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.
Through the power of AnyDay, employees get instant access to their payouts directly to their KOHO app and prepaid Mastercard®, along with enhanced money management tools and perks:
Yes! KOHO provides both a user-friendly app and a prepaid Mastercard. Once your employees sign up for their KOHO account, they can request to have their prepaid Mastercard delivered to their home. They can also start using the KOHO virtual Mastercard instantly after setting up their account, ensuring a seamless transition.
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).
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.
No immediate action is required, however we would like to ensure that you go into your AnyDay portal and remove any inactive employees. It's also important that everyone is aware of your upcoming migration date, which will be visible in your AnyDay portal.
Your employees’ current AnyDay cards and accounts will continue to function as usual, and payouts will be processed normally for now. On the move date, your employees will receive an email with simple instructions to select their new payout account. They will also receive a notification on their phone.
If they don’t receive an email (e.g., if their email is not on file), they can simply update their app to the latest version on the move date. Once updated, a large KOHO banner will appear on their home screen, guiding them through the steps to complete the transition.
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 do have another option, which is called Scheduled payouts. With Scheduled payouts, funds 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.
Important: For Clients currently on this new option, less than 5% of staff have selected Scheduled payouts. This means that on a 75-staff operation, you can expect to pay between $5.00-$6.00/monthly.
If an employee decides to switch to instant payouts with KOHO later, they can do so anytime through the AnyDay app in their settings.
Yes, 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.
Your move 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: On your move date, payouts will pause until employees select their new payout option—either instant payouts with KOHO or Scheduled payouts to their chosen bank accounts. 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.
To ensure a smooth transition, employees will receive an email and notification 1 week ahead of the move date as well as another communication with instructions on your actual move date. If they don’t receive the email, they should update their app to the latest version, where a KOHO banner will guide them through the transition.
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.
Employees can order their physical card directly from the KOHO app. They simply need to:
Once opted in, 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.
Scheduled payouts automatically accumulate and are visible in the AnyDay app. Employees can view records of each payout, the start and end dates of their pay cycle, and the date their payment will be issued (either the 1st or 15th of each month).
On the 1st and 15th of each month, accumulated payouts are sent directly to the bank account employees set up within the AnyDay app, ensuring a straightforward and predictable payment process.
No, employees only need to enter their banking details once. The information is securely encrypted and saved within the AnyDay app, ensuring both convenience and security.
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.
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, the employer 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.
We are here to help you with your move every step of the way. If you have more questions, please email kohoanyday@xtminc.com and we will get back to you as soon as possible with additional details.
*This only applies to employees who open a KOHO interest-bearing account. Employees will complete the “Know your customer” (KYC) process and provide SIN to access interest-bearing accounts that are also CDIC-insured.
**Employees are only required to complete the “Know your customer” (KYC) process. Staff can cancel their plan at any time and remain on KOHO. Transfer fees may apply.
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