Canadians love journey and procuring, however when utilizing their bank cards exterior of Canada, many pay international transaction charges—as a lot as 2.5%—on each buy, and that’s on prime of the alternate fee. The excellent news is there are a number of robust bank card choices for Canadians that both provide no international transaction charges or reward purchases with greater than sufficient money again to cowl the charges.
High 3 no foreign exchange bank cards
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Greatest for no annual charges
Residence Belief Most well-liked Visa
No annual payment, no international transaction charges and earn 1% money again on all Canadian purchases.
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Curiosity Charges:
$21.99% buy, $21.99% money advance, N/A stability switch
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Greatest for perks
Scotiabank Passport™ Visa Infinite Card
No international transaction charges, plus airport lounge entry (with 6 annual passes).
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Curiosity Charges:
$20.99% buy, $22.99% money advance, $22.99% stability switch
Welcome provide:
$250 worth
Earn as much as $1,100 in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. To qualify, apply by December 31, 2024.
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Greatest for rewards
Scotiabank Gold American Specific Card
Pay no foreign exchange charges and earn 5x the factors on groceries and eating in Canada.
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Curiosity Charges:
$20.99% buy, $22.99% money advance, $22.99% stability switch
Welcome provide:
$450 worth
Earn as much as $950 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors. To qualify, apply by December 31, 2024.
Greatest no foreign exchange playing cards overview
Scroll via the desk to see all card particulars.
| Card | Why we like it | Rewards | Particulars | Necessities |
|---|---|---|---|---|
| FEATURED Home Trust Preferred Visa |
The one no payment bank card in Canada to waive foreign exchange charges on all currencies | 1% money again on all Canadian purchases
2.5% foreign exchange payment waived on all foreign currency echange |
Annual payment: $0
Rates of interest: 21.99% on purchases, 21.99% on money advances |
Credit score rating: 660 or larger
Revenue required: None specified |
| FEATURED Rogers Red World Elite Mastercard |
3% money again on U.S. forex purchases—sufficient to cowl foreign exchange charges, after which some | 1.5% money again on all Canadian purchases
3% on USD purchases |
Annual payment: $0
Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
Credit score rating: 725 or larger
Revenue required: $80,000 per 12 months |
| FEATURED Scotiabank Passport Visa Infinite |
No foreign exchange payment and likewise acquire airport lounge entry | 2 factors per $1 on groceries, eating, leisure and transit
1 level per $1 on the whole lot else 2.5% foreign exchange payment waived on all foreign currency echange |
Annual payment: $150
Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
Credit score rating: 725 or larger
Revenue required: $60,000 per 12 months |
| FEATURED Scotiabank Gold American Express |
Spectacular on a regular basis rewards, full vary of journey insurance coverage advantages, and extra | 5-3 factors per $1 on meals and transit
1 level per $1 on the whole lot else 2.5% foreign exchange payment waived on all foreign currency echange |
Annual payment: $120
Rates of interest: 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
Credit score rating: 725 or larger
Revenue required: $12,000 per 12 months |
| FEATURED Meridian Visa Infinite Travel Rewards |
Roughly 0.5% again on international forex purchases (after foreign exchange charges) and spectacular journey insurance coverage advantages | 1.5 factors per $1 on Canadian purchases
3 factors per $1 on international purchases |
Annual payment: $99
Rates of interest: 19.5% on purchases, 21.99% on money advances, % on stability transfers |
Credit score rating: 725 or larger
Revenue required: $60,000 per 12 months |
Greatest no foreign exchange playing cards with no annual payment
Residence Belief Most well-liked Visa
At a look: The Residence Belief Most well-liked Visa is a real no international transaction payment card that additionally fees no annual payment. This implies it waives the foreign exchange on purchases in all foreign currency echange, not simply U.S. {dollars}.
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Residence Belief Most well-liked Visa
Annual payment: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Revenue required | None specified |
| Credit score rating | 660 or larger |
Rogers Purple World Elite Mastercard
At a look: With a lot larger earn charges than most no-fee playing cards, the Rogers Purple World Elite Mastercard does cost a 2.5% international transaction payment—but in addition nets you 3% money again on purchases in U.S. {dollars}, so you find yourself with an additional 1% in rewards.
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Rogers Purple World Elite Mastercard
Annual payment: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | $80,000 per 12 months |
| Credit score rating | 725 or larger |
Greatest no foreign exchange playing cards for rewards and perks
Scotiabank Passport Visa Infinite
At a look: As the primary card from one among Canada’s huge banks to waive its international transaction charges, the Scotiabank Passport Visa Infinite provides robust rewards, an easy-to-understand and versatile rewards system, and critically spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
Annual payment: $150
Welcome provide: Earn as much as $1,100 in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. Supply ends October 31, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | $60,000 per 12 months |
| Credit score rating | 725 or larger |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or resort (together with AirBnBs). |
Execs
- The Scotiabank Passport Visa Infinite is the one no foreign exchange payment card in Canada to additionally provide airport lounge access. With this card, you’ll obtain a complimentary Precedence Cross membership with six free airport lounge visits per 12 months; that’s essentially the most lounge passes obtainable on a card with an annual payment under $200.
