If you’re travelling abroad and using your credit cards for most purchases, foreign transaction (forex) fees can really take a bite. That’s because card issuers charge around 2.5% on every foreign purchase—on top of the exchange rate.
You can avoid this fee by using a card that waives it. Alternatively, you could offset the fee with a credit card that offers more than 2.5% back in rewards on those purchases. There’s a lot of valuable information to cover, so let’s get started.
What is the best no foreign exchange fee credit card in Canada?
We’ll cut to the chase and show you the best 0% forex change fees cards currently available.
Scotiabank Gold American Express Card
Home Trust Preferred Visa
Scotiabank Passport™ Visa Infinite Card
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Gold: Scotiabank Gold American Express
With an impressive earn rate—especially on groceries, dining, and entertainment—plus a comprehensive insurance coverage package, the Scotiabank Gold American Express is not only the best no foreign transaction fee credit card, but also one of the best overall travel credit cards in Canada. The card earns Scene+ points, which you can redeem for travel, movie tickets or concessions, groceries, gift cards, statement credits, and more.
Scotiabank Gold American Express
Annual fee: $120
- 6 points per $1 at Sobeys-affiliated stores
- 5 points per $1 on dining, entertainment and groceries
- 3 points per $1 on gas, transit and streaming
- 1 point per $1 on everything else
- Pay no FX fees on foreign purchases
Welcome offer: Earn up to $1,050 in value in the first 12 months, including up to 50,000 bonus Scene+ points. Offer ends October 31, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $12,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel, store purchases and food and drink at Cineplex and Scene partners |
Pros
- Excellent rewards: Earn up to 6 points on groceries and 5 points for every $1 spent on dining, food delivery, and entertainment—among the best reward rates for these categories. You’ll also earn 3 points per $1 on gas, transit, and streaming services.
- Long travel redemption window: Through the apply points to travel option, you can redeem your points retroactively for up to 12 months after you make a travel purchase.
- Comprehensive insurance benefits: The card offers robust travel insurance coverage, including $1 million in medical travel insurance valid for up to 25 days.
- Low income requirements: You only need an income of $12,000 per year to qualify for the card, making it accessible to most Canadians. Note that you will still need a good credit score.
Cons
- No free lounge passes: While the card offers a discount on Priority Pass memberships for airport lounge access, it doesn’t include free visits.
- Fewer points on foreign purchases: Purchases in a foreign currency earn at the base rate of 1 point per $1 spent.
Silver: Home Trust Preferred Visa
As the only no forex card on our list that doesn’t charge an annual fee, the Home Trust Preferred Visa is a good option. It waives the 2.5% fee on purchases in all foreign currencies (not just U.S. dollars) and even includes 1% cash back on all Canadian dollar purchases.
Home Trust Preferred Visa
Annual fee: $0
- 1% on all purchases in Canada
- Pay no FX fees on foreign currency purchases
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | 21.99% on purchases, 21.99% on cash advances |
| Income required | None specified |
| Credit score | 660 or higher |
Pros
- No annual fee: This is the only no foreign transaction fee credit card in Canada that doesn’t charge an annual fee.
- Decent flat earn rate: Earn 1% cash back on everything you buy in Canadian dollars with no caps on how much you can earn.
- Low income requirements: The low $15,000 annual income requirement makes this card accessible for many Canadians.
Cons
- No cash back on foreign purchases: You won’t earn rewards on purchases made in a foreign currency, but the 2.5% saved on forex fees might be worth more than the rewards offered by another card.
- Fixed redemption schedule: Cash back is only redeemed in January rather than on-demand.
Bronze: Scotiabank Passport Visa Infinite
Our third pick (and second Scene+ choice) was the first card from a big Canadian bank to waive its foreign transaction fee. Today, the Scotiabank Passport Visa Infinite continues to offer strong rewards, a flexible and easy-to-understand rewards program, a hefty welcome bonus, and seriously impressive airport lounge benefits.
