you may not be able to instantly access USD which has been exchanged for CAD.
Pros and Cons of Alternatives to KOHO for a USD Account
| Provider | Pros | Cons |
|---|---|---|
| BMO | Online banking allows 24/7 access to your funds9 | Only gives access to a single USD bank account per plan |
| CIBC | Can write cheques in USD for easy funds withdrawal8 | Interest rate of 0.05% to 0.30% |
| RBC | Access 50,000 fee-free ATMs across all 50 states⁴ | Outgoing wire fees start at 45 CAD⁵ |
| TD Bank | Monthly fee rebate if you have $3,000 in your account at the end of each day of the month⁶ | 1.50 USD fee for every transaction⁷ |
| Wise | Uses the mid-market rate for currency conversion, to avoid hidden fees. | No branch network if you prefer face to face service. |
Which alternative to KOHO is right for you?
There are many factors to consider when you’re deciding which alternative to KOHO will work best for you. If you travel frequently, and need an account to make day-to-day purchases in USD, an account which doesn’t charge for every transaction is a must. If, on the other hand, you need to make infrequent, high value transfers, this may be less important, but ensuring you can have access to your money quickly will likely be the priority. Generally, it’s worth considering:
- How often you plan on using your account
- The value of USD you plan on holding
- How often you plan on converting money between USD and CAD
With no monthly costs, and small, upfront fees, Wise may be the best option for you. A Wise account will allow you to hold, spend and convert USD with minimal fees, without hiding charges in marked up exchange rates. A Wise card also allows you to spend abroad, with the same great rates and low fees.
Conclusion
KOHO doesn’t offer a USD account, but there are many other viable alternatives, depending on your specific needs. Canadian banks offer a variety of USD accounts, which may allow you to easily spend money in the US, though monthly costs and transaction fees may add up quickly to become an unnecessarily expensive option.
Fintech services such as Wise keep overall costs down by offering the mid-market exchange rate, and as Wise does not charge a monthly fee, you can hold money in USD for free in a Wise multi-currency account.
Choosing the right USD account is really important to ensure that you are getting the most out of your money. It is certainly worth researching which bank or Fintech service offers what you are looking for, and considering how your specific circumstances and needs might impact the account that is right for you.
Sources:
- RBC - US and foreign currency accounts
- KOHO - Accounts
- Simplii - USD savings account
- RBC - Cross border bank accounts
- RBC - Additional account fees
- TD - USD borderless plan
- TD - Transaction fees
- CIBC - Personal USD account
- BMO - USD premium chequing account
Sources verified on 07 October 2025
*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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