Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
KOHO Launches Low Cost Global Money Transfer Service
Product Launch | May 29, 2025
Image from KOHO International Money Transfer (Youtube video)
KOHO Takes On Remittance Fees With Transparent and Fast Global Transfers
Daniel Eberhard, CEO of Canadian fintech KOHO announced the launch of a new International Money Transfer service that aims to transform how Canadians send money abroad. The product allows users to send funds to over 190 countries with no hidden FX markups or surprise fees. During beta testing, nearly all transfers arrived in less than 30 minutes, and the product is now publicly available.
Why KOHO Built a New Remittance Service
Remittances are a financial lifeline for many Canadians. According to CEO Daniel Eberhard, 1 in 5 Canadians send money abroad, and among those aged 18 to 34, the number rises to 1 in 2. Traditional services often charge 3% to 5% in fees and hidden FX costs, costing families thousands of dollars over time.
KOHO’s new service aims to be the lowest cost remittance option in Canada. It’s fully integrated into the KOHO platform, so users can access the service right away without having to download a new app or reconfirm their identity.
KOHO's Push for Financial Inclusion
This product launch builds on KOHO’s broad efforts to reduce financial barriers. For example, the company partnered with Canada Post to create the MyMoney Account, bringing modern banking access to underserved communities. KOHO is also in hot pursuit of a banking license and offering credit tools for renters.
This strategic focus of making finance more inclusive aligns with KOHO’s goal of helping users build stability and reduce costs, especially for immigrant and low income households who rely on remittance services.
Outlook
Koho and other Canadian fintechs continue to work on solving Canada's systemic cost and access issues in financial services. By addressing the needs of immigrant and global communities with a faster, cheaper, and more transparent services, KOHO is making a strong play to redefine consumer expectations in cross border finance, while strengthening it's position as a challenger bank focused on financial inclusion.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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