Canadians love journey and procuring, however when utilizing their bank cards exterior of Canada, many pay international transaction (foreign exchange) charges—as a lot as 2.5%—on each buy. That’s on high of the trade fee. The bank cards you’ll discover right here both include no international transaction payment or reward foreign-currency purchases sufficient to cowl it.
Finest no foreign exchange bank cards in Canada
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Gold: Finest 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 international transaction payment.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% steadiness 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: Finest no foreign exchange bank card
Dwelling Belief Most popular Visa
The one no-annual-fee bank card in Canada to waive its foreign exchange payment on all international purchases. Earn 1% money again on all Canadian purchases.
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Curiosity Charges:
21.99% buy, 21.99% money advance, N/A steadiness switch
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Bronze: Finest 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% steadiness 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.
Finest no foreign exchange playing cards overview
Scroll via the desk to see all card particulars.
| Why we like it | Annual payment | Foreign exchange payment (usually 2.5%) | Rewards | Advisable earnings | Advisable 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 popular 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 achieve 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 international 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 international 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 a couple of financial institution playing cards that include the identical perk.
Gold: Scotiabank Gold American Categorical
At a look: With a formidable earn fee, particularly on groceries and eating, plus a complete insurance coverage protection package deal, the Scotiabank Gold American Categorical shouldn’t be solely the perfect no international transaction payment card, but in addition one of many finest total journey bank cards in Canada.
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Scotiabank Gold American Categorical
Annual payment: $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 steadiness 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 popular Visa
At a look: Don’t suppose no foreign exchange payment is value paying an annual payment? As the one no-annual-fee card to return with this perk, the Dwelling Belief Most popular Visa is an efficient possibility. It waives the foreign exchange payment on purchases in all foreign exchange, not simply U.S. {dollars}.
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Dwelling Belief Most popular Visa
Annual payment: $0
Welcome supply: This card doesn’t have a welcome bonus presently.
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 choose was the primary card from a Canadian Huge Six financial institution to waive its international transaction payment. At this time, 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 payment: $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 steadiness transfers |
| Earnings required | Private earnings of $60,000 per yr or family earnings 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). |
Finest bank cards for offsetting foreign exchange charges with rewards on international purchases
Some bank cards in Canada that cost a international transaction payment should be value contemplating for international forex purchases. The 2 playing cards beneath supply rewards that offset their foreign exchange payment, leaving you with slightly 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 costs a 2.5% international transaction payment—but it surely 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 supply: None presently.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Earnings required | $80,000 per yr |
| Credit score rating | 725 or larger |
Meridian Visa Infinite Journey Rewards
At a look: It is 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% international transaction payment.
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Meridian Visa Infinite Journey Rewards
Annual payment: $99
Welcome supply: 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. |
Finest no foreign exchange payment financial institution card variouss
It’s not solely Canadian bank cards that may allow you to save on foreign exchange charges. The financial institution card 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 help you keep away from pricey charges once you’re withdrawing or spending cash in a international forex by waiving all international trade charges charged by EQ (transactions are nonetheless topic to Mastercard’s forex conversion fee). 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 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 supply: This card doesn’t have a welcome bonus presently.
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 trade charges on purchases made in foreign exchange. Plus, at a minimal of three.5% curiosity for Core purchasers (Premium and Era purchasers 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 supply: This card doesn’t have a welcome bonus presently.
Card particulars
| Rates of interest | None (this can be a pay as you go card) |
| Earnings required | None |
| Credit score rating | None |
Continuously requested questions
How are bank card international transactions processed?
Utilizing your bank card to pay in a international forex typically 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 fee that’s barely larger than market charges. You may test the Mastercard forex trade fee and Visa international trade fee on-line. Amex international trade charges differ 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 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 once you store on-line. That is the payment you’ll eradicate through the use of a no foreign exchange payment card.
Dynamic forex conversion. Generally, you’ll be given the choice to pay in a neighborhood forex or have the worth transformed to your private home forex on the level of sale. This is called dynamic forex conversion (DCC), and it eliminates each the international forex conversion and international transaction payment. This makes you suppose you’re saving cash, however DCC usually makes use of an trade fee with a big markup (round 3% to five%) so every transaction turns into much more costly.
Tips on how to keep away from bank card international 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 in the event you’d prefer to pay utilizing the native forex or your private home forex, all the time select the native forex.
2. Use a no foreign exchange payment bank card
Whether or not you journey abroad ceaselessly or just get pleasure from procuring on-line from worldwide shops, international transaction charges can shortly add up. For 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 trade fee) | $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 international trade charges, a no foreign exchange payment bank card can also earn you extra rewards. For those who 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. For those who 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 costs.
One resolution is to make use of a debit card that doesn’t cost international transaction charges, just like the EQ Financial institution Card. This manner, you’ll get money primarily based on the financial institution’s trade fee and pay solely the abroad ATM payment.