Top 5 KOHO Alternatives in Canada in 2026
KOHO offers three personal plans in Canada: Core, Extra and Everything. Core is free, Extra costs $18/month or $144/year, and Everything costs $22/month or $177/year. All three plans offer international money transfers to 190+ countries, including the free Core plan.
Core charges a 1.5% foreign transaction fee on foreign-currency card spending. Extra and Everything have no foreign transaction fees and offer higher cashback and interest rates.
You might still want a KOHO alternative if you need multi-currency balances, different rewards, a bank account with additional services, or a card with no foreign transaction fee and no paid subscription. This guide compares five options.
In our comparison:
- Wise offers multi-currency balances and international payments without a monthly account subscription.
- Tangerine offers everyday chequing alongside savings and other banking products.
- Neo Financial offers the Neo Money card with eligible cashback and optional memberships.
- EQ Bank offers a prepaid card with no foreign transaction fee.
- Canada Post Cash Passport is a prepaid travel card supporting seven currencies.
Why you might need an alternative to KOHO
KOHO combines a CAD account with a prepaid Mastercard, cashback and interest. Its features depend on the plan you choose, but international transfers are available to all users.
You do not need to pay for Extra or Everything to send money abroad. KOHO says transfers can arrive within 30 minutes, with competitive exchange rates and no hidden fees. Actual timing varies, and access to the service does not mean every transfer is free.
You might want to compare KOHO alternatives if:
- You want to hold multiple currencies rather than CAD alone.
- You want a card with no foreign transaction fee without paying a subscription.
- You want to compare transfer quotes for your destination.
- You prefer different cashback categories or reward conditions.
- You want banking products or services beyond those available with your KOHO plan.
Here is a summary of KOHO’s current plans.
| Feature | Core | Extra | Everything |
|---|---|---|---|
| Monthly subscription | $0 | $18 | $22 |
| Annual subscription option | Free plan | $144 | $177 |
| Cashback on groceries, eating and drinking, and transportation | 1% | 1.5% | 2% |
| Cashback on other purchases | Check current reward terms | 0.25% | 0.5% |
| Interest rate | 2% | 2.5% | 3.5% |
| Card foreign transaction fee | 1.5% | None | None |
| International money transfers | Available | Available | Available |
All prices are in CAD. Annual subscriptions are alternatives to monthly billing. Core also offers up to 6.5% additional cashback at selected merchants. Rewards and interest are subject to current product terms.
| KOHO pros | KOHO cons |
|---|---|
✅ Free Core plan. ✅ International transfers on all three plans. ✅ Cashback and interest that vary by plan. ✅ Extra and Everything have no foreign transaction fees. | ❌ Core charges a 1.5% foreign transaction fee. ❌ Higher rewards and no card FX fees require a paid plan. ❌ Account balances are held in CAD rather than multiple currencies. |
Online banks and other providers like KOHO: A comparison
These five alternatives include banks, financial technology providers and a prepaid travel card. They do not all offer the same services, so compare the specific account or card rather than the provider’s name alone.
| Provider | Best suited to | Account and card | Main fees to consider |
|---|---|---|---|
| KOHO | CAD spending, cashback and international transfers available on a free plan. | Core, Extra and Everything, with a prepaid Mastercard and plan-dependent benefits. | Core: $0/month. Extra: $18/month or $144/year. Everything: $22/month or $177/year. Core has a 1.5% card FX fee; Extra and Everything have none. Transfer pricing is separate. |
| Wise | Holding and managing multiple currencies. | Multi-currency account, international transfers and a debit card. | No monthly subscription. Free to spend a currency already held; conversion and transfer fees apply. Canadian pricing lists fees from 0.19%, depending on the transaction. |
| Tangerine No-Fee Daily Chequing Account | Everyday Canadian banking. | Chequing account with a Client Card offering Visa Debit functionality. | No monthly account fee. Other ABM withdrawals cost $1.50 in Canada or $3 abroad outside the eligible network. A 2.5% foreign currency conversion fee applies. |
| Neo Chequing and Neo Money card | Eligible purchase cashback and optional membership benefits. | Neo Money card linked to a Neo Chequing account; existing Neo Everyday accounts also support the card. | Free Essentials membership; paid memberships available. The Money card’s standard FX fee is 2.5%, with eligible rebates under Grow. |
| EQ Bank Personal Account and EQ Bank Card | CAD-funded spending without a card foreign transaction fee. | Personal Account with a separate prepaid reloadable Mastercard. | No monthly Personal Account fee and no card FX fee. Mastercard’s exchange rate applies; overseas ATM operator charges may apply. |
| Canada Post Cash Passport | Preloading a travel budget in supported currencies. | Prepaid Mastercard supporting seven currencies, purchased through a post office. | $15 purchase fee; $3 reload fee; 1.5% Canadian merchant transaction fee; 3.25% FX fee when applicable. A $2.80 monthly inactivity fee may apply after 12 months. |
Fees are in CAD unless stated otherwise. Additional charges and eligibility conditions may apply.
Here’s a quick summary:
- Wise: compare if you need multi-currency functionality.
- Tangerine: compare for everyday banking and access to other financial products.
