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Are you looking for the best no foreign transaction fee credit cards in Canada? There aren’t as many options as you’d think to avoid those pesky FX fees, but we’ve got you covered.
All of the credit cards on this list have no foreign transaction fees, meaning you can travel more and spend less. A few cards even allow you to earn points or cash back in the process.
The EQ Bank Card is perfect for individuals seeking the convenience of a prepaid card with no monthly fees, all while earning a bit of cash back on all spending. Moreover, it allows you to grow your savings since you earn a competitive interest rate until you make a purchase. This prepaid card can also help control debt as you can only spend what you put on the card. That being said, it won’t help you grow your credit score.
The EQ Bank Card is a prepaid card rather than a traditional no FX fee credit card in Canada. This means you have complete control over how much money is on the card because it’s up to you to load it if you want to use it. This is handy for several reasons, including keeping within your budget, avoiding any credit card debt, and not impacting your credit score.
The Scotiabank Gold American Express credit card has a wide variety of perks, which means its ideal audience is quite broad. However, its ideal customer will probably spend a considerable amount of time across the border so that they can reap all of the benefits of having zero foreign exchange fees. It offers essential benefits like travel insurance and luxury benefits like concierge services and a robust points system, covering a wide range of everyday categories such as groceries and gas.
In addition to avoiding FX fees, cardholders also earn Scene+ points on dining and grocery purchases, entertainment purchases, daily transit, and other eligible purchases. Additional perks and benefits include airport lounge passes and a comprehensive travel insurance package. And new cardholders will get the first year annual fee of $150 waived.
In addition to avoiding FX fees, cardholders also earn Scene+ points on dining and grocery purchases, entertainment purchases, daily transit, and other eligible purchases. Additional perks and benefits include airport lounge passes and a comprehensive travel insurance package. And new cardholders will get the first year annual fee of $150 waived.
Another option for a prepaid card, the CIBC AC Conversion card allows cardholders to load up to 10 different currencies from 45 different countries. This means you don’t have to worry about conversion fees, FX fees, or exchange rate fluctuations when you make eligible purchases in one of its 10 foreign currencies.
The HSBC World Elite Mastercard is a travel rewards credit card intended for the high-earning frequent traveller, whether that’s by air, train, cruise ship, or car. With no foreign transaction fee, this card is an attractive option for those who plan to spend frequently while abroad. You can earn rewards on travel and other categories like gas and groceries, and put those rewards toward a variety of other travel-related expenses.
A competitive rewards credit card for travel, the HSBC World Elite Mastercard comes in strong with zero foreign transaction fees and a number of great perks and benefits. These include extensive insurance coverage, TravelPass for airport lounges, $100 travel credit, and discounts on select hotel bookings with Expedia and Agoda — making it one of the better no FX fee credit cards in Canada.
The card offers an easy way to earn travel and shopping rewards with no annual fee. It also provides attractive luxury benefits such as airport lounge access and cash back on U.S. currency and everyday purchases, while also offering substantial travel insurance. This card is best for those who travel to the U.S. frequently.
This card is a good option for individuals who travel frequently to the U.S. or make purchases in USD. It offers a normal cash back rate of 1.5% and an accelerated rate of 3% on USD purchases. While this card isn’t officially a no foreign transaction fee credit card, its 3% cash back on USD purchases offsets the 2.5% foreign transaction fee. Keep in mind, if you use the card in any other currency you will still be charged the FX fee.
This prepaid card isn’t a traditional no FX credit card in Canada but it still allows cardholders to earn cash back on all purchases in addition to waiving foreign transaction fees. Two main draws of this card are its credit-building abilities (a paid add on) and one free international withdrawal per month, which might be handy if you make monthly cross-border trips.
This is a great option for a no foreign transaction fee credit card with no annual fee. Visa is accepted worldwide meaning it will be easy to use while travelling and shopping online. The downside is that purchases made in foreign currencies are not eligible for cash back rewards.
Our final pick for one of the best no foreign transaction fee credit cards in Canada is the Brim World Elite Mastercard, which offers a full suite of travel perks. Frequent travellers can benefit from Lounge Key membership, expansive insurance coverage, including trip cancellation and trip interruption insurance, free global WiFi, and more. This no foreign transaction fee card has a higher annual fee but it’s waived for the first year.
Foreign transaction fees are a surcharge that most Canadian credit card issuers charge on purchases made in a foreign currency. This could be a charge made while travelling abroad or when online shopping if the price is in a foreign currency. A foreign transaction fee from a credit card issuer in Canada is typically 2.5%.
If you’re a frequent traveller or find yourself making online transactions in a foreign currency then yes, a no foreign transaction fee credit card is definitely worth it.
Mastercard, AMEX, and Visa are accepted worldwide and can help you save money from withdrawing cash from foreign ATMs.
With a U.S. dollar credit card, any purchases you make on the card will be charged in U.S. dollars and not converted into Canadian dollars. With no FX fee credit cards, your card will be charged in the foreign currency, but it will be converted into Canadian dollars.
Absolutely. Credit cards can come in very handy while travelling, especially when making larger purchases. Make sure to have some foreign currency on hand as well, though.
If you want to avoid foreign transaction fees then you will need to choose a credit card without a foreign transaction fee. Otherwise, credit card issuers will charge you.
If you choose a no foreign transaction fee credit card then you will avoid that surcharge.
