Best no foreign transaction fee credit cards in Canada
Fact Checked: Scott Birke
Updated: November 27, 2024
Many Canadian credit cards impose a foreign transaction fee of up to 2.5% on purchases made in another currency, which can result in unnecessary extra costs.
Opting for a credit card with no foreign transaction fees is a wise choice if you frequently shop on global websites or travel abroad, as it helps you avoid these additional charges. These cards not only eliminate foreign transaction fees but often come with extra benefits such as cash back and travel rewards points.
To avoid overpaying on international purchases, consider exploring the best no foreign transaction fee credit cards available in Canada, then make sure to check out our full Best Credit Cards Canada list to see all our top picks:.
Best no foreign transaction fee credit card overall
Scotiabank Passport® Visa Infinite* Card
4.3
up to 35K pts
Welcome offerExcellent
Suggested credit scoreEarn up to $1,100* in value in the first 12 months, including up to 35,000 bonus Scene+ points
Expires
Jan 3, 2025
Pros
-
No FX fees means the card saves you significant expenses on foreign transaction fees
-
Earn up to 3x Scene+ points per $1 spent on eligible purchases
-
Flexible and straightforward redemption program
-
Visa acceptance globally compared to American Express, especially outside major cities.
-
Enjoy six annual visits to airport lounges
-
Robust insurance offerings, including extended travel emergency medical coverage
-
Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
-
High annual fee
-
Limited rewards categories for earning reward max rate on purchases
-
Primarily best for travel within Canada
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
3x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$150
Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$150
Foreign Transaction Fee
0%
Pros
-
No FX fees means the card saves you significant expenses on foreign transaction fees
-
Earn up to 3x Scene+ points per $1 spent on eligible purchases
-
Flexible and straightforward redemption program
-
Visa acceptance globally compared to American Express, especially outside major cities.
-
Enjoy six annual visits to airport lounges
-
Robust insurance offerings, including extended travel emergency medical coverage
-
Access to Visa Infinite Program benefits, with added advantages like a free supplementary card
Cons
-
High annual fee
-
Limited rewards categories for earning reward max rate on purchases
-
Primarily best for travel within Canada
Eligibility
Excellent
Recommended Credit Score
$60,000
Required Annual Personal Income
$100,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$60,000
Required Annual Household Income
$100,000
3x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
2x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more
3x
Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)
2x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$150
Annual Fee First supplementary Card is $0/year ($50/year on each additional Card)
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$150
Foreign Transaction Fee
0%
Why we picked the Scotiabank Passport Visa Infinite as the best no foreign transaction fee credit card in Canada
Though accompanied by an annual fee of $150, the Scotiabank Passport® Visa Infinite* Card offers great rewards rates for spending in foreign currency, as well as superior travel benefits.
Earn rate
When it comes to Scotiabank exchange rate, you’ll pay no fees for purchasing online or abroad in a foreign currency and will earn 3X Scene+ points1 points on every $1 you spend at Sobeys, Safeway, IGA, Foodland and Participating Co-ops, and more eligible grocers¹; 2x points for each $1 spent on other eligible grocery stores, dining, entertainment purchases and daily transit purchases, no matter what currency the purchase was made in. 1 Scene+ point per $1 spent is earned on all other eligible purchases.
Travel perks
Additionally, it's also a great travel insurance credit card with travel medical, trip interruption and cancellation, and rental car insurance.
Scotiabank exchange rate
As of the date of this writing, it would cost you $1.415900 CAD to buy $1 USD.
You can see all Scotiabank's currency exchange rate updates here.
Eligibility criteria for the Scotiabank Passport
Minimum credit score: Excellent
Minimum income: Minimum annual income of $60,000 or a minimum household income of $100,000.
Age: Age of majority in your province or territory
Residency: Canadian citizen or permanent resident
Other: No bankruptcies in the past seven years
Conditions Apply. Visit here for the Scotiabank Passport® Visa Infinite* Card to learn more.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Rates, fees and other information are effective as of Jan.4, 2024. Subject to change.