- Redeeming Scene+ factors for journey rewards is intuitive and as simple as money again in your pockets. There aren’t any difficult journey charts or maps (1,000 factors is at all times value $10 in journey financial savings wherever you journey).
- Scotia’s Scene+ factors are extraordinarily versatile. You may redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from nearly any airline or resort supplier as much as 12 months later (even for journey purchases booked via Google Journey and Airbnb).
- The Scotiabank Passport Visa Infinite rewards high-volume spenders. Yearly that you simply cost $40,000 or extra, you’ll earn an extra 10,000 bonus factors ($100 worth towards journey).
- This card provides a full vary of journey insurance coverage advantages together with journey emergency medical insurance coverage, journey cancellation/journey interruption insurance coverage and extra.
Cons
- Whereas the Scotiabank Passport provides appreciable perks, its annual payment is $150, which is among the many highest on this checklist.
- Perks apart, the cardboard’s rewards on on a regular basis purchases in Canada—1 or 2 factors per $1 on most purchases—isn’t all that spectacular for a premium annual-fee card, even when in comparison with different Scotiabank credit cards on this checklist.
- You’ll must earn an revenue of no less than $60,000 (or $100,000 as a family) to qualify.
Scotiabank Gold American Specific
At a look: The Scotiabank Gold American Specific has a powerful on a regular basis earn fee, particularly on meals and transit. This card is not only among the finest no international transaction payment playing cards however among the finest general rewards playing cards in Canada.
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Scotiabank Gold American Specific
Annual payment: $120
Welcome provide: Earn as much as $950 in worth within the first 12 months, together with as much as 45,000 bonus Scene+ factors. Supply ends Dec. 31, 2024.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Revenue required | $12,000 per 12 months |
| Credit score rating | 725 or larger |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or resort (together with Airbnbs). |
Execs
- This bank card’s earn fee is sure to lift eyebrows, with an excellent 5 factors on groceries and eating, and 6 factors if you store at Sobeys-affiliated shops.
- Scene+ factors are versatile, simple to make use of and you may redeem them retroactively for as much as 12 months after you make a journey buy, which suggests you may e book if you need and reap the rewards later.
- Redeem for journey in simple increments of 1,000 factors (valued at $10). There aren’t any difficult guidelines or exceptions to handle, and you’ll get the identical worth irrespective of the place you go.
- Scotia’s definition of journey is extraordinarily broad so you may redeem for purchases even at Uber, UberEats and Airbnb.
- The Scotiabank Gold American Specific provides a full vary of journey insurance coverage advantages, together with journey emergency medical protection, journey cancellation/journey interruption insurance coverage and extra.
- This card comes with Amex Expertise perks. Amex grants early entry to presale tickets to a variety of occasions (together with live shows and sports activities occasions), whereas Amex Provides get you extra reductions and financial savings on a rotating roster of shops.
- The cardboard’s minimal revenue requirement is $12,000, making it accessible to most Canadians.
Cons
- Whereas American Specific is accepted at hundreds of areas throughout Canada, there are some notable exceptions. For instance, Loblaws doesn’t settle for Amex and also you may not be capable of use this card at some smaller impartial outlets, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
- Whenever you purchase in a international forex, you solely earn factors on the base fee. This implies, for instance, that should you purchase groceries in a international forex, the foreign-transaction payment will probably be waived however you’ll solely earn 1 level per $1 spent quite than the 5 factors often supplied within the grocery class for purchases in a Canadian forex.
Meridian Visa Infinite Journey Rewards
At a look: This can be a aggressive mid-tier bank card with a below-average annual payment, providing better-than-average journey insurance coverage and three% in rewards on non-Canadian purchases, which assist offset its 2.5% international transaction payment.
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Meridian Visa Infinite Journey Rewards
Annual payment: $99
Welcome provide: Earn 7,000 bonus rewards factors and pay no annual payment for the primary 12 months, together with on extra playing cards. Should apply by December 31, 2024.
Card particulars
| Rates of interest | 19.5% on purchases, 21.99% on money advances |
| Revenue required | $60,000 per 12 months |
| Credit score rating | 725 or larger |
| Level worth | 1 Meridian level = $0.01 when redeemed for journey. |
Amazon.ca Rewards Mastercard
At a look: Consideration Amazon consumers—which suggests, hear as much as just about everybody. The Amazon.ca Rewards Mastercard is a no-fee retailer bank card. Whereas it does cost a international transaction payment, your international forex transactions will earn you 2.5% again in rewards factors should you’re a Prime member (1% again should you aren’t).