- Neo Financial: compare reward eligibility and membership costs.
- EQ Bank: compare if avoiding card FX fees without a paid plan is a priority.
- Canada Post Cash Passport: compare if you want to preload supported travel currencies.
1. Wise
Wise supports holding and exchanging 40+ currencies. Its Canadian personal account has no monthly subscription, and currency conversion uses the mid-market exchange rate with a separately disclosed fee.
You can manage your account online or through the Wise app, receive payments using supported account details and send international transfers. Check destination and currency availability when requesting a quote.
Wise’s Canadian card pricing currently allows $100 of ATM withdrawals per calendar month per account without a Wise withdrawal fee. Above that allowance, chargeable withdrawals incur a $2.69 fixed fee plus 2.69% on the amount above the allowance. Currency conversion and ATM operator charges may also apply.
Best Wise features
- Multi-currency account for managing different currencies.
- Wise debit card for spending from account balances.
- International transfer quotes showing the fees and recipient amount.
- Mid-market exchange rate with conversion charges shown separately.
- Business accounts for eligible customers; a one-time setup fee unlocks all business features.
| Wise pros | Wise cons |
|---|---|
✅ Multi-currency balances. ✅ No monthly account subscription. ✅ International transfers. ✅ No separate card foreign transaction fee. | ❌ Conversion and transaction fees apply. ❌ ATM charges above the monthly allowance. ❌ No standard category cashback comparable to KOHO’s rewards. |
2. Tangerine
Tangerine Bank is a wholly owned subsidiary of the Bank of Nova Scotia and a CDIC member in its own right. Its No-Fee Daily Chequing Account is an alternative for everyday Canadian banking.
There is no monthly account fee or minimum balance requirement. However, foreign-currency transactions and withdrawals outside the eligible ATM network can incur charges.
Best Tangerine features
- Everyday chequing with no monthly fee.
- Client Card with Visa Debit functionality.
- Free Interac e-Transfer transactions.
- Access to Scotiabank and eligible Global ATM Alliance machines.
- Savings and other banking products available separately.
| Tangerine pros | Tangerine cons |
|---|---|
✅ No monthly chequing fee. ✅ No minimum balance requirement. ✅ Eligible deposits have CDIC protection, subject to coverage rules. | ❌ Foreign currency conversion charges. ❌ Out-of-network withdrawal fees. ❌ Not a multi-currency travel account. |
3. Neo Financial
The Neo Money card is available with Neo Chequing and existing Neo Everyday accounts. It can be used for purchases and ATM withdrawals, and offers eligible cashback. It is separate from Neo’s credit cards.
Neo’s membership structure has changed. Essentials is free, Build costs $9.99/month and Grow costs $14.99/month. Neo Start is advertised as coming soon, so check availability before relying on its benefits.
The Money card earns 1% cashback on eligible gas and grocery spending, subject to monthly spending limits. Grow offers FX-fee rebates on eligible spending up to $10,000 per month: the fee is initially charged and then refunded after posting.
Best Neo Financial features
- Neo Money card for spending from an eligible account.
- Cashback at participating partners.
- Digital account and card management.
- Optional memberships with different benefits.
Upcoming fees: From January 1, 2027, Neo says Chequing will charge $1 to send an Interac e-Transfer, $1.50 per Money card cash withdrawal and a $4.99 NSF fee, waived with Start, Build or Grow. These are future charges, not current October 2026 fees.
| Neo Financial pros | Neo Financial cons |
|---|---|
✅ Free membership option. ✅ Purchase rewards, subject to eligibility. ✅ Card management through the app. | ❌ Reward caps and conditions apply. ❌ Extra benefits may require payment. ❌ Review product-specific terms: Money and credit cards differ. |
4. EQ Bank
EQ Bank is a trade name of Equitable Bank. Its Personal Account can be used alongside the EQ Bank Card, a prepaid reloadable Mastercard rather than a conventional debit card.
The card uses a CAD balance and does not add a foreign transaction fee to Mastercard’s exchange rate. This makes it worth comparing with KOHO if you want international card spending without paying for a subscription.
EQ also offers a separate US Dollar Account. That does not make the EQ Bank Card a multi-currency card, and product availability varies by province.
Best EQ Bank features
- Personal and joint account options.
- No monthly Personal Account fee.
- No card foreign transaction fee.
- Canadian ATM fee reimbursements within published limits.
- Separate savings and business products, subject to eligibility.
| EQ Bank pros | EQ Bank cons |
|---|---|
✅ No paid plan needed for the card’s FX treatment. ✅ Prepaid spending from loaded funds. ✅ Eligible deposit protection through Equitable Bank, subject to CDIC rules. | ❌ Card balances are not multi-currency. ❌ Overseas ATM operator fees may apply. ❌ Some products are unavailable in Quebec. |
5. Canada Post Cash Passport
Canada Post Cash Passport is a prepaid travel Mastercard supporting CAD, USD, EUR, GBP, JPY, AUD and MXN. You can purchase it through a post office and load supported currencies before travelling.
