Canadians love journey and procuring, 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 prime of the alternate charge. The bank cards you’ll discover right here both include no overseas transaction price 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 Specific Card
Earn as much as 6 Scene+ factors per $1 spent and entry unimaginable journey perks, together with no overseas transaction price.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% stability switch
Welcome supply:
$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
House Belief Most popular Visa
The one no-annual-fee bank card in Canada to waive its foreign exchange price 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 price when spending in foreign currency echange. 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 supply:
$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 find it irresistible | Annual price | Foreign exchange price (sometimes 2.5%) | Rewards | Really helpful earnings | Really helpful credit score rating | Apply now (featured playing cards solely) |
|
|---|---|---|---|---|---|---|---|
| Scotiabank Gold American Specific
|
Spectacular on a regular basis rewards, full vary of journey insurance coverage advantages, and extra | $120 | Waived for all foreign currency echange | As much as 6 Scene+ factors per $1 spent | $12,000 per 12 months | 725 or increased | Apply now |
| House Belief Most popular Visa
|
The one no price bank card in Canada to waive foreign exchange charges on all currencies | $0 | Waived for all foreign currency echange | 1% money again on all Canadian purchases | None specified | 660 or increased | Apply now |
| Scotiabank Passport Visa Infinite
|
No foreign exchange price and in addition achieve airport lounge entry | $150 | Waived for all foreign currency echange | As much as 2 Scene+ factors per $1 spent | $60,000 per 12 months | 725 or increased | Apply now |
| Rogers Crimson World Elite Mastercard
|
3% money again on U.S. foreign money 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 12 months | 725 or increased | Apply now |
| Meridian Visa Infinite Journey Rewards
|
Roughly 0.5% again on overseas foreign money 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 12 months | 725 or increased | 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 price with rewards on foreign-currency transactions, plus a number of financial institution playing cards that include the identical perk.
Gold: Scotiabank Gold American Specific
At a look: With a formidable earn charge, particularly on groceries and eating, plus a complete insurance coverage protection package deal, the Scotiabank Gold American Specific isn’t solely the very best no overseas transaction price card, but additionally one of many finest total journey bank cards in Canada.
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Scotiabank Gold American Specific
Annual price: $120
Welcome supply: Earn as much as $780 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Supply 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 12 months |
| Credit score rating | 725 or increased |
| Level worth | 1 Scene+ level = $0.01 when redeemed for journey on any airline or resort (together with Airbnbs). |
Silver: House Belief Most popular Visa
At a look: Don’t suppose no foreign exchange price is price paying an annual price? As the one no-annual-fee card to return with this perk, the House Belief Most popular Visa is an effective choice. It waives the foreign exchange price on purchases in all foreign currency echange, not simply U.S. {dollars}.
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House Belief Most popular Visa
Annual price: $0
Welcome supply: 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 |
| Earnings required | None specified |
| Credit score rating | 660 or increased |
Bronze: Scotiabank Passport Visa Infinite
At a look: Our quantity three choose was the primary card from a Canadian Massive Six financial institution to waive its overseas transaction price. Right this moment, the Scotiabank Passport Visa Infinite continues to supply sturdy rewards, an easy-to-understand and versatile rewards program, and severely spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
Annual price: $150
Welcome supply: Earn as much as $1,100 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Supply 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 earnings of $60,000 per 12 months or family earnings of $100,000 per 12 months |
| Credit score rating | 725 or increased |
| 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 price should be price contemplating for overseas foreign money purchases. The 2 playing cards beneath supply rewards that offset their foreign exchange price, leaving you with a bit of further within the course of.
Rogers Crimson World Elite Mastercard
At a look: With a lot increased earn charges than most no-fee bank cards, the Rogers Crimson World Elite Mastercard fees a 2.5% overseas transaction price—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 Crimson World Elite Mastercard
Annual price: $0
Welcome supply: None at the moment.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on stability transfers |
| Earnings required | $80,000 per 12 months |
| Credit score rating | 725 or increased |
Meridian Visa Infinite Journey Rewards
At a look: It is a aggressive mid-tier bank card with a below-average annual price, providing better-than-average journey insurance coverage and three% in rewards on foreign-currency purchases, which successfully offsets the two.5% overseas transaction price.
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Meridian Visa Infinite Journey Rewards
Annual price: $99
Welcome supply: Earn 7,000 bonus rewards factors and pay no annual price 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 |
| Earnings required | $60,000 per 12 months |
| Credit score rating | 725 or increased |
| Level worth | 1 Meridian level = $0.01 when redeemed for journey. |
Greatest no foreign exchange price financial institution card differents
It’s not solely Canadian bank cards that may assist you to save on foreign exchange charges. The financial institution card alternate options beneath include the identical perk, which 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 may also help you keep away from pricey charges while you’re withdrawing or spending cash in a overseas foreign money by waiving all overseas alternate charges charged by EQ (transactions are nonetheless topic to Mastercard’s foreign money conversion charge). It is 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 price: $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 supply: 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) |
| 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 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 price: $0
Welcome supply: 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) |
| Earnings required | None |
| Credit score rating | None |
Incessantly requested questions
How are bank card overseas transactions processed?
Utilizing your bank card to pay in a overseas foreign money typically finally ends up being costlier than you suppose. Right here’s why:
Overseas foreign money conversion. The transaction quantity is transformed from the native foreign money to Canadian {dollars} by the bank card community, utilizing a bank card conversion charge that’s barely increased than market charges. You possibly can verify the Mastercard foreign money alternate charge and Visa overseas alternate charge on-line. Amex overseas alternate charges differ by card and nation of subject, so verify your bank card settlement.
Overseas transaction price. This price is charged by the bank card issuer and sometimes ranges round 2.5% of every overseas foreign money transaction. The price is utilized to each buy made in a foreign money that’s not Canadian {dollars}—even while you store on-line. That is the price you’ll get rid of through the use of a no foreign exchange price card.
Dynamic foreign money conversion. Generally, you’ll be given the choice to pay in a neighborhood foreign money or have the worth transformed to your house foreign money on the level of sale. This is called dynamic foreign money conversion (DCC), and it eliminates each the overseas foreign money conversion and overseas transaction price. This makes you suppose you’re saving cash, however DCC sometimes makes use of an alternate charge with a major markup (round 3% to five%) so every transaction turns into much more costly.
The best way to keep away from bank card overseas transaction charges
1. All the time pay within the native foreign money
As defined above, dynamic foreign money conversion nearly at all times prices extra. Everytime you’re requested in case you’d wish to pay utilizing the native foreign money or your house foreign money, at all times select the native foreign money.
2. Use a no foreign exchange price bank card
Whether or not you journey abroad incessantly or just take pleasure in procuring on-line from worldwide shops, overseas transaction charges can rapidly add up. As an instance how a lot it can save you whereas travelling through the use of a bank card with no abroad price, think about spending €1,000 throughout a visit to Europe:
| Common bank card (CIBC Dividend Visa Infinite) |
No FX price 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 |
| Overseas transaction price (2.5%) | $37.73 | $0 |
| Complete 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 price bank card may additionally 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 overseas transaction price 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 foreign money, withdrawing money from an ATM utilizing your bank card will incur hefty charges: along with the overseas transaction price and ATM price charged by the abroad ATM, you’ll instantly incur money advance curiosity fees.
One resolution is to make use of a debit card that doesn’t cost overseas transaction charges, just like the EQ Financial institution Card. This manner, you’ll get money based mostly on the financial institution’s alternate charge and pay solely the abroad ATM price.