Offer Description and Conditions¹: The 25,000 bonus Scene+ Points Offer applies only to new Scotiabank Passport Visa Infinite credit card accounts ("Accounts") that are opened by October 31, 2024 subject to the conditions below. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
Plus, as a Scotiabank Passport Visa Infinite credit cardholder, you are always eligible to earn an annual 10,000 Scene+ points bonus when you spend at least $40,000 in everyday eligible purchases annually on your Scotiabank Passport Visa Infinite account. Conditions apply-see below further details.
5 of the other best no foreign transaction fee credit cards in Canada
Credit card | Foreign transaction fee (FX)/Annual fee/Features | Apply now |
---|---|---|
FX fee: 0%
Annual fee: $0 Features: Earn unlimited 1% cash back on all purchases |
Apply now | |
FX fee: 0% fee
Annual fee: $150 Features: Complimentary Visa Airport Companion Program membership, plus 6 complimentary lounge visits per year |
Apply now | |
FX fee: 0%
Annual fee: $120(waived for the first year) Features: 5X the Scene+™ points for every $1 CAD spent on other food and drink |
Apply now | |
FX fee: 0%
Annual fee: $108 (charged at $9 per month) Features: 1.5% cash back on groceries, transportation, food, and drink. 4% interest on your entire balance (this is a prepaid credit card) |
Get started | |
FX fee: 0%
Annual fee: $0 Features: 0.5% cash back on all your spending + Earn 2.00% interest on savings until you spend plus an additional 1.75% interest when you set up recurring direct deposit to your Personal Account (this is a prepaid credit card) |
Get started |
Best no fee credit card with no fee for foreign transaction
Home Trust Preferred Visa*
3.2
Good
Suggested credit scoreNo annual fee and no foreign exchange fees
Pros
-
No annual fee
-
1% cash back on all purchases with no cap
-
No foreign transaction fees
-
Purchase protection included
-
Ideal for frequent travelers and online shoppers
Cons
-
No cash back on transactions in foreign currency
-
Not available to Quebec residents
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
1%
Earn 1% cash back on all purchases with no cap.
Earn 1% cash back on all purchases with no cap.
1%
21.99%
Purchase APR
21.99%
Balance Transfer Rate
21.99%
Cash Advance APR
$0
Annual Fee No annual fee
0%
Foreign Transaction Fee no foreign transaction fee
Purchase APR
21.99%
Balance Transfer Rate
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Foreign Transaction Fee
0%
Pros
-
No annual fee
-
1% cash back on all purchases with no cap
-
No foreign transaction fees
-
Purchase protection included
-
Ideal for frequent travelers and online shoppers
Cons
-
No cash back on transactions in foreign currency
-
Not available to Quebec residents
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
1%
Earn 1% cash back on all purchases with no cap.
Earn 1% cash back on all purchases with no cap.
1%
21.99%
Purchase APR
21.99%
Balance Transfer Rate
21.99%
Cash Advance APR
$0
Annual Fee No annual fee
0%
Foreign Transaction Fee no foreign transaction fee
Purchase APR
21.99%
Balance Transfer Rate
21.99%
Cash Advance APR
21.99%
Annual Fee
$0
Foreign Transaction Fee
0%
Best Scene+ credit card with no fee for foreign transaction
Scotiabank Gold American Express®
4.8
up to 45K pts
Welcome offerVery Good
Suggested credit scoreEarn up to $950* in value in the first 12 months, including up to 45,000 bonus Scene+ points and first year annual fee waived.
Expires
Jan 3, 2025
Pros
-
Lots of daily spend options to earn multiplied point bonuses
-
Swanky Amex perks like Front of the Line presale concert tickets
-
Save on foreign transaction fees when abroad
-
Fantastic insurance coverage, especially for travel
Cons
-
Relatively low-value welcome bonus
-
$120 annual fee that chews into your point value substantially
-
Scene points redeem poorly for travel
Eligibility
Very Good
Recommended Credit Score
Recommended Credit Score
Very Good
6x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
5x
Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
5x
Scene+ points¹ for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.
