KOHO

Frequently Asked Questions

What is KOHO?

KOHO is a Fintech company rooted in the belief that better financial solutions for all Canadians exist. They offer an everyday spending and savings account currently loved by over 1.7 million Canadians.

KOHO combines the functionalities and benefits of a traditional financial institution, with the goal of enhancing and simplifying personal finance management. No hidden fees, no fine print, no catch — just the ultimate way to spend and save.

How does KOHO benefit my employees?

Your team will now enjoy instant access to payouts directly into their KOHO accounts, along with smarter money management tools and perks:

- Earn up to 4% interest in, CDIC insured accounts.
- Unlimited free e-transfers.
- An essentials plan starting at $4/mo fee that's automatically waived whenever an employee receives $1000 in monthly deposits or sets up direct deposit. Good news: you get KOHO free for 30 days.
- Cash back on thousands of brands and purchase categories.
- Many more money management tools to unlock like credit building, credit scoring, borrowing options, buy now and pay later and more!

When is this change happening?

Your migration date will be communicated to you in advance (minimum 2 weeks notice or more). On this date, payouts will no longer be processed through your employees’ current cards and accounts. However, they can still use their app and card to spend or transfer any remaining funds.

Important: Once your migration is enabled, an employee can only be paid once they're in a ‘Ready’ status. Once they make their choice and set up their accounts, payouts will resume as normal. On your move date, you will be able to track each employee's payout status. Once they are in "Ready" status, they can receive payouts as normal.

Are all my employees eligible for KOHO?

Employees must be 18 years or older to open a KOHO account. If they are under 18, they can set up Scheduled payouts through the AnyDay app. Once they turn 18, they’ll have the option to switch to KOHO and start enjoying its benefits.

What if an employee already has a KOHO account?

No problem. On the move date, employees will follow the same in-app transition process as those new to KOHO. KOHO will automatically detect existing accounts and link their payouts to it, ensuring a seamless transition.

🚨 Important update regarding the Dispute Transaction feature

As part of the migration, the Dispute/Reversal feature is no longer available for all migrating clients. Please ensure all transactions are reviewed carefully before proceeding. For more details, please contact support.

What if I have AnyDay card inventory remaining at my location?

If you have AnyDay card inventory left in your establishment, we will be automatically issuing credits to your account. These credits will be automatically debited towards any new employee activation fees incurred as you hire new employees.

You will receive one credit per unused card. For example if you have 25 cards left in stock, you will automatically receive 25 credits to your account. For the next 25 new employees hired, your 25 credits will go towards the activation fee, which will be waived in lieu of your credits. 1 credit = 1 employee activation fee.

What if employees have funds on their current AnyDay card?

If an employee still has funds on their AnyDay card and wants to keep using that balance, they can continue using the card as normal. For any issues or questions related to the AnyDay card, they can reach out to support@paidanyday.com.

How do employees order their physical KOHO card?

Employees can order their physical card directly from the KOHO app by tapping “Cards” on the Spend page, scrolling down and selecting “Get a Card".
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Once ordered, the physical card should arrive within 10 days of account verification. If it doesn’t arrive within that timeframe, employees can contact KOHO through the in-app chat for assistance.

Are there other ways for employees to get paid?

Yes. If an employee is unable to open a KOHO account (e.g., if they are under 18 or if they do not yet have a Canadian identification), they can opt into Scheduled payouts. With Scheduled payouts, their payouts are sent directly to a bank account that they set up within their AnyDay app. Employees should ensure their app is updated to the latest version on the move date to access this option.

Scheduled payouts accumulate visibly in their app and are sent to their chosen bank account on the 1st and 15th of each month. For staff who opt in to Scheduled payouts, a $1.50 per staff per month fee will be paid by you, the employer, from your wallet account at a cost of 2x real-time EFTs at the end of each month.

If an employee decides to switch to instant payouts with KOHO later, they can do so anytime through the AnyDay app in their settings.

What if an employee declines KOHO or scheduled payouts?

We’ve carefully designed payout options to benefit both employees and employers. If an employee prefers not to use either option, they should discuss their concerns directly with you to explore alternative solutions. Some of our clients have offered paper checks as an alternative. To date, no employee has opted in for the paper check option.

Are these new payout options available across Canada?

Yes. This is the new and improved AnyDay Payments program and is the go-forward offering across Canada. This is not available in the U.S.

Where can employees go for KOHO setup and ongoing support?

If your employees need assistance with their KOHO account or instant payouts, KOHO’s support team is available to help. Please direct them to the KOHO app for inquiries related to their account or card. For the quickest support, please have employees go to the chat support feature in the KOHO app (chat icon on the top right hand corner when in the app).

Where do my admins and payout managers go for support?

We are here to help you and your payout managers every step of the way. If you have more questions or need support, please email kohoanyday@xtminc.com and we will get back to you as soon as possible with additional details.

Upgrading how
your team gets paid

Everything you
need to know

Migration guide

Pricing updates

Changes to support

Webinar

What this means for
your business

No more
card inventory

Updated pricing

Still seamless,
Still instant

Want resources to share with your staff?

Frequently Asked Questions

A Perfect Match
for Your Money.

Upgrading how your team gets paid

Everything you need to know

Migration guide

Pricing updates

Changes to support

Webinar

What this means for your business

No more card inventory

Updated pricing

Still seamless, Still instant

Want resources to share with your staff?

Frequently Asked Questions

A Perfect Matchfor Your Money.

Upgrading how
your team gets paid

Everything you
need to know

What this means for
your business

No more
card inventory

Still seamless,
Still instant

A Perfect Match
for Your Money.