Amazon Rewards Mastercard
Annual payment: $0 (Prime subscription required for full card advantages)
Welcome provide: 5% again at Amazon.ca, Entire Meals Market shops for six months as much as $3,000 in eligible purchases (for a price of $150)
Card particulars
| Rates of interest | 19.50% on purchases, 21.99% on money advances |
| Revenue required | $60,000 per 12 months |
| Credit score rating | 725 or larger |
| Level worth | Factors may be redeemed for Amazon.ca present playing cards (1 level is value 1% money again off Amazon purchases). |
Greatest no foreign exchange payment bank card variouss
EQ Financial institution card
At a look: OK, OK, this isn’t a bank card, however a pay as you go debit card. Nonetheless, the EQ Financial institution Card may help you keep away from expensive charges if you’re withdrawing or spending cash in a international forex by waiving all international alternate charges charged by EQ (transactions are nonetheless topic to Mastercard’s forex conversion fee). This can be a nice back-up card for these purchases the place the bank card in your pockets isn’t accepted.
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EQ Private Account
Annual payment: $0
0.5% money again on all purchases
Pay no foreign exchange charges on purchases
Earn 2.5%-4% curiosity in your money deposits
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | None (this can be a pay as you go card) |
| Revenue required | None |
| Credit score rating | None |
Wealthsimple Money card
At a look: The Wealthsimple Cash account doesn’t cost service charges—or alternate charges on purchases made in foreign currency echange. Plus, at a minimal of three.5% curiosity for Core shoppers (Premium and Era shoppers earn extra), the rates of interest make this an answer to think about. Plus, you earn rewards in your spending.
Wealthsimple Money
Annual payment: $0
Welcome provide: This card doesn’t have a welcome bonus at the moment.
Card particulars
| Rates of interest | None (this can be a pay as you go card) |
| Revenue required | None |
| Credit score rating | None |
How we decide the most effective playing cards
The MoneySense editorial staff selects the most effective bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest no international transaction payment bank cards rating relies on an in depth checklist of card particulars and options—with a concentrate on people who matter to worldwide travellers and consumers—together with international transaction charges, annual charges, rates of interest, welcome provides, rewards earn charges and redemption choices, annual revenue necessities, and perks similar to insurance coverage protection and buy safety. We have now additionally thought of the professionals and cons of every card that will help you decide which of them greatest fit your monetary wants. Our rankings are an unbiased supply of data for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes money.
Ceaselessly requested questions
How are bank card international transactions processed?
Utilizing your bank card to pay in a international forex usually finally ends up being costlier than you assume. Right here’s why:
Overseas forex conversion. The transaction quantity is transformed from the native forex to Canadian {dollars} by the bank card community, utilizing a bank card conversion fee that’s barely larger than market charges. You may verify the Mastercard currency exchange rate and Visa foreign exchange rate on-line. Amex international alternate charges fluctuate by card and nation of challenge, so verify your bank card settlement.
Overseas transaction payment. This payment is charged by the bank card issuer and usually ranges round 2.5% of every international forex transaction. The payment is utilized to each buy made in a forex that’s not Canadian {dollars}—even if you store on-line. That is the payment you’ll eradicate by utilizing a no forex fee card.
Dynamic forex conversion. Generally, you’ll be given the choice to pay in an area forex or have the value transformed to your property forex on the level of sale. This is named dynamic forex conversion (DCC), and it eliminates each the international forex conversion and international transaction payment. This makes you assume you’re saving cash, however DCC usually makes use of an alternate fee with a big markup (round 3% to five%) so every transaction turns into much more costly.
Easy methods to keep away from bank card international transaction charges
1. All the time pay within the native forex
As defined above, dynamic forex conversion virtually at all times prices extra. Everytime you’re requested should you’d wish to pay utilizing the native forex or your property forex, at all times select the native forex.
2. Use a no foreign exchange payment bank card
Whether or not you journey abroad ceaselessly or just take pleasure in procuring on-line from worldwide shops, international transaction charges can rapidly add up. As an example how much you can save while travelling by utilizing a bank card with no abroad payment, think about spending €1,000 throughout a visit to Europe:
| Common bank card (CIBC Dividend Visa Infinite) |
No FX payment bank card (Scotiabank Passport Visa Infinite) |
|
|---|---|---|
| Quantity spent (EUR) | €1,000 | €1,000 |
| Quantity in CAD (Visa alternate fee) | $1,509.32 | $1,509.32 |
| Overseas transaction payment (2.5%) | $37.73 | $0 |
| Whole charged | $1,547.05 | $1,509.32 |
| Rewards worth | 1% money again ($15.09 worth) | 1509 Scene+ factors ($15.09 worth) |
Along with saving on international alternate charges, a no foreign exchange payment bank card may earn you extra rewards. Should you use the Scotiabank Passport Visa Infinite featured on this instance, any spending on groceries, eating, leisure, and transit will earn 2X the factors — even abroad.
3. Don’t withdraw money utilizing your bank card
Utilizing a no international transaction payment bank card is nice—till you’re abroad and buying from a enterprise that doesn’t settle for bank cards. Should you aren’t carrying money within the native forex, withdrawing money from an ATM utilizing your bank card will incur hefty charges: along with the international transaction payment and ATM payment charged by the abroad ATM, you’ll instantly incur money advance curiosity fees.
One answer is to make use of a debit card that doesn’t cost international transaction charges, just like the EQ Bank Card. This manner, you’ll get money primarily based on the financial institution’s alternate fee and pay solely the abroad ATM payment.
