Newcomers to Canada: You're in the right place

Whether you've just arrived or been here a few months, KOHO makes managing your money simple.

Instant approval
Instant approval
High interest on savings
High interest on savings
Cash back on all transactions
Cash back on all transactions
Credit Building options
Credit Building options

Why Newcomers to Canada choose KOHO

We make managing money simple, which is extra important when you move to a new country. You can open an account without Canadian credit history and build the credit you'll need.

Plus get cash back, good savings rates, international transfers, and 24/7 support with no hidden fees.

New to Canada? KOHO has you covered

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Credit Building

Our Credit Building tools report your payment history to Equifax, a credit bureau, helping you establish Canadian credit history faster than traditional methods.

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No-Fee Account with High Interest Savings*

No monthly fees and high interest on your money with our Essential plan. You just need your Social Insurance Number to get started.

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Instant Virtual Card

Start spending immediately with your Virtual Card while waiting for your physical Mastercard to arrive.

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International Money Transfers

Send money back home with KOHO's International Money Transfer service at competitive rates.

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Proof of Address Documentation

Access printable bank statements that serve as proof of your Canadian address, essential for various applications and services.

What You Should Know About Personal Banking in Canada

When you're new to Canada, getting familiar with how banking works is essential:

Traditional Canadian banks offer two separate accounts: a chequing account for everyday spending, and a savings account for money you want to set aside.

GOOD TO KNOW:

  • Chequing accounts typically charge monthly fees, unless you maintain minimum balances
  • Most banks limit free transactions on savings accounts
  • Overdraft protection can prevent declined transactions but comes with fees ($5+ per use) and interest charges

Most Canadians use credit cards for everyday purchases, but getting approved for one as a newcomer is tough without credit history.

GOOD TO KNOW:

  • Pay your full balance by the due date to avoid interest charges
  • Credit utilization should stay below 30% of your limit
  • Interest rates are typically 19-29% APR if you carry a balance

Your Canadian credit score (from 300-900) affects big things like renting an apartment or getting a loan.

GOOD TO KNOW:

  • You start with no credit history in Canada, even if you had good credit elsewhere
  • It takes 6+ months to establish a credit score, years to build excellent credit
  • Payment history (35%) and credit utilization (30%) are the biggest factors
KOHO app

What our members
are saying:

Testimonial 2
Great company for people like me needing to start fresh with credit. They have awesome savings options, credit building ability and customer service! - Saad
Testimonial 1
There are so many options for credit. Building credit and savings. It is an excellent alternative to the conventional credit card. I would suggest to anyone. - Jenny
Testimonial 2
Great company for people like me needing to start fresh with credit. They have awesome savings options, credit building ability and customer service! - Saad
Testimonial 1
There are so many options for credit. Building credit and savings. It is an excellent alternative to the conventional credit card. I would suggest to anyone. - Jenny
Testimonial 2
Great company for people like me needing to start fresh with credit. They have awesome savings options, credit building ability and customer service! - Saad
Testimonial 1
There are so many options for credit. Building credit and savings. It is an excellent alternative to the conventional credit card. I would suggest to anyone. - Jenny
Testimonial 2
Great company for people like me needing to start fresh with credit. They have awesome savings options, credit building ability and customer service! - Saad
Testimonial 1
There are so many options for credit. Building credit and savings. It is an excellent alternative to the conventional credit card. I would suggest to anyone. - Jenny

Pick a plan and try it
with no cost

All KOHO plans come with a free 30 day trial so you can see if it suits you.

The perfect plan for your needs
Essential

$0/mo*

Over $100/year in value**
Get rewarded on everyday spending with cash back on the essentials
Extra

$12/mo

Over $200/year in value**
Get extra perks, extra cash back, and extra savings
Everything

$14.75/mo

Over $500/year in value**
Get more than your money’s worth and earn the most rewards on KOHO

Benefits

Unlimited cash back on groceries, transportation, food & drinks1%1.5%2%
Earn interest2.5% 3% 4%
Free Credit Score
Instant e-Transfers
No Foreign Transaction Fees-
Discount on Credit Building-30%50%
Personal Phone Support--

* Get Essential for free! Learn more
**This is an estimate. Actual savings may vary depending on individual spending habits and service usage

Not sure which one speaks to you? Take our quiz to find the best plan for you.

Join over 2 million Canadians that love using KOHO

Some resources helpful for newcomers

Managing money in a new country doesn't have to be tricky. Check out these articles for a few useful tips

5 min read

What financial benefits can new immigrants get in Canada?

Bureaucracy and forms abound, but some of these financial benefits could make it more worth it for new Canadian immigrants.

9 min read

How can new immigrants increase their credit score?

New to Canada? Struggling with your credit score? Our guide discusses 8 go-to ways to build your credit score in the Great North.

10 min read

Everything you need to know about banking in Canada as a new immigrant

Newcomer to Canada? Welcome! One of the first things you should do upon arrival is open a bank account that best suits your needs.

Newcomers to Canada FAQS

A newcomer is someone who has recently moved to Canada, typically within the last 5 years. This includes new permanent residents, refugees, and people on work or study permits.

You'll need valid ID (like a passport), proof of address, and your immigration documents. With KOHO, you can open an account online in minutes without needing Canadian Credit History.

KOHO is a financial technology company (not a traditional bank) that's great for newcomers because you don't need credit history to get started, and you can open an account with no monthly fees, and it helps you build Canadian credit while offering high interest on your money.

Traditional credit cards are tough to get without Canadian credit history. KOHO's prepaid Mastercard works like a credit card for purchases but uses your own money, so there's no credit check needed.

Most banks require a Social Insurance Number, but with KOHO you can open an account first and add your SIN later when you get it.

You need to be physically in Canada to open a KOHO account, but the process is quick and easy once you arrive.

For the time being, KOHO accounts cannot receive wire transfers from overseas since we're a financial service (not a bank) and don't have Swift Codes, IBANs, or BICs. However, if your funds are in CAD, the sender can use direct deposit instead.

Yes, your KOHO Mastercard works internationally wherever Mastercard is accepted, though foreign transaction fees may apply.

Some banks have newcomer packages, but they often come with conditions and fees. KOHO offers newcomer-friendly features like no credit checks, no monthly fees, and credit building tools right from the start.

Still have questions?

Can't find the answer you're looking for? Please chat to our friendly team.

*Get Essential for free! Learn more