Koho
Depends
Confidence: Medium
Buy if you're a Canadian who wants a no-fee spending card with budgeting and credit-building tools.
New check
Comparison
Koho vs Wise
Koho lands on Depends, and Wise lands on Worth it.
Wise
Worth it
Confidence: Medium
Buy if you regularly send, hold, or spend money across borders . the mid-market rate and per-transfer fees beat traditional banks.
| Compare | ||
|---|---|---|
| Verdict | Depends | Worth it |
| Best for | Fee-averse Canadian spenders | Freelancers invoicing foreign clients |
| Who it's not for | Non-Canadians . the product is Canada-only | Large transfers that can't tolerate a compliance hold |
| Privacy | Runs a HackerOne bug bounty; deposits held in trust at CDIC-member banks; past fraud glitches and user-reported breaches.⁴ | Licensed and regulated; no direct Wise breach, but third-party Evolve Bank incident exposed some customer data. |
| Support quality | Many complaints about unreachable, slow support | Reddit reports unresolved freezes, slow responses |
| Public sentiment | Reviews are mixed: users like the free account and credit building, but repeatedly complain about customer service and dispute handling.11 | Reviewers praise low fees, speed, and ease of use, while Reddit threads describe frozen funds and frustrating support.14 |
| Biggest gotcha | Support complaints are common: unreachable agents, slow dispute and refund resolution | Large transfers can trigger verification; funds sit frozen while compliance reviews |
Pick Koho when
- Fee-averse Canadian spenders
- Credit-building beginners
- Budgeting-first mobile bankers
When Koho is not a fit
- Non-Canadians . the product is Canada-only
- Businesses needing corporate banking or expense cards
- Anyone who needs branches, cheques, or cash deposits
- People who can't tolerate slow, frustrating dispute resolution
Pick Wise when
- Freelancers invoicing foreign clients
- Frequent travelers spending multiple currencies
- Small businesses paying overseas contractors
- Remote workers holding salaries in different currencies
When Wise is not a fit
- Large transfers that can't tolerate a compliance hold
- Anyone wanting loans, credit lines, or cash deposits
- US-only domestic banking needs
- Businesses needing guaranteed same-day settlement
Sources
- Koho Review 2023: Is Koho Legit?retirehappy.careview
- What is KOHO and How Does It Work?savvynewcanadians.comreview
- Koho App Review 2024facebook.comreview
- Glitch in Koho system led to $1-million in fraudulent transactionsforums.redflagdeals.comsecurity
security
- KOHO Bug Bounty Programhackerone.comsecurity
- Is KOHO Safe? CDIC, Trust Structure & Risk Explainedyieldmaple.comreview
- KOHO Raises $130 Million at $1.33B Valuationbusinesswire.comnews
news
- Koho: mobile-only financial services for millennialstechcrunch.comnews
- Trustpilot reviews of koho.catrustpilot.comreview
- KOHO 5% HISA for $4 month? forum threadhighinterestsavings.careview
- KOHO Financial security pagekoho.caofficial
- Wise Reviews | Trustpilottrustpilot.comreview
- Wise Review 2026: Multicurrency Account | NerdWalletnerdwallet.comreview
review