Canadians love journey and purchasing, however when utilizing their bank cards exterior of Canada, many pay overseas transaction (foreign exchange) charges—as a lot as 2.5%—on each buy. That’s on prime of the trade charge. The bank cards you’ll discover right here both include no overseas transaction price 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 Specific Card
Earn as much as 6 Scene+ factors per $1 spent and entry unbelievable journey perks, together with no overseas transaction price.
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Curiosity Charges:
20.99% buy, 22.99% money advance, 22.99% steadiness 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: Finest no foreign exchange bank card
House Belief Most well-liked 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 steadiness switch
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Bronze: Finest no foreign exchange bank card
Scotiabank Passport™ Visa Infinite Card
Save on the foreign exchange price 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 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.
Finest no foreign exchange playing cards overview
Scroll by way of the desk to see all card particulars.
| Why we adore it | Annual price | Foreign exchange price (sometimes 2.5%) | Rewards | Really useful earnings | Really useful 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 exchange | As much as 6 Scene+ factors per $1 spent | $12,000 per yr | 725 or larger | Apply now |
| House Belief Most well-liked Visa
|
The one no price 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 price 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. 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 yr | 725 or larger | 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 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 price with rewards on foreign-currency transactions, plus just a few financial institution playing cards that include the identical perk.
Gold: Scotiabank Gold American Specific
At a look: With a powerful earn charge, particularly on groceries and eating, plus a complete insurance coverage protection bundle, the Scotiabank Gold American Specific just isn’t solely the very best no overseas transaction price card, but in addition one of many greatest general journey bank cards in Canada.
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Scotiabank Gold American Specific
Annual price: $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. Supply ends July 1, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Revenue 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 lodge (together with Airbnbs). |
Silver: House Belief Most well-liked Visa
At a look: Don’t assume 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 well-liked Visa is an efficient possibility. It waives the foreign exchange price on purchases in all foreign exchange, not simply U.S. {dollars}.
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House Belief Most well-liked Visa
Annual price: $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 |
| Revenue 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 Large Six financial institution to waive its overseas transaction price. Immediately, the Scotiabank Passport Visa Infinite continues to supply robust rewards, an easy-to-understand and versatile rewards program, and significantly spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
Annual price: $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. Supply ends July 1, 2025.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Revenue 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 lodge (together with Airbnbs). |
Finest 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 under provide rewards that offset their foreign exchange price, leaving you with a little bit 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 price—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 price: $0
Welcome provide: None right now.
Card particulars
| Rates of interest | 20.99% on purchases, 22.99% on money advances, 22.99% on steadiness transfers |
| Revenue 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 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 provide: Earn 7,000 bonus rewards factors and pay no annual price for the primary yr, together with on further 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 yr |
| Credit score rating | 725 or larger |
| Level worth | 1 Meridian level = $0.01 when redeemed for journey. |
Finest no foreign exchange price financial institution card variouss
It’s not solely Canadian bank cards that may assist you to save on foreign exchange charges. The financial institution card alternate options under 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 expensive charges if you’re withdrawing or spending cash in a overseas foreign money by waiving all overseas trade 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 provide: This card doesn’t have a welcome bonus right now.
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 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 shoppers (Premium and Era shoppers earn extra), the rates of interest make this an answer to contemplate. Plus, you earn rewards in your spending.
Wealthsimple Money
Annual price: $0
Welcome provide: This card doesn’t have a welcome bonus right now.
Card particulars
| Rates of interest | None (this can be a pay as you go card) |
| Revenue required | None |
| Credit score rating | None |
Often requested questions
How are bank card overseas transactions processed?
Utilizing your bank card to pay in a overseas foreign money usually finally ends up being costlier than you assume. Right here’s why:
International 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 larger than market charges. You may examine the Mastercard foreign money trade charge and Visa overseas trade charge on-line. Amex overseas trade charges range by card and nation of situation, so examine your bank card settlement.
International 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 if you store on-line. That is the price you’ll remove by utilizing a no foreign exchange price card.
Dynamic foreign money conversion. Typically, you’ll be given the choice to pay in an area foreign money or have the value transformed to your private home 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 assume you’re saving cash, however DCC sometimes makes use of an trade charge with a major markup (round 3% to five%) so every transaction turns into much more costly.
Find out how to keep away from bank card overseas transaction charges
1. At all times pay within the native foreign money
As defined above, dynamic foreign money conversion nearly at all times prices extra. Everytime you’re requested if you happen to’d wish to pay utilizing the native foreign money or your private home 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 often or just take pleasure in purchasing on-line from worldwide shops, overseas transaction charges can shortly add up. For instance how a lot it can save you whereas travelling by utilizing 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 trade charge) | $1,509.32 | $1,509.32 |
| International transaction price (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 trade charges, a no foreign exchange price 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 overseas transaction price 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 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 prices.
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 fashion, you’ll get money based mostly on the financial institution’s trade charge and pay solely the abroad ATM price.
