Canadians love journey and buying, however when utilizing their bank cards outdoors of Canada, many pay overseas transaction (foreign exchange) charges—as a lot as 2.5%—on each buy. That’s on high of the alternate charge. The bank cards you’ll discover right here both include no overseas transaction payment or reward foreign-currency purchases sufficient to cowl it.
Greatest no foreign exchange bank cards in Canada
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Gold: Greatest no foreign exchange bank card
Scotiabank Gold American Categorical Card
Earn as much as 6 Scene+ factors per $1 spent and entry unimaginable journey perks, together with no overseas transaction payment.
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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 $$780 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. To qualify, apply by July 1, 2025
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Silver: Greatest no foreign exchange bank card
Dwelling Belief Most well-liked Visa
The one no-annual-fee bank card in Canada to waive its foreign exchange payment on all overseas purchases. 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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Bronze: Greatest no foreign exchange bank card
Scotiabank Passport™ Visa Infinite Card
Save on the foreign exchange payment when spending in foreign exchange. Plus, get 6 airport lounge passes yearly.
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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 40,000 bonus Scene+ factors. To qualify, apply by July 1, 2025.
Greatest no foreign exchange playing cards overview
Scroll via the desk to see all card particulars.
| Why we adore it | Annual payment | Foreign exchange payment (sometimes 2.5%) | Rewards | Beneficial revenue | Beneficial credit score rating | Apply now (featured playing cards solely) |
|
|---|---|---|---|---|---|---|---|
| Scotiabank Gold American Categorical
|
Spectacular on a regular basis rewards, full vary of journey insurance coverage advantages, and extra | $120 | Waived for all foreign exchange | As much as 6 Scene+ factors per $1 spent | $12,000 per yr | 725 or larger | Apply now |
| Dwelling Belief Most well-liked Visa
|
The one no payment bank card in Canada to waive foreign exchange charges on all currencies | $0 | Waived for all foreign exchange | 1% money again on all Canadian purchases | None specified | 660 or larger | Apply now |
| Scotiabank Passport Visa Infinite
|
No foreign exchange payment and likewise acquire airport lounge entry | $150 | Waived for all foreign exchange | As much as 2 Scene+ factors per $1 spent | $60,000 per yr | 725 or larger | Apply now |
| Rogers Purple World Elite Mastercard
|
3% money again on U.S. forex purchases—sufficient to cowl foreign exchange charges | $0 | Offset by rewards (on U.S. greenback purchases solely) | 1.5% money again on all Canadian purchases
3% on U.S. greenback purchases |
$80,000 per yr | 725 or larger | Apply now |
| Meridian Visa Infinite Journey Rewards
|
Roughly 0.5% again on overseas forex purchases (after foreign exchange charges) and spectacular journey insurance coverage advantages | $99 | Offset by rewards (on all foreign-currency purchases) | 1.5 factors per $1 spent on Canadian purchases
3 factors per $1 spent on overseas purchases |
$60,000 per yr | 725 or larger | Apply now |
MoneySense award winners
Dive into the professionals and cons of our gold, silver and bronze-winning bank card picks. We’ve additionally included card choices that offset their foreign exchange payment with rewards on foreign-currency transactions, plus just a few financial institution playing cards that include the identical perk.
Gold: Scotiabank Gold American Categorical
At a look: With a powerful earn charge, particularly on groceries and eating, plus a complete insurance coverage protection bundle, the Scotiabank Gold American Categorical will not be solely one of the best no overseas transaction payment card, but additionally one of many greatest general journey bank cards in Canada.
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Scotiabank Gold American Categorical
Annual payment: $120
Welcome provide: Earn as much as $780 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Provide ends July 1, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | $12,000 per yr |
| 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). |
Silver: Dwelling Belief Most well-liked Visa
At a look: Don’t suppose no foreign exchange payment is price paying an annual payment? As the one no-annual-fee card to come back with this perk, the Dwelling Belief Most well-liked Visa is an effective choice. It waives the foreign exchange payment on purchases in all foreign exchange, not simply U.S. {dollars}.
