What are wire transfers?
Wire transfers are electronic transfers from one bank to another. They can also be sent between credit unions.
Can I receive funds via wire transfer, to my KOHO account?
Since KOHO is a financial service and not a bank, KOHO accounts cannot accept wire transfers. This is because your account at KOHO does not have a Swift Code, International Bank Account Number (IBAN), or a Bank Identifier Code (BIC).
As long as the funds are in CAD currency, the sender should be able to arrange that via direct deposit instead 💸
Can I send a wire transfer from my KOHO account?
No. KOHO doesn’t support sending wire transfers.
If you need to send one, you can first move your money to another account you have, then send the wire from there.
A common way to do this is to send yourself an Interac e-Transfer, deposit it into your other account, and then send the wire transfer from there.
If the transfer is urgent or involves a large amount, email [email protected] with the details. Our team can take a look and see if any workarounds are available.