Canadians love journey and buying, 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 change price. The bank cards you’ll discover right here both include no international transaction payment or reward foreign-currency purchases sufficient to cowl it.
Greatest no foreign exchange bank cards in Canada
featured
Gold: Greatest 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 international transaction payment.
Study extra
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
featured
Silver: Greatest 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.
Study extra
Curiosity Charges:
21.99% buy, 21.99% money advance, N/A stability switch
featured
Bronze: Greatest no foreign exchange bank card
Scotiabank Passport™ Visa Infinite Card
Save on the foreign exchange payment when spending in foreign currency. Plus, get 6 airport lounge passes yearly.
Study extra
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 by way of the desk to see all card particulars.
| Why we find it irresistible | Annual payment | Foreign exchange payment (usually 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 currency | As much as 6 Scene+ factors per $1 spent | $12,000 per yr | 725 or greater | 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 currency | 1% money again on all Canadian purchases | None specified | 660 or greater | Apply now |
| Scotiabank Passport Visa Infinite
|
No foreign exchange payment and in addition acquire airport lounge entry | $150 | Waived for all foreign currency | As much as 2 Scene+ factors per $1 spent | $60,000 per yr | 725 or greater | 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 greater | Apply now |
| Meridian Visa Infinite Journey Rewards
|
Roughly 0.5% again on international 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 international purchases |
$60,000 per yr | 725 or greater | 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 Specific
At a look: With a formidable earn price, particularly on groceries and eating, plus a complete insurance coverage protection bundle, the Scotiabank Gold American Specific will not be solely the perfect no international transaction payment card, but additionally one of many greatest total journey bank cards in Canada.
featured
Scotiabank Gold American Specific
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 stability transfers |
| Earnings required | $12,000 per yr |
| Credit score rating | 725 or greater |
| 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 price paying an annual payment? As the one no-annual-fee card to come back with this perk, the Dwelling Belief Most popular Visa is an effective choice. It waives the foreign exchange payment on purchases in all foreign currency, not simply U.S. {dollars}.
featured
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 greater |
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 international transaction payment. As we speak, the Scotiabank Passport Visa Infinite continues to supply sturdy rewards, an easy-to-understand and versatile rewards program, and severely spectacular airport lounge advantages.
featured
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 stability transfers |
| Earnings required | Private earnings of $60,000 per yr or family earnings of $100,000 per yr |
| Credit score rating | 725 or greater |
| 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 international purchases
Some bank cards in Canada that cost a international transaction payment should be price contemplating for international foreign money purchases. The 2 playing cards beneath supply rewards that offset their foreign exchange payment, leaving you with a bit of further within the course of.
Rogers Purple World Elite Mastercard
At a look: With a lot greater 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.
featured
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 stability transfers |
| Earnings required | $80,000 per yr |
| Credit score rating | 725 or greater |
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.
featured
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 greater |
| Level worth | 1 Meridian level = $0.01 when redeemed for journey. |
Greatest 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 alternate options beneath include the identical perk, that means you possibly can accomplish the identical purpose 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 whenever you’re withdrawing or spending cash in a international foreign money by waiving all international change charges charged by EQ (transactions are nonetheless topic to Mastercard’s foreign money conversion price). It is a nice back-up card for these purchases the place the bank card in your pockets isn’t accepted.
featured
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 change charges on purchases made in foreign currency. 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 think about. 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 foreign money usually finally ends up being costlier than you suppose. 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 price that’s barely greater than market charges. You possibly can verify the Mastercard foreign money change price and Visa international change price on-line. Amex international change charges differ by card and nation of concern, so verify 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 foreign money transaction. The payment is utilized to each buy made in a foreign money that’s not Canadian {dollars}—even whenever you store on-line. That is the payment you’ll get rid of through the use of a no foreign exchange payment 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 own home foreign money on the level of sale. This is named dynamic foreign money conversion (DCC), and it eliminates each the international foreign money conversion and international transaction payment. This makes you suppose you’re saving cash, however DCC usually makes use of an change price with a major markup (round 3% to five%) so every transaction turns into much more costly.
The way to keep away from bank card international 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 for those who’d prefer to pay utilizing the native foreign money or your own home foreign money, at all times select the native foreign money.
2. Use a no foreign exchange payment bank card
Whether or not you journey abroad often or just get pleasure from buying on-line from worldwide shops, international 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 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 change price) | $1,509.32 | $1,509.32 |
| International transaction payment (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 international change charges, a no foreign exchange payment bank card may additionally 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 foreign money, 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 based mostly on the financial institution’s change price and pay solely the abroad ATM payment.