3x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more
3x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming services
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
6x
Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
5x
Scene+ points¹ for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.
5x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more
3x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming services
3x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$120
Annual Fee $29 for each supplementary card
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$120
Foreign Transaction Fee
0%
Pros
-
Lots of daily spend options to earn multiplied point bonuses
-
Swanky Amex perks like Front of the Line presale concert tickets
-
Save on foreign transaction fees when abroad
-
Fantastic insurance coverage, especially for travel
Cons
-
Relatively low-value welcome bonus
-
$120 annual fee that chews into your point value substantially
-
Scene points redeem poorly for travel
Eligibility
Very Good
Recommended Credit Score
Recommended Credit Score
Very Good
6x
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
5x
Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
5x
Scene+ points¹ for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.
3x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more
3x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming services
1x
Scene+ point for every $1 spent on all other eligible everyday purchases
Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
6x
Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
5x
Scene+ points¹ for every $1 you spend in Canada eligible entertainment purposes. Includes movies, theatre and ticket agencies stores.
5x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options. Includes rideshares, buses, subway, taxis and more
3x
Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming services
3x
Scene+ point for every $1 spent on all other eligible everyday purchases
1x
20.99%
Purchase APR
22.99%
Balance Transfer Rate
22.99%
Cash Advance APR
$120
Annual Fee $29 for each supplementary card
0%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$120
Foreign Transaction Fee
0%
Best cash back credit card with no fx fees (prepaid card)
KOHO Extra
Fair
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
1.5% cash back on on groceries, eating & drinking, and transportation
-
0.25% cash back on all other purchases
-
No foreign transaction fees
-
No everyday banking fees
-
Credit Building by KOHO optional paid add-on
-
Earn interest
Cons
-
$108 annual fee
-
Deposits capped at $40,000
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
1.5%
cash back on groceries, transportation, food, and drink
0.25%
cash back on all other purchases
4%
interest on your entire balance
5%
cash back extra at partnered merchants
$7
for credit building, instead of $10 (save 30%)
cash back on groceries, transportation, food, and drink
1.5%
cash back on all other purchases
0.25%
interest on your entire balance
4%
cash back extra at partnered merchants
5%
for credit building, instead of $10 (save 30%)
$7
$108
Annual Fee $9/month
0%
Foreign Transaction Fee No fx fees
Annual Fee
$108
Foreign Transaction Fee
0%
Pros
-
1.5% cash back on on groceries, eating & drinking, and transportation
-
0.25% cash back on all other purchases
-
No foreign transaction fees
-
No everyday banking fees
-
Credit Building by KOHO optional paid add-on
-
Earn interest
Cons
-
$108 annual fee
-
Deposits capped at $40,000
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
1.5%
cash back on groceries, transportation, food, and drink
0.25%
cash back on all other purchases
4%
interest on your entire balance
5%
cash back extra at partnered merchants
$7
for credit building, instead of $10 (save 30%)
cash back on groceries, transportation, food, and drink
1.5%
cash back on all other purchases
0.25%
interest on your entire balance
4%
cash back extra at partnered merchants
5%
for credit building, instead of $10 (save 30%)
$7
$108
Annual Fee $9/month
0%
Foreign Transaction Fee No fx fees
Annual Fee
$108
Foreign Transaction Fee
0%
Best credit card with no overseas transaction fees
EQ Bank Card
2.9
Fair
Suggested credit scoreto receive the latest news, tips and offers by email
Pros
-
No FX fees (up to 2.5%)
-
Earn 0.5% cash back on every purchase
-
Free ATM withdrawals in Canada (EQ will reimburse you)
Cons
-
ATM fees charged abroad (EQ will not reimburse)
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
0.5%
Cash back on purchases
2.00%
Interest on your balance
Cash back on purchases
0.5%
Interest on your balance
2.00%
$0
Annual Fee No annual fee
0%
Foreign Transaction Fee
Annual Fee
$0
Foreign Transaction Fee
0%
Pros
-
No FX fees (up to 2.5%)
-
Earn 0.5% cash back on every purchase
-
Free ATM withdrawals in Canada (EQ will reimburse you)
Cons
-
ATM fees charged abroad (EQ will not reimburse)
Eligibility
Fair
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Recommended Credit Score
Fair
Required Annual Personal Income
$0
Required Annual Household Income
$0
0.5%
Cash back on purchases
2.00%
Interest on your balance
Cash back on purchases
0.5%
Interest on your balance
2.00%
$0
Annual Fee No annual fee
0%
Foreign Transaction Fee
Annual Fee
$0
Foreign Transaction Fee
0%
Why you want a credit card with no fee for foreign transactions
Foreign transaction fees altogether (FX fees) usually represent too large a part of Canadian credit card companies’ income streams for them to walk away from. The fact is, Canadians travel out of Canada a lot more often than Americans travel out of the United States, so it’s easier for an American issuer to give up on FX fees than for a Canadian issuer. For a quick comparison: 30% of Americans have a passport, compared to 70% of Canadians.
