I've managed to refer one of my Kobo accounts four time (twice from each of my two other accounts) and got the coupon codes immediately for the referred account. I also got the coupon codes for an email I referred that doesn't currently have a Kobo account. For some reason none of my Yahoo email accounts have received the coupon codes even though they were referred from the same accounts as the other email accounts.
I was able to successfully use one of my referral codes on the pre-existing Kobo account but I couldn't use any other referral codes on the account. I did find that I was able to use them on my other Kobo accounts even though they didn't receive referral emails. So it looks like they are transferrable but only one 90% off discount per account. Haven't received any codes for the referring accounts yet even though the "friend" has redeemed their code, so I'm not sure how long that takes.
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