Canada's best no foreign exchange credit cards at a glance
Featured
Scotiabank Passport Visa Infinite
Earn up to $1,300 in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived.
Featured
Home Trust Preferred Visa
Earn 1% cashback on eligible purchases in Canada, with no caps on cashback earn.
Featured
Scotiabank®* Gold American Express® Card
earn up to $650 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Must apply by July 1, 2024.
Compare credit cards side-by-side
Finding a new credit card just got easier. Instantly compare up to 3 credit cards side-by-side to see how their rewards, features, perks, and rates stack up.
compare now
Our methodology: how we choose the best credit cards
Ratehub.caevaluates the best credit card rewards credit cards by considering overall consumer value and suitability for various types of consumers. Our evaluation methodology incorporates factors such as the card’s annual fee, rewards earning rates, ease-of-use, welcome or promotional offers, approval rates, eligibility criteria, and redemption choices. We have also considered the pros and cons of each card to help you determine which case best suits your financial needs and spending habits.
How to choose the best no foreign exchange credit card - frequently asked questions
What are foreign transaction fees?
Foreign transaction fees are charges placed by financial institutions on credit card transactions that involve foreign currency. While they typically occur when a customer is using their credit card to make purchases in a foreign country, they can also apply to online transactions where the vendor is processing payments in a foreign currency. Foreign transaction fees are around 2.5% typically, and they are charged on top of the currency exchange rate.
While they were originally established by banks to offset the expense of processing international payments, these concerns have been largely solved by the more modern global banking system of today. Regardless, many credit cards will still charge users a foreign transaction fee, so it's important to know if your chosen card carries this charge before signing up for it (especially if you're a frequent traveller).
Is it worth it to get a credit card with no foreign transaction fees?
If you travel outside your home country regularly, or you frequently shop on foreign websites, it's in your best interest to choose a rewards card without any foreign transaction fees. While the fees themselves might not seem that scary on their own (usually around 2-3% total per transaction), those costs can quickly add up if you're using your credit card as a primary payment method while abroad or online shopping, so try to avoid them if at all possible.
Are foreign transaction fees refunded?
If your credit card comes with foreign transaction fees, they typically won't be refunded if you've used the card abroad or to make online purchases in a foreign currency. If your card has no foreign transaction fees, you may be able to get a refund on any extra charges from foreign ATMs, but it's best to ask your provider for the clearest answer.
Can I use a no foreign transaction fee credit card in any country?
You can use a no foreign transaction fee credit card anywhere that your card type is accepted, whether that’s Visa, Mastercard or American Express. If you’re worried about card acceptance, you could try using a prepaid travel card or get foreign cash before you leave. Keep in mind that ATMs charge currency exchange fees and foreign transaction fees (unless you are withdrawing money from a no-forex fee card.)
When I’m offered to pay in local currency or to pay a converted CAD/USD amount with my no foreign transaction fee credit card, what should I choose?
You’ll usually save money by paying using the local currency, because there may be a built-in cost when you choose to pay in your home currency at the point of purchase. Credit card issuers like Visa or Mastercard often get better exchange rates. Just keep the currency conversion rate in mind when you are making purchases abroad - you could use an app or web browser to know the true cost.
Which credit cards offer the lowest foreign transaction fees?
Some credit cards offset foreign transaction fees with cash back, while others, like the Scotiabank Passport Visa Infinite, waive the fees in general. If you’re wanting to use your card frequently while abroad, Scotiabank’s travel credit cards might be a good choice for you. Another option for no foreign transaction fees is the Home Trust Preferred Visa.
advertisem*nt
Best no foreign exchange credit cards in Canada by category
Most people don’t realize it, but just about every credit card out there charges foreign transaction fees. Whenever you buy something in a non-Canadian currency, you end up paying an additional 2.5% on top of the exchange rate.
Fortunately, there are a few credit cards that let you save on those pesky fees. Learn more about the benefits of using credit cards without foreign transaction fees.
- Best travel card with no foreign transaction fees: Scotiabank Passport Visa Infinite
- Best premium travel card with no foreign transaction fees: Scotiabank Gold American Express
- Best cash back card with no foreign transaction fees: Home Trust Preferred Visa
- Best no foreign transaction fee card for the U.S: Rogers World Elite Mastercard
Best travel card with no foreign transaction fees
featured
4.0 Ratehub rated
Best for Travel perks
First year reward
based on spending $2,200/mo after $150 annual fee
- Earn rewards
1pt – 3pts / dollar earn rate
- Welcome bonus
30,000 bonus points (a $300 value)
- Annual fee
$150 $0 first year waived
Perks
- Ratehub.ca’s 2024 Credit Card Award Winner
- Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived¹
- Earn 3x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating
Co-ops and more - Earn 2x Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligble entertainment puchases and eligible daily trasit options(including rideshares, buses, subways taxis and more)
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- No Foreign Transaction Fee
- 6 Complimentary Airport Lounge Access
- Comprehensive Travel Insurance coverage
- Visa Infinite* Concierge Services
- Visa Infinite* Hotel Collection
- Visa Infinite* Dining and Wine Country program
Rates, fees and other information are effective as of Jan.4, 2024. Subject to change
Features
Ratehub’s take
The Scotiabank Passport Visa Infinite card makes a great vacation companion, designed for Canadians who travel abroad and explore the world. It is one of the few cards that covers foreign transaction fees, and also includes valuable travel benefits like airport lounge access.
