KOHO Casinos
Online casinos try to attract players in all sorts of ways, like by promising valuable bonuses, offering quality games, or having a well-built mobile site or app. They might also try to present themselves as the best online gambling option through various accepted payment methods, especially when targeting players from a given country or region.
One such option is KOHO, and one such region is Canada. This Visa-partnered reloadable prepaid card has found itself in the wallets of tens of thousands of Canadians in the last few years, while a portion of them use it for topping up their online casino accounts.
But what is KOHO, exactly? Is there something that makes it better than other standard online casino payment methods? How to order a KOHO card, and are there any drawbacks to using it?
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What Is KOHO?
KOHO is a fintech company from Toronto. It was founded in 2014, but it didn’t launch its services until 2017. The company offers banking services through a Visa prepaid card and mobile app. Apart from Visa, KOHO found partners in Peoples Trust, a trust company and a subsidiary of Peoples Bank of Canada, including investors such as Portag3, Drive Capital, and Power Group.
Since KOHO is on Visa’s network, you may use it wherever Visa is accepted, both physically or via the internet.
Being partnered with Peoples Trust makes KOHO extremely safe. Namely, if KOHO was to fail, the customers could still access their funds through Peoples Trust.
KOHO successfully managed 120,000 accounts in 2019, allowing it to secure $25 million in second-round funding. Today, the company claims to have over half a million satisfied customers.
How to Get Started With KOHO?
You can open an account with KOHO in as little as five minutes, as there are no complicated processes like credit checks.
Go to KOHO’s official website and select Open Account to sign up. The first step is to provide your email and set up a password, after which you’ll need to input some identification info like full legal name, date of birth, phone number, and more.
Once done, you can order a plastic Visa card to be delivered to your home address. Meanwhile, you can access and manage your account through KOHO’s official mobile app.
You may add funds to your KOHO account in three ways — transferring the money from your bank account, having your payroll be directly deposited to your account, or by loading the funds through your existing Visa card.
How to Make a KOHO Casino Deposit?
Now that you know a thing or two about the KOHO prepaid card, you should learn how to make an online casino deposit with one. Here’s a quick step-by-step.
Step 1: If you created your KOHO account and added some money, your next step is to find a Canadian-friendly online casino that accepts Visa.
Step 2: Register to the casino site in a similar way you registered your KOHO account: sign up by providing the operator with your name, date of birth, address, phone number, and other identification details. After providing that info, activate your online casino account and log in.
Step 3: Navigate to the casino’s cashier page, go to the deposit tab, and select Visa from the list of available options. Input your card details and the deposit amount. The KOHO itself doesn’t have a minimum deposit limit, but online casinos do, so make sure to check what this limit is.
Step 4: Confirm the deposit transaction, and the money should appear in your casino wallet in a matter of moments. From there, you can claim the casino’s welcome deposit bonus (if available) and start playing.
KOHO Withdrawals
KOHO is exclusively a prepaid service. This means you can use it for online casino deposits, but not withdrawals. Instead, you can try withdrawing to your regular Visa debit or credit card or directly to your bank account.
Pros and Cons of Using KOHO in Online Casinos
KOHO is a payment method of choice for many Canadian online casino players, but there might be a few reasons why this method might not be an ideal choice for you.
Pros
- Easy to set up
It takes just a few minutes to open an account with KOHO. The service won’t do any credit checks, so you just need to provide a few personal details, and you’re set.
- Good for keeping control of your spendings
KOHO comes with a Visa prepaid card, meaning you can only spend the money you currently have on your balance, which helps when you wish to control your gambling budget better. Also, unlike many other prepaid cards, KOHO cards are reloadable.
- Highly secured
KOHO runs on Visa’s network, making it incredibly secure. For added security, you can use the app to lock your card at any time.
- Quick deposits
Prepaid cards like KOHO are some of the fastest online deposit methods. Once you confirm your transaction, the money should go through in a matter of moments.
- Available in all of Canada
KOHO is available “from Tofino to Fogo Island” as advertised on the website. All Canadian residents can create an account and receive their Visa prepaid card.
Cons
- Not available for direct withdrawals
Even though you can reload your KOHO card, you can’t do it by withdrawing money from your casino account directly to the card. Instead, withdraw to your bank account and redirect the money to your KOHO card, but this is much slower and more complicated.
- Foreign exchange fees
If you plan on depositing to a casino site that doesn’t accept Canadian dollars, you’ll be charged a 1.5% foreign transaction fee.
Final Thoughts
KOHO is another safe, reputable, and easy-to-use Canadian-based banking service. The mobile app makes for simple money management, while the Visa prepaid card allows quick and effortless payments. The service is available across all of Canada, and the card is accepted at all casinos that accept Visa prepaid cards. The only major flaw of KOHO is that you can’t use it for online casino withdrawals.
FAQ
Can Canadians use KOHO for online gambling?
Yes, you can use your KOHO Visa prepaid card to deposit money into an online casino account.
Does KOHO charge any fees for online casino deposits?
KOHO does not charge any deposit fees if the deposit is made in CAD. If you’re depositing in foreign currency, you’ll be charged a 1.5% foreign transaction fee.
Is KOHO available for online casino withdrawals?
Regrettably, you can only use your KOHO card to make online casino deposits.
How quick are KOHO deposits?
KOHO deposits are as quick as prepaid card deposits, meaning they are usually completed in a few seconds or minutes at the most.
Author: Tom Wilson
Chief editor and creator, Tom drives the direction of CanadianCasinos.ca with the goal to provide the best and most honest resource for online gambling enthusiasts in Canada