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Dwelling Belief Most well-liked Visa
Annual payment: $0
Welcome provide: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | 21.99% on purchases, 21.99% on money advances |
| Earnings required | None specified |
| Credit score rating | 660 or larger |
Bronze: Scotiabank Passport Visa Infinite
At a look: Our quantity three decide was the primary card from a Canadian Huge Six financial institution to waive its overseas transaction payment. At present, the Scotiabank Passport Visa Infinite continues to supply sturdy rewards, an easy-to-understand and versatile rewards program, and significantly 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 40,000 bonus Scene+ factors. Provide ends July 1, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | Private revenue of $60,000 per yr or family revenue of $100,000 per yr |
| 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). |
Greatest bank cards for offsetting foreign exchange charges with rewards on overseas purchases
Some bank cards in Canada that cost a overseas transaction payment should be price contemplating for overseas forex purchases. The 2 playing cards beneath provide rewards that offset their foreign exchange payment, leaving you with just a little further within the course of.
Rogers Purple World Elite Mastercard
At a look: With a lot larger earn charges than most no-fee bank cards, the Rogers Purple World Elite Mastercard prices a 2.5% overseas transaction payment—nevertheless it additionally 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: None right now.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | $80,000 per yr |
| Credit score rating | 725 or larger |
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 foreign-currency purchases, which successfully offsets the two.5% overseas 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 yr, 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 |
| Earnings required | $60,000 per yr |
| Credit score rating | 725 or larger |
| Level worth | 1 Meridian level = $0.01 when redeemed for journey. |
Greatest no foreign exchange payment financial institution card differents
It’s not solely Canadian bank cards that may aid you save on foreign exchange charges. The financial institution card alternate options beneath include the identical perk, that means you’ll be able to accomplish the identical aim with out placing purchases on credit score.
EQ Financial institution card
At a look: The EQ Financial institution Card will help you keep away from expensive charges while you’re withdrawing or spending cash in a overseas forex by waiving all overseas alternate charges charged by EQ (transactions are nonetheless topic to Mastercard’s forex conversion charge). 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 right now.
Card particulars
| Rates of interest | None (it is a pay as you go card) |
| Earnings required | None |
| Credit score rating | None |
Wealthsimple Money card
At a look: The Wealthsimple Money account doesn’t cost service charges—or alternate charges on purchases made in foreign exchange. Plus, at a minimal of three.5% curiosity for Core shoppers (Premium and Technology shoppers earn extra), the rates of interest make this an answer to contemplate. Plus, you earn rewards in your spending.
Wealthsimple Money
Annual payment: $0
Welcome provide: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | None (it is a pay as you go card) |
| Earnings required | None |
| Credit score rating | None |
Regularly requested questions
How are bank card overseas transactions processed?
Utilizing your bank card to pay in a overseas forex usually finally ends up being costlier than you suppose. Right here’s why:
International forex conversion. The transaction quantity is transformed from the native forex to Canadian {dollars} by the bank card community, utilizing a bank card conversion charge that’s barely larger than market charges. You possibly can test the Mastercard forex alternate charge and Visa overseas alternate charge on-line. Amex overseas alternate charges fluctuate by card and nation of concern, so test your bank card settlement.
International transaction payment. This payment is charged by the bank card issuer and sometimes ranges round 2.5% of every overseas forex transaction. The payment is utilized to each buy made in a forex that’s not Canadian {dollars}—even while you store on-line. That is the payment you’ll get rid of through the use of a no foreign exchange payment card.
Dynamic forex conversion. Typically, you’ll be given the choice to pay in a neighborhood forex or have the value transformed to your house forex on the level of sale. This is called dynamic forex conversion (DCC), and it eliminates each the overseas forex conversion and overseas transaction payment. This makes you suppose you’re saving cash, however DCC sometimes makes use of an alternate charge with a big markup (round 3% to five%) so every transaction turns into much more costly.
Easy methods to keep away from bank card overseas transaction charges
1. At all times pay within the native forex
As defined above, dynamic forex conversion virtually all the time prices extra. Everytime you’re requested should you’d wish to pay utilizing the native forex or your house forex, all the time select the native forex.
2. Use a no foreign exchange payment bank card
Whether or not you journey abroad steadily or just get pleasure from buying on-line from worldwide shops, overseas transaction charges can shortly add up. As an example how a lot it can save you whereas travelling through the use of 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 charge) | $1,509.32 | $1,509.32 |
| International 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 overseas alternate charges, a no foreign exchange payment bank card might also earn you extra rewards. When 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 overseas transaction payment bank card is nice—till you’re abroad and buying from a enterprise that doesn’t settle for bank cards. When 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 overseas transaction payment and ATM payment charged by the abroad ATM, you’ll instantly incur money advance curiosity prices.
One answer is to make use of a debit card that doesn’t cost overseas transaction charges, just like the EQ Financial institution Card. This fashion, you’ll get money based mostly on the financial institution’s alternate charge and pay solely the abroad ATM payment.