Pros
- No foreign transaction fee: Save 2.5% on all non-Canadian currency purchases
- Scene+ points: Earn three Scene+ points per $1 spent at participating grocery stores (e.g., Sobey’s, IGA, and FreshCo) and two Scene+ points per $1 spent on eligible grocery, dining, entertainment, and daily transit purchases
- Flexible redemption: Enjoy flexible point redemption options including for travel, groceries, statement credits, gift cards, and movie tickets
- Airport lounge access: Access airport lounges with six free visits per year to over 1,200 lounges worldwide
- Visa Infinite benefits: Benefit from the Visa Infinite Luxury Hotel Collection, Visa Infinite Dining series, and complimentary Avis Preferred Plus membership
- Comprehensive travel insurance: Enjoy coverage for emergency medical, trip cancellation/interruption, flight delays, and more
Cons
- Annual fee: The annual fee of $150 is higher than some comparable cards
- Low point return: The earn rate for certain spending categories like dining and entertainment is lower compared to other cards
- Consistent point values: Travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with some Amex cards
Minimum credit score: 725 Minimum income: $60,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
Best cash back card with no foreign transaction fees
featured
4.5 Ratehub rated
Best for No FX fees
First year reward
based on spending $2,200/mo after $0 annual fee
- Earn rewards
1% earn rate
- Annual fee
$0
Perks
- Earn 1% cashback on eligible purchases1 in Canada, with no caps on cashback earn
- No annual fee
- 0% foreign currency conversion charge on purchases abroad
- This product is currently not available to residents of Quebec
- For a more in-depth look at this credit card, read our full Home Trust Preferred Visa Review
- 1Cash advances, balance transfers, interest, fees and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards
- This offer is not available for residents of Quebec
Features
Ratehub’s take
The Home Trust Preferred Visa not only saves you from foreign transaction fees, but also offers several additional benefits – like no annual fee and the added perk of earning 1% cash back on all your spending in Canada without any limits or caps.
Pros
- No foreign transaction fees: Save 2.5% on all non-Canadian currency purchases
- No annual fee: Enjoy the card’s travel benefits without an annual fee; however, it is important to note that the card has an inactivity fee (if you don’t use the card to make at least one purchase during a consecutive 12-month period, you’ll be charged $12)
- Cash back earnings: Earn 1% cash back on all Canadian purchases, providing consistent rewards
- Additional perks: Take advantage of a number of other perks, including car rental insurance and Visa Zero Liability coverage to help ensure you are protected against potential fraudulent activities
Cons
- Not available to Quebec residents
- Transaction limitation: It’s worth noting that the card is limited to 10 authorized transactions per day
- No rewards on foreign exchange purchases: While this card charges no foreign exchange fees, it does not offer any rewards for those purchases
- Limited insurance coverage: Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of best credit cards for travel insurance)
- Lacking in bonus rewards: Other than the 1% cash back rate, there is not much else offered in the way of rewards, bonus offers or perks with this card
Minimum credit score: 660 Minimum income: N/A Purchase interest: 21.99% Cash advance: 21.99% Balance transfer: N/A Eligibility requirements
Interest rates
advertisem*nt
Best premium travel card with no foreign transaction fees
featured
4.0 Ratehub rated
Best for Groceries & dining
First year reward
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1pt – 5pts / dollar earn rate
- Welcome bonus
40,000 bonus points (a $400 value)
- Annual fee
$120
Perks
- Earn up to $650* in value in the first 12 months, including up to 40,000 bonus Scene+ points.
- You will not pay 2.5% foreign transaction fees on any foreign currency purchases, including online shopping and when travelling abroad. Only the exchange rate applies
- Earn 5X Scene+ points for every $1 CAD spent on eligible grocery stores, restaurants, fast food, and drinking establishments. Includes popular food delivery and food subscriptions
- Earn 3X Scene+ points for every $1 CAD spent on eligible gas and daily transit. Includes rideshare, buses, taxis, subway, and more
- Earn 1X Scene+ point for every $1 spent on every other purchase
Features
Ratehub’s take
The Scotiabank Gold American Express Card earns anhonourable mention as one of the best overall travel credit cards for the outstanding benefits it offers to cardholders. This card stands out as a top choice, thanks to its exceptional return on spending and a variety of travel-related perks. This card is particularly useful for those who dine out often, travel, and enjoy entertainment.
