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Best Credit Cards With No Foreign Transaction Fees

Best no foreign transaction fee credit cards in Canada

Sarah Pritzker Freelance Contributor
Tyler Wade Personal finance content strategist & writer

Fact checked by Scott Birke

Updated Jan 10, 2025

Most Canadian cards impose a foreign transaction fee of up to 2.5% on purchases made in another currency, so getting a no foreign transaction fee credit card will only eliminate these fees. And some of these no FX fee credit cards even come with extra benefits such as cash back and travel rewards points.

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

A credit card with no foreign transaction fees saves you money when you travel abroad or shop globally online.

Read our guide below on the best no foreign transaction fee credit cards in Canada or view our full best credit cards canada list to see all our top picks by category from over 125 cards and over 12,500 data points.

Best no FX fee credit cards in Canada

Scotiabank Passport® Visa Infinite* Card 

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4.3

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Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points*

Rogers Red World Elite® Mastercard®

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4.0

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Home Trust Preferred Visa*

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3.2

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No annual fee and no foreign exchange fees

  • Why you can trust Money.ca's best no foreign transaction fee credit cards in Canada list

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    Money.ca rates all credit cards on a numeric scale of 1 to 5 stars, with 1 being the lowest and 5 the highest rating, respectively. Money.ca’s proprietary scoring formulas break down the confusing language, complex points, rewards and earn rates to give you the real data that caters to your needs first, not ours.

    Our partnerships have no impact on our ratings, which are solely determined by the merits of each card. To learn more about how we researched and ranked these cards, read our full credit card review methodology.

Best overall

Best no foreign transaction fee credit card overall

up to $1,300* value

Welcome Bonus

$926

First Year Value

$0

Annual Value

Welcome Bonus: Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points*

Learn More Apply Now On Scotiabank's Secure Site
Why it won

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

Rates, fees and other information are effective as of January 3, 2025. Subject to change.

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.

Honourable mentions

5 of the other best no foreign transaction fee credit cards in Canada

Credit card Foreign transaction fee (FX)/Annual fee/Features Apply now
Home Trust Preferred Visa No Foreign Transaction Fee credit card FX fee: 0%
Annual fee: $0
Features: Earn unlimited 1% cash back on all eligible purchases 		Apply now
Scotiabank Passport Visa Infinite FX fee: 0% fee
Annual fee: $150
Features: Complimentary Visa Airport Companion Program membership, plus 6 complimentary lounge visits per year 		Apply now
Scotiabank gold american express card FX fee: 0%
Annual fee: $120
Features: 5x Scene+ points for every $1 you spend on dining, food delivery, food subscriptions, other eligible grocery stores, and eligible entertainment purposes 		Apply now
KOHO credit card FX fee: 0%
Annual fee: $108 (charged at $9 per month)
Features: 1.5% cash back on groceries, transportation, food, and drink. 3% interest on your entire balance (this is a prepaid credit card) 		Get started
EQ Bank card FX fee: 0%
Annual fee: $0
Features: 0.5% cash back on all your spending + Earn 1.75%* 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

Best no foreign transaction fee credit card with no annual fee

$216

First Year Value

$0

Annual Value

Learn More Apply Now On Home Trust's Secure Site

  • Overview of the Home Trust Preferred Visa

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    One card that offers relief from foreign transaction fees is the Home Trust Preferred Visa. Aside from waiving the 0% foreign transaction fee option, this credit card also gives Canadians 1% cash back1 on all eligible purchases, without any limits on how much cash back you can earn. And there’s no annual fee.

    Minimum credit score: N/A

    Minimum income: $80,000 individual or $15,000 household

    Age: Age of majority in your province or territory

    Residency: Canadian

    Click here to apply or learn more by reading our complete Home Trust Preferred Visa review.

    1 Cash advances, balance transfers, interest, fees and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards.

Best Scene+

Best no fee foreign transaction card for earning Scene+ points

up to $780 in value

Welcome Bonus

$1,382

First Year Value

$602

Annual Value

Welcome Bonus: up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points

Learn More Apply Now On Scotiabank's Secure Site

  • Overview of the Scotiabank Gold Amex

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    Like the Scotiabank Passport® Visa Infinite* Card , when you use the Scotiabank Gold American Express® Card for any overseas purchases, you’ll only have to pay the exchange rate, with no foreign transaction fees added on top. But unlike the Scotiabank Passport® Visa Infinite* Card , you won’t earn extra points for purchases in special categories if the purchase is made in foreign currency.