For purchases abroad, no card purchase fee applies when you have enough of the transaction currency available. However, loading or exchanging money can involve an exchange-rate margin, and other fees still matter.
Best Canada Post Cash Passport features
- Seven supported currencies.
- Prepaid spending rather than borrowing.
- Purchase through a post office, subject to availability.
- Online balance and transaction management.
Its published charges include a $15 purchase fee and $3 reload fee. Canadian merchant purchases incur 1.5%. A 3.25% foreign exchange fee applies when the transaction requires conversion because the required currency is unavailable or insufficient.
A $2.80 monthly inactivity fee may apply after 12 months without use or reloading, subject to the terms and applicable law. No balance means no inactivity fee. ATM withdrawals have separate charges.
| Canada Post Cash Passport pros | Canada Post Cash Passport cons |
|---|---|
✅ Preload supported travel currencies. ✅ In-person purchase option. ✅ Useful for setting a separate travel budget. | ❌ Purchase and reload charges. ❌ Fees for Canadian spending and some currency conversions. ❌ Potential inactivity and ATM charges. |
Cards like KOHO
When comparing KOHO cards, consider your spending categories and the total cost of the plan. Core is free but has a 1.5% card foreign transaction fee. Extra and Everything remove that fee and offer higher cashback, in return for a subscription.
Other options to compare include:
- Wise for spending from multi-currency balances.
- Tangerine for a card linked to an everyday chequing account.
- Neo Money for eligible cashback and optional membership benefits.
- EQ Bank Card for CAD-funded spending without a card FX fee.
- Canada Post Cash Passport for preloading supported travel currencies.
International transfers are separate from card spending. KOHO offers transfers on every plan, including free Core; card FX fees do not establish transfer pricing.
Online banking apps like KOHO
The right alternative depends on the feature you want to improve. Compare subscriptions, transaction costs, rewards and account access rather than assuming a free account has no charges.
Wise vs KOHO
Compare Wise if your priority is managing money in several currencies. Both Wise and KOHO offer international transfers, so check quotes for your actual destination.
- Compare the final recipient amount, not just the advertised rate.
- Consider whether you need foreign-currency balances.
- Review ATM costs separately from purchase and transfer fees.
Tangerine vs KOHO
Compare Tangerine if you want everyday chequing and access to other banking products.
- Check whether its ATM network suits your routine.
- Include foreign-currency charges in your travel budget.
- Compare the account features with those already available on free KOHO Core.
Neo Financial vs KOHO
Compare Neo and KOHO if rewards are a priority.
- Match cashback categories to your actual purchases.
- Check spending caps and eligibility.
- Subtract any subscription costs when estimating the value of rewards.
EQ Bank vs KOHO
Compare EQ Bank if avoiding a card foreign transaction fee without paying for a plan is your priority.
- Consider whether a CAD-funded prepaid card meets your needs.
- Check international ATM costs.
- Confirm provincial product availability.
Canada Post Cash Passport vs KOHO
Compare Cash Passport if you want to set aside a travel budget in supported currencies.
- Confirm availability at your chosen post office.
- Compare the rate offered when loading or exchanging money.
- Include purchase, reload and withdrawal costs in your budget.
Are these KOHO alternatives safe?
These providers operate under different arrangements. A bank deposit, a fintech account and a prepaid card do not necessarily carry identical protections.
Check the legal provider, how funds are held, any applicable CDIC coverage and the conditions for unauthorised-transaction protection. Deposit-insurance eligibility depends on the product and coverage rules; it should not be assumed solely because a service works with a bank.
Use the provider’s official website or app, enable available security features and review the terms before opening an account.
KOHO competitors in Canada: Conclusion
KOHO now offers international transfers on every plan, including free Core. You do not need to switch providers or pay for an upgrade simply to access international money transfers.
An alternative may still suit you better:
- Consider Wise if you need multi-currency functionality.
- Compare Tangerine if you want everyday banking and other financial products.
- Compare Neo if its reward categories and membership benefits suit your spending.
- Consider EQ Bank for card spending without a foreign transaction fee or paid plan.
- Compare Cash Passport if you want to preload supported travel currencies.
For KOHO itself, Core costs $0/month, Extra costs $18/month or $144/year, and Everything costs $22/month or $177/year. Decide whether the paid plans’ higher rewards and no-FX-fee card spending justify their subscription for you.
Apps like KOHO FAQs
What is the best alternative to KOHO in Canada?
There is no single best alternative. Wise may suit multi-currency needs, Tangerine everyday banking, Neo reward comparisons, EQ Bank no-FX-fee card spending, and Cash Passport a preloaded travel budget. Compare the complete costs and conditions for your intended use.
What is the catch with KOHO?
The main trade-offs are plan costs and benefits. Core is free but charges a 1.5% foreign transaction fee on foreign-currency card spending. Extra and Everything have subscription fees but offer higher cashback and interest and no card FX fee. All three plans provide access to international money transfers.
Does KOHO offer international money transfers on its free plan?
Yes. International money transfers to 190+ countries are available on Core, Extra and Everything. Core has no monthly subscription fee. Check the transfer quote for the exchange rate, any charges and estimated arrival time; access to IMT does not mean every transfer is free.