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Pre-authorized Debits
How to set up automatic withdrawals from your KOHO account
How to set up automatic withdrawals from your KOHO account
Updated over a week ago

Pre-Authorized Debit (PAD) 💵

We now support pre-authorized debits from your KOHO account!

You can schedule pre-authorized and recurring payments for things like your car insurance, Wealthsimple contributions, property tax, or your hydro bill.

  • You can find all the information you'll need (like an institution and branch number) in your KOHO app by tapping the $ icon > Pay Bills > Get Account Info

  • Then update your payment information with your different service providers so that your next internet bill or RRSP contribution comes right from your Spendable

  • Want to fund your Wealthsimple account from KOHO? Check out this article for more

  • You can have 20 PADs issued to your account in a 30-day rolling period, full details here

  • If you don’t have enough funds in your account, the PAD will be rejected.

Note: We do not support payments to non-financial institution loans at the moment. If you're unsure about what payments we support, please reach out.

Pre-authorized debit limits vary by merchant, so please reach out to us in-app to verify the limit prior to setting one up.

We also are not set up to support a PAD from gambling or payday loan companies.

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