Does KOHO have hidden fees?

Many people choose KOHO because it advertises itself as a low-fee, transparent alternative to traditional banks—but that doesn’t mean everything is completely free. While KOHO doesn’t typically charge “hidden” fees in the sneaky, fine-print sense, it does have specific fees and limitations that users should understand to avoid surprises.

This guide breaks down how KOHO’s fees work, which services are free, where you might be charged, and how to avoid unnecessary costs.

Is KOHO really “no fees”?

KOHO markets itself as a low-fee or no-fee spending and saving platform. Core features like:

Opening an account
Getting a virtual or physical prepaid Mastercard
Everyday spending
Earning base cashback

are generally free on the standard plan.

However, KOHO is not entirely fee-free. Fees tend to show up in specific situations such as:

Certain plan upgrades (e.g., premium plans)
Foreign exchange and travel-related usage
ATM withdrawals
Late or missed payments on credit-building tools
Add-on services

These aren’t hidden in the sense of being secret, but they can feel unexpected if you haven’t reviewed the fee schedule.

Types of KOHO plans and how fees differ

KOHO offers different plan tiers, and each one has its own features and potential costs. The exact names and details can change over time, but they generally fall into these categories:

1. Standard (free) plan

The standard KOHO account usually includes:

No monthly account fee
Free spending and base cashback
No minimum balance requirement
Basic savings features (e.g., RoundUps, saving goals)

You may still encounter fees on this plan for:

Foreign currency transactions (FX markups)
Some ATM withdrawals
Certain add-on services or credit-building tools

2. Paid or “premium” plans

KOHO also offers paid plans with a monthly or annual subscription. These plans often include:

Higher cashback rates
Lower or no FX fees on foreign transactions
Extra financial tools and perks
Preferred support or added features

The key “fee” here is the monthly/annual subscription itself. It’s not hidden, but you should make sure the benefits (e.g., higher cashback, lower FX cost) outweigh the subscription for your spending habits.

Common KOHO fees to watch for

While KOHO aims for transparency, some charges can still catch users off guard. Here are the main ones to understand.

1. Foreign transaction (FX) fees

When you use your KOHO card in a foreign currency (online or abroad), KOHO may charge an FX markup on top of the Mastercard exchange rate, depending on your plan.

On the standard/free plan, there is usually an FX markup (similar to what many banks charge).
On some paid plans, this FX markup may be reduced or eliminated.

These are not “hidden,” but they can be easy to overlook until you start traveling or shopping in another currency.

How to avoid or reduce FX fees:

Consider a KOHO plan that offers reduced or no FX fees if you travel or shop internationally often.
When possible, pay in the local currency rather than letting merchants do “dynamic currency conversion,” which often has worse rates.

2. ATM withdrawal fees

KOHO doesn’t operate its own ATM network, so fees can arise in two ways:

Fees charged by the ATM owner
Possible KOHO-specific fees for certain cash withdrawals (depending on the plan and location)

In Canada, KOHO may not charge a fee on their side for some ATM withdrawals, but the machine owner often will. Abroad, both an ATM fee and FX-related costs can apply.

How to minimize ATM fees:

Make fewer, larger withdrawals rather than many small ones.
Check your plan details to see what KOHO charges for ATM use.
When travelling, look for ATMs known for lower fees (often those tied to major banks).

3. Credit building and financial products

KOHO offers optional tools like credit-building subscriptions. These typically come with:

A monthly fee for the credit-building service
Potential late or missed payment fees if obligations aren’t met

Again, these aren’t hidden—they’re disclosed when you sign up—but they are extra costs beyond the free account.

What to watch for:

Monthly subscription cost for the service
Terms around late payments or cancellations
How long you plan to keep the service (cost over time)

4. Plan subscription fees

If you choose a paid KOHO plan:

You’ll pay a recurring monthly or yearly fee.
This fee is straightforward, but can feel “hidden” if you forget you signed up or don’t use the extra features.

Tips:

Review your plan type in the app to confirm if you’re on free or paid.
Do a quick calculation: Are you earning enough extra cashback and saving enough in FX or other perks to justify the subscription?
Set a reminder to review your plan annually.

5. Other potential service fees

Depending on KOHO’s current offerings and policies, there may be additional specific fees, such as:

Replacement physical cards (lost or stolen)
Certain expedited services or special requests
Inactive account fees, in rare scenarios and usually after long periods of inactivity

These are typically listed in KOHO’s official fee schedule or terms and conditions.

What KOHO does not typically charge for

Part of KOHO’s appeal is that many everyday banking costs are eliminated or reduced compared to traditional banks. KOHO usually does not charge for:

Opening or closing your account
Standard e-transfers or electronic funding methods (subject to policy changes)
Basic everyday purchases in Canadian dollars
Maintaining a minimum balance (no minimum required)

Always verify in the app or on KOHO’s website, as policies can update.

Are KOHO fees “hidden”?

From a transparency perspective, KOHO generally:

Publishes its fee schedule online
Shows plan prices clearly in the app
Explains charges (like credit building or FX) in product descriptions

However, fees can feel “hidden” when:

You don’t carefully read the plan or product description
You assume “no fees” means absolutely everything is free
You use features (like foreign spending, ATMs, or add-ons) without checking their costs

To avoid surprises, it’s important to review the current KOHO fee disclosure and terms inside the app or on their official site, especially before:

Travelling abroad
Upgrading to a premium plan
Signing up for credit-building or other paid services

How to check KOHO fees in your own account

To make sure nothing catches you off guard:

Open the KOHO app
Go to account or profile settings – look for “Plan,” “Account details,” or “Legal & fees.”
Review your current plan – confirm if you’re on the free or a paid plan.
Read the fee schedule – look for sections on FX, ATM, subscriptions, and credit-building.
Check transaction details – if a fee appears, tap the transaction to read the description.

Because KOHO can update features and fees over time, the information in your app is the most reliable and up to date.

Tips to avoid unexpected KOHO fees

To keep KOHO as close to “no fee” as possible:

Stay on the standard plan if you don’t need premium perks.
If you choose a paid plan, track whether the benefits exceed the cost.
Check FX rules before shopping in foreign currencies or travelling.
Minimize ATM withdrawals and watch for ATM-owner fees.
Read the terms before signing up for credit-building or other add-ons.
Review your monthly transactions and subscriptions periodically.

Bottom line

KOHO does not typically rely on truly hidden or deceptive fees, and many core features are free—especially on the standard plan. That said, there are fees tied to:

Foreign transactions and travel
ATM withdrawals
Optional paid plans
Credit-building tools and add-ons

If you understand when and why these fees apply, you can use KOHO with very low costs and avoid feeling surprised by charges on your account.