    Minimum credit score: Very Good

    Age: Age of majority in your province or territory

    Residency: Canadian citizen or permanent resident

    Other: No bankruptcies in the past seven years

    Click here to apply or learn more by reading our complete Scotiabank Gold American Express® card review.

    Conditions Apply. Visit here for the Scotiabank Gold American Express® 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.

Best prepaid

Best no FX fee prepaid card with cash back

$20 sign-up bonus

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Get a 30-day free trial for any KOHO plan. Get a $20 sign-up bonus on your first $20 transaction.

Learn More Apply Now On Koho's Secure Site

  • Why we picked the KOHO Extra Prepaid Mastercard

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    Sometimes the best thing you can do while travelling is budget and a prepaid no foreign transaction fee credit card helps you do just that.

    Load up your saved up funds on your KOHO Extra card and enjoy travelling on your pre-set amount of money.

    KOHO isn't a bank, but you can set up direct deposits into it. It's an incredible app that allows you to have multiple savings accounts to save for your goals. And vacations abroad may be one of them.

    Any money in your account or on your card earns a high 3% interest, basically unheard of anywhere else.

    You'll also earn 1.5% cash back on grocery, transportation, food, and drink purchases you make with the card.

    Minimum credit score: Fair

    Minimum income: N/A

    Age: Age of majority in province of residence

    Age: Age of majority in province of residence

    Residency: Canadian

    Other: No bankruptcies in the past seven years

Best overseas

Best card with no overseas transaction fees

$108

First Year Value

$0

Annual Value

Learn More Apply Now On Secure Site

  • Why we picked the EQ Bank card as the credit card with no overseas fees

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    EQ Bank's a newcomer to the credit card scene, but a welcomed addition.

    While you need an EQ Bank account to transfer funds onto its prepaid Mastercard, the account itself is great. Earn 1.75%* interest on savings until you spend plus an additional 1.75% interest when you set up recurring direct deposit to your Personal Account. If you setup direct deposit, they'll give you 4%. Plus, you'll earn 0.5% cash back on any and all purchases you make on the card.

    EQ Bank's biggest differentiator is its no fee promise—no annual fee for the credit card, no foreign transaction fees, and going one step further, they'll reimburse you for any fees from an ATM withdrawal. So, if you're travelling, while you'll pay the currency conversion fees, any time you hit up an ATM, you won't be paying anything extra.

Why choose?

Why you want a no foreign transaction fee credit card in Canada

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.
vs. USD cards

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

Prepaid 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 has been 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.

Eligible banks

Which bank features no foreign transaction fee cards in Canada?

Scotiabank credit cards have the largest offering of cards with no foreign transaction fees. CIBC has discontinued its 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's exchange rate?

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

FAQs

No foreign transaction fee credit cards FAQs

  • Why should I get a credit card with no foreign transaction fees?

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    To save money on purchases abroad or online in foreign currencies by avoiding up to 2.5%-3% in additional fees.

  • Can I use a no foreign transaction fees credit card anywhere in the world?

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    Yes, these cards are accepted globally wherever their network (Visa, Mastercard, etc.) is accepted.

  • If I’m offered the choice to pay in the local currency or to pay a converted CAD/USD amount with my no foreign transaction fee credit card, what should I choose?

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    Always choose to pay in the local currency to avoid inflated exchange rates and fees from the merchant.

  • How do I avoid international transaction fees on credit card?

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    Use a credit card that does not charge foreign transaction fees for purchases in foreign currencies.

  • Is it better to use credit cards or cash abroad?

    +

    Credit cards are safer and may offer better exchange rates and rewards, but always have some local currency.

Sarah Pritzker Freelance Contributor

Sarah Pritzker has been writing for Money.ca since 2017, and loves learning about the latest trends in Canadian personal finance.

Tyler Wade Personal finance content strategist & writer

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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