Pros
- No foreign exchange fee: Save on foreign currency purchases while travelling abroad or shopping online, as this card doesn’t charge the typical 2.5% foreign transaction fee
- Extensive insurance coverage: Enjoy comprehensive travel insurance, including the $1 million travel medical insurance, which lasts for 25 days and is one of the longer coverage periods available on the market
- High return on spending: Earn five points per $1 spent on groceries, restaurants, food delivery, and entertainment – one of the best in class multipliers in the market. Earn three points per $1 spent on gas and transit expenses
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual Fee: This card carries an annual fee of $120
- Fixed point values: Although earn rates are high, travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with other cards
- Airport lounge access is not free:Although you’ll get a discount on a Priority Pass membership for airport lounge access, lounge visits aren’t included with the card
Minimum credit score: 725 Minimum income: $12,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
Best no foreign transaction fee card for the U.S.
Get a $50 Cash bonus upon approval
featured
First year reward
based on spending $2,200/mo after $0 annual fee
- Earn rewards
2% – 3% earn rate
- Annual fee
$0
Perks
- 2% cash back – no limits. Exclusively for eligible Rogers, Fido or Shaw customers.
- 3% unlimited cash back on U.S. dollar purchases.
- 5 Roam Like Home days at no cost with an eligible Rogers mobile plan (up to $75 value).
- 50% more cash back every time you redeem for Rogers, Fido or Shaw purchases.
- Travel Benefits:
- Complimentary membership to Mastercard
- Travel Pass provided by DragonPass
- Access to over 1,300 airport lounges worldwide
- $32 USD per person per visit
- Included Insurance Benefits:
- Extended Warranty and Purchase Protection
- Rental Car Collision/Damage
- Out-of-Province/Out-of-Country Emergency Medical
- Trip Interruption
- Trip Cancellation
Ratehub’s take
The Rogers Red World Elite Mastercard is a great choice for Rogers customers – a step-up from the Rogers Mastercard, with a higher annual income requirement. The card boasts a full suite of travel insurance options and airport lounge access, which are rare perks for a cash back credit card.
Pros
- Extensive insurance: The travel insurance options included with this card cover everything from rental car damage to emergency medical insurance so you don’t have to pay for coverage out of pocket
- Unlimited cash back: The earn rates of 1.5% (or 2% if you’re a Rogers, Shaw or Fido customer) on all purchases and 3% on USD purchases are unlimited, meaning your cash back rewards are not capped at an annual maximum amount
- Redemption bonus:If you redeem your cash back rewards for purchases at Rogers, Fido or Shaw for bill payments, new phones and accessories your cash back rewards will be worth 1.5 times their regular value
Cons
- Bonus rates are only for USD purchases or Rogers customers: If you don’t shop or travel to the U.S. often, or you are not a Rogers customer, this card might not make sense for you
- Pay for lounge access: Although you receive a free included membership to Mastercard Travel Pass, you’ll have to pay $32 USD per visit
Minimum credit score: 725 Minimum income: $80,000/yr Purchase interest: 20.99% Cash advance: 22.99% Balance transfer: 22.99% Eligibility requirements
Interest rates
What to look for in a no foreign transaction fee credit card
Outside of the obvious - no foreign transaction fees - there are a couple of other features that you'll want to look out for when shopping for a card of this type.
If you'll be using this card while abroad, you'll want to choose one that also offers great rewards on spending outside of Canada. It's an often-overlooked detail on rewards cards, but many of their great point values and cash back rates don't apply outside of the country. There's no point in getting a credit card with no foreign transaction fees if it won't also reward you for using it in foreign countries.
Along with that, check if your chosen card also comes with any travel perks, such as VIP airport lounge access, hotel upgrades, checked baggage, or rental car discounts. If you don't already have a credit card with travel insurance, it's also a good idea to select one with a good travel insurance package to cover things like emergency medical care, stolen/lost baggage, and flight delay or trip cancellation, among others.
What are the benefits of a no foreign transaction fee credit card?
When you're travelling abroad, every transaction you make with your credit card has to be converted from the country's currency to Canadian dollars before appearing as a charge on your statement. For the trouble of doing this, many providers charge a foreign transaction fee (usually 2.5%) in addition to the spot rate. This may look like a small amount of money, but added up over multiple transactions (let's face it - everyone spends more while on vacation) they can quickly become a problem. This is why having a no foreign transaction fee credit card can save you more money than you think.
Not only that, but for those who like to shop online on foreign websites (U.S. included), you'll save the same 2.5% on all your transactions.
Foreign transaction fees vs exchange rates
The difference between foreign exchange rates and foreign transaction fees is that foreign exchange rates refers to the rate at which one currency is exchanged for another. Foreign transaction fees are charges imposed by credit card issuers such as Visa and Mastercard.
Foreign exchange rates fluctuate depending on the market and cost of goods and services in different countries.
Foreign transaction fees are fixed charges, usually at 2.5% and are charged when making purchases in foreign currency.
The knowledge bank
A wealth of knowledge delivered right to your inbox.
By submitting your email address, you acknowledge and agree to Ratehub.ca’s Terms of Use and Privacy Policy. Contact us for more information. You can unsubscribe at any time.
advertisem*nt
