Canadians love travel and shopping, but when using their credit cards outside of Canada, many pay foreign transaction (forex) fees—as much as 2.5%—on every purchase. That’s on top of the exchange rate. The credit cards you’ll find here either come with no foreign transaction fee or reward foreign-currency purchases enough to cover it.
Best no forex credit cards at a glance
Scotiabank Gold American Express Card
Home Trust Preferred Visa
Scotiabank Passport™ Visa Infinite Card
The MoneySense editorial team selects the best credit cards by assessing the value they provide to Canadians across various categories. Our best no foreign transaction fee credit cards ranking is based on an extensive list of card details and features, including foreign transaction fees, annual fees, interest rates, welcome offers, rewards earn rates and redemption options, annual income requirements, and perks such as insurance coverage. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Compare no foreign transaction fee credit cards
Scroll through the table to quickly and easily compare card the details of our top picks.
| Why we love it | Annual fee | Forex fee (typically 2.5%) | Rewards | Recommended income | Recommended credit score | Apply now (featured cards only) | |
|---|---|---|---|---|---|---|---|
| Scotiabank Gold American Express | Impressive everyday rewards, full range of travel insurance benefits, and more | $120 | Waived for all foreign currencies | Up to 6 Scene+ points per $1 spent | $12,000 per year | 725 or higher | Apply now |
| Home Trust Preferred Visa | The only no fee credit card in Canada to waive forex fees on all currencies | $0 | Waived for all foreign currencies | 1% cash back on all Canadian purchases | None specified | 660 or higher | Apply now |
| Scotiabank Passport Visa Infinite | No forex fee and also gain airport lounge access | $150 | Waived for all foreign currencies | Up to 2 Scene+ points per $1 spent | $60,000 per year | 725 or higher | Apply now |
| Rogers Red World Elite Mastercard | 3% cash back on U.S. currency purchases—enough to cover forex fees | $0 | Offset by rewards (on U.S. dollar purchases only) | 1.5% cash back on all Canadian purchases 3% on U.S. dollar purchases | $80,000 per year | 725 or higher | Apply now |
| Meridian Visa Infinite Travel Rewards | Roughly 0.5% back on foreign currency purchases (after forex fees) | $99 | Offset by rewards (on all foreign-currency purchases) | 1.5 points per $1 spent on Canadian purchases 3 points on foreign purchases | $60,000 per year | 725 or higher | Apply now |
Best credit cards with no foreign transaction fee
Dive into the pros and cons of our gold, silver and bronze-winning credit card picks.
Gold: Scotiabank Gold American Express
At a glance: With an impressive earn rate, especially on groceries and dining, plus a comprehensive insurance coverage package, the Scotiabank Gold American Express is not only the best no foreign transaction fee card, but also one of the best overall travel credit cards in Canada.
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 $780 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Offer ends July 1, 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
- Strong rewards on everyday spending: 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 and transit purchases.
- 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, which is valid for up to 25 days.
- Eligibility requirements: You will likely need an income of $12,000 per year to qualify, making it accessible to most Canadians.
Cons
- No free lounge access 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 only earn at the base rate of 1 point per $1 spent.
Silver: Home Trust Preferred Visa
At a glance: Don’t think no forex fee is worth paying an annual fee? As the only no-annual-fee card to come with this perk, the Home Trust Preferred Visa is a good option. It waives the forex fee on purchases in all foreign currencies, not just U.S. dollars.
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 card: This is the only no foreign transaction fee credit card in Canada that doesn’t charge an annual fee.
- Flat earn rate: Earn 1% cash back on everything you buy in Canadian dollars with no limits on how much you can earn.
Cons
- No cash back on foreign purchases: You won’t earn rewards on purchases made in a foreign currency. However, the 2.5% saved on forex fees might be worth more than the rewards offered by another card.
- Redemption schedule: Cash back is only redeemed in January (as opposed to on-demand).
Bronze: Scotiabank Passport Visa Infinite
At a glance: Our number three pick was the first card from a Canadian Big Six bank to waive its foreign transaction fee. Today, the Scotiabank Passport Visa Infinite continues to offer strong rewards, an easy-to-understand and flexible rewards program, 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 $1,100 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Offer ends July 1, 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; that’s 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 wherever you travel).
- Annual bonus for high-volume spenders: Every year that you charge $40,000 or more to the card, you’ll earn an additional 10,000 bonus points ($100 value toward travel).
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 a premium annual-fee card.
Best credit cards for offsetting forex fees
Some credit cards in Canada that charge a foreign transaction fee may still be worth considering for foreign currency purchases. The two cards below offer rewards that offset their forex fee, leaving you with a little extra in the process.
Rogers Red World Elite Mastercard
At a glance: With much higher earn rates than most 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.
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 |
Pros
- Offset forex fees on U.S. purchases: Earn 3% cash back on all purchases made in U.S. dollars, both in-person and online, which is enough to offset the 2.5% foreign transaction fee. So, this is an ideal card for snowbirds or anyone who regularly travels to the United States.
- Widely accepted: You can use this card at most stores in Canada, including all the major grocers and even at Costco, which doesn’t accept Visa or Amex.
- Flexible redemptions: Cash out as soon as you have $10 in rewards. Many cards issue cash back through statement credits once per year.
- No annual fee: Most comparable cards charge an annual fee of $120, which offsets the rewards you earn in a typical year.
Cons
- Still charges forex fees: Unlike “true” no foreign transaction fee credit cards, this one can only help you avoid the fees on purchases made in U.S. dollars.
- High income requirement: You’ll need an income of at least $80,000 per year (or $150,000 per household) to qualify for the card—the highest income requirement on our ranking of best no foreign transaction fee credit cards.
Meridian Visa Infinite Travel Rewards
At a glance: This is a competitive mid-tier credit card with a below-average annual fee, offering better-than-average travel insurance and 3% in rewards on foreign-currency purchases, which effectively offsets the 2.5% foreign transaction fee.
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. |
Pros
- Offset foreign transaction fee: The 3 points per $1 earn rate on foreign purchases means you’ll net roughly 0.5% back on anything in a non-Canadian currency (after offsetting foreign transaction fees).
- Strong base earn rate: 1.5% on Canadian purchases is an above-average return, regardless of the category.
- Travel insurance benefits: This card includes up to $5,000,000 in emergency travel coverage for up to 48 days. And while many credit card travel insurance benefits only apply to those 65 and older, the emergency travel insurance coverage on this card applies to those up to 75 years old.
Cons
- No bonus categories: Those who tend to spend a lot in common categories like groceries, gas or recurring bills may benefit from having a different card with accelerated earn rates for these categories.
Best no forex fee bank card alternatives
It’s not only Canadian credit cards that can help