Scotiabank Passport Visa Infinite
Annual fee: $150
- 3 Scene+ points per $1 spent at Sobeys stores
- 2 points per $1 on groceries, dining, entertainment and transit
- 1 point per $1 on all other eligible purchases
Welcome offer: Earn up to $1,350 in value in the first 12 months, including up to 45,000 bonus Scene+ points. Offer ends October 31, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 per year or household income of $100,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including Airbnbs). |
Pros
- Airport lounge access: The Scotiabank Passport Visa Infinite is the only no forex fee card in Canada to also offer airport lounge access. You’ll get a complimentary Priority Pass membership with six free airport lounge visits per year—the most lounge passes available on a card with an annual fee below $200.
- Straightforward rewards program: Redeeming Scene+ points for travel rewards is intuitive and as easy as cash back in your wallet. There are no complicated travel charts or maps (1,000 points is always worth $10 in travel savings, no matter where you travel).
- Annual bonus: Every year that you charge $40,000 or more to the card, you’ll earn an additional 10,000 bonus points, which is a $100 value toward travel.
- Generous insurance coverage: Enjoy 11 types of insurance coverage, including travel accident, trip delay, and rare emergency medical coverage over 65.
Cons
- Relatively high annual fee: While the Scotiabank Passport offers considerable perks, its annual fee is $150, which is among the highest on this list.
- Relatively low earn rates: Perks aside, the card’s rewards on everyday purchases in Canada—1 or 2 points per $1 on most purchases—isn’t all that impressive for an annual card with a premium fee.
How we determine the best cards
To select the best cards in this specialized category, we evaluated several key factors that are important when looking for a credit card that waives or offsets the foreign transaction fee. First, we considered the return on spending and weighed that against any annual fee. We also looked at acceptance (and excluded cards like Amex that might not be accepted abroad) and other valuable travel perks like lounge access. The addition of links from affiliate partners has no bearing on the results in this ranking. Read more about the MoneySense selection process and about how MoneySense makes money.
Other top cards for foreign purchases
Some credit cards in Canada that do charge a foreign transaction fee may still be worth considering. The cards below offer rewards that offset their forex fee, leaving you with a little extra money in the process.
Rogers Red World Elite Mastercard
Why we love it: The 3% return on USD spending more than offsets a 2.5% FX fee.
Things to note: With much higher earn rates than other no-fee credit cards, the Rogers Red World Elite Mastercard charges a 2.5% foreign transaction fee—but it also nets you 3% cash back on purchases in U.S. dollars, so you end up with an extra 1% in rewards. You can redeem them whenever you have a minimum of $10 in rewards.
Rogers Red World Elite Mastercard
Annual fee: $0
- 3% cash back on all U.S. dollar purchases
- 1.5% on all other purchases (2% for Rogers, Fido and Shaw customers)
Welcome offer: None at this time.
Card details
| Interest rates | 25.99% on purchases, 27.99% on cash advances, 27.99% on balance transfers |
| Income required | $80,000 per year |
| Credit score | 725 or higher |
Meridian Visa Infinite Travel Rewards
Why we love it: This card’s $99 annual fee is waived the first year and you’ll earn 3% rewards on foreign purchases, which means you’ll come out 0.5% ahead.
Things to note: This is a competitive mid-tier credit card with a reasonable annual fee, offering better-than-average travel insurance and 3% in rewards on foreign-currency purchases. Plus, you’ll earn 1.5% back on Canadian purchases and get almost a dozen types of travel insurance, including the rare emergency medical coverage for those over the age of 65.
Meridian Visa Infinite Travel Rewards
Annual fee: $99
- 3 points per $1 spent on foreign currency purchases
- 1 point per $1 on everything else
Welcome offer: Get 7,000 bonus points when opening any new Meridian Visa card. Offer ends May 31, 2025.
Card details
| Interest rates | 19.5% on purchases, 21.99% on cash advances |
| Income required | $60,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Meridian point = $0.01 when redeemed for travel. |
EQ Bank card
Why we love it: It’s a prepaid card with no foreign transaction fees, which means it’s available to everyone.
Things to note: The EQ Bank Card can help you avoid costly fees when you’re withdrawing or spending money in a foreign currency by waiving all foreign exchange fees charged by EQ (transactions are still subject to Mastercard’s currency conversion rate). This is a great back-up card for shops that don’t accept credit cards, especially since you’ll earn 0.5% cash back on all purchases—including international ones.
EQ Bank card
Annual fee: $0
0.5% cash back on all purchases
Pay no forex fees on purchases
Earn 2.5%-4% interest on your cash deposits
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | None (this is a prepaid card) |
| Income required | None |
| Credit score | None |
Wealthsimple Cash card
Why we love it: Pay no service or exchange fees on foreign purchases and earn interest on your balance.
Things to note: The Wealthsimple Cash account doesn’t charge service fees or exchange fees on purchases made in foreign currencies. Plus, you’ll earn cash back on all spending and your card balance earns up to 2.75% interest, which offsets any foreign transaction fees. As a prepaid Mastercard, the Wealthsimple Cash card acts like a debit card but enjoys a high level of acceptance worldwide.
Wealthsimple Cash
Annual fee: $0
Earn 1% back in stock, crypto or cash on your purchases
Earn 3.5% to 4.5% on your cash deposits
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | None (this is a prepaid card) |
| Income required | None |
| Credit score | None |
Reddit reviews: The best no foreign exchange fee credit cards according to Canadian cardholders
It’s one thing to take our word for what card to use and another to read what actual cardholders have to say, so we turned to Reddit.
Another Redditor pointed out a few more of our picks and brought up another option to watch for: the new Wealthsimple Visa Infinite card.
What are foreign exchange (FX) fees?
Using your credit card to pay in a foreign currency often ends up being costlier than you think. When you purchase something abroad, the transaction amount is converted from the local currency to Canadian dollars by the credit card network, using a credit card conversion rate that’s slightly higher than market rates.
In addition to the currency exchange fee, the card issuer also charges a 2.5% foreign currency transaction fee for every purchase that’s not made in Canadian dollars—even when you shop online. This is the fee you’ll eliminate by using one of the cards mentioned above.
Pro Tip: When you make a purchase, you’ll probably have the option to pay in the local currency or pay in Canadian dollars. Before you accept the dynamic currency conversion, consider that it uses an exchange rate with a significant markup (around 3% to 5%). While you’ll save on the foreign transaction fees, you’ll still come out behind..
Tips for minimizing fees on foreign purchases
Here’s a quick rundown on saving money when shopping abroad or making online purchases in non-CAD:
- Use a no-FX-fee card whenever possible: The easiest way to avoid forex fees is to use a forex-free credit card wherever they’re accepted. If the merchant doesn’t accept cards, try to pay cash in the local currency.
- Consider cards that offset the FX fees: If you can’t get a card that waives forex fees, your next-best option is using a card that has a high rewards rate for non-CAD purchases that offsets the 2.5% fee.
- Avoid dynamic currency conversion: When given the option to pay using local currency or your home currency, always choose the local currency option.
- Watch for ATM and withdrawal fees: If you use an ATM, you’ll be hit with the foreign transaction fee and the ATM fee charged by the overseas machine. You’ll also incur cash advance interest charges immediately (unless you’ve purposely overpaid your credit card).
FAQs
You’ve got three options for Canadian credit cards without 2.5% foreign transaction fees: the Scotiabank Gold Amex, the Home Trust Preferred Visa, and the Scotiabank Passport Visa Infinite.
The CIBC Costco Mastercard does charge foreign transaction fees, which is particularly unhelpful if you’ll be shopping at Costco warehouses in the U.S.
We think the Scotiabank Passport Visa Infinite is the best credit card for international travel and shopping. Not only will you avoid foreign exchange fees, but you’ll get a valuable insurance package, complimentary Priority Pass membership, and six free airport lounge visits every year.