So what’s the big deal about a credit card that subsidizes foreign transaction fees? Well, the savings can be huge for some Canadian customers, especially:
- Snowbirds who winter in the south
- People who shop across the border regularly or shop online
- Those who use their credit card to make business purchases from U.S. vendors.
Can’t I just use a USD credit card instead of a credit card with no foreign transaction fees?
Those who do most of their foreign spending in the US might be wondering if they can successfully avoid foreign transaction fees with a U.S. Dollar credit card. But remember that unless you actually keep USD in your bank account , it’s unlikely that you’ll be able to truly avoid the fees. Ultimately you’ll have to pay your U.S. Dollar credit card bill in U.S. dollars, and if you don’t have the USD handy to do so, you’ll need to convert your Canadian dollars to U.S. dollars at the bank. At that point the bank will charge you its 1%-3% foreign exchange surcharge (which is likely less than Visa, Mastercard, or Amex currency exchange fees)
If you frequent the U.S. on travel, get paid in American Dollars, or buy American products, it makes sense to have a U.S. Dollar credit card.
Here's more info on our top two U.S. Dollar credit cards
What about prepaid cards with no foreign transaction fees?
Check out the EQ Bank card with no annual fee and 0.5% cash back on all your purchases, it's a sweet deal.
Unfortunately, the no-annual fee CIBC Air Canada® AC Conversion™ Visa* Prepaid Card is being discontinued. Previously it allowed cardholders to upload cash across up to 10 foreign currencies at a locked-in exchange rate. It's an easy solution for spending local currency in your next travel destination.
Which bank features no foreign transaction fee cards in Canada?
Scotiabank has the longest list of credit cards with no foreign transaction fees. CIBC is discontinuing their AC Conversion Visa, but still offer a USD card where you can avoid foreign transaction fees, much like RBC, TD, and BMO (see above).
Rogers Red World Elite® Mastercard® used to not charge foreign exchange fees, and with its 3% back on cross-border shopping, it was a great card. Unfortunately, they now charge foreign exchange fees.
If you don't like what the big banks have to offer, check out EQ, Home Trust, and KOHO because they'll be your best, if not only, options.
What is the Mastercard exchange rate or Visa exchange rate?
The Mastercard and Visa exchange rates are the rates these companies use to convert transactions made in a foreign currency to your card's billing currency. Both companies base their rates on the wholesale exchange rates from the global currency markets and may add their margins. These rates are subject to daily fluctuations due to changes in the international currency markets.
For Mastercard and Visa, the applicable exchange rate for your transaction is effective on the date the transaction is processed, which may not be the same as the transaction date. The rate applied to a specific transaction is determined on the processing day, potentially leading to a difference in the rate between the time of purchase and processing.
These conversion rates are separate from any foreign transaction fee charges from your card issuer, which are additional costs added to the conversion rate.
You can visit their official websites to get the most current exchange rates for either Mastercard or Visa. Both companies offer a currency conversion calculator
Frequently asked questions about no foreign transaction fee credit cards
Sarah Pritzker has been writing for Money.ca since 2017, and loves learning about the latest trends in Canadian personal finance.
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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