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.
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
Credit Building
Our Credit Building tools report your payment history to Equifax and TransUnion®, two credit bureaus, helping you establish Canadian credit history faster than traditional methods.
No-fee account with high interest savings¹
No monthly fees and high interest on your money with our Essential plan. You just need your Social Insurance Number to get started.
Instant Virtual Card
Start spending immediately with your Virtual Card while waiting for your physical Mastercard to arrive.
Share expenses, build together
Open a Joint account in minutes to manage household expenses and build your financial future together in Canada. No credit history, branch visits, or complex paperwork required.
International Money Transfers
Send money back home with KOHO's International Money Transfer service at competitive rates.
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
What our members are saying:
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 Over $100/year in value**$0/mo* | Extra Over $200/year in value**$12/mo | Everything Over $500/year in value**$14.75/mo |
|---|---|---|---|
Benefits | |||
| Unlimited Cash Back on groceries, transportation, food & drinks | 1% | 1.5% | 2% |
| Earn interest | 2% | 2.5% | 3.5% |
| Free Credit Score | |||
| Crypto trading fees | 0.5% | 0.5% | 0.5% |
| Instant e-Transfers | |||
| No Foreign Transaction Fees | - | ||
| Discount on Credit Building | - | 30% | 50% |
| 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.
Find a planJoin over 2.5 million Canadians who 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
Newcomers to Canada may get health coverage, language and settlement help, child benefits, and tax credits.
9 min read
New to Canada? Struggling with your credit score? Our guide discusses 8 go-to ways to build your credit score in the Great North.
5 min read
Newcomers can navigate Canada’s financial system by starting simple.
Newcomers to Canada FAQS
Still have questions?
Can't find the answer you're looking for? Please chat to our friendly team.Visit our FAQs¹Get Essential for free! Learn more TRANSUNION is a trademark of TransUnion LLC. KOHO's use of the TRANSUNION mark is pursuant to a limited license from TransUnion. All right, title, and interest in and to the TRANSUNION mark remain the exclusive property of TransUnion, and any goodwill arising from KOHO's use of the mark shall inure solely to the benefit of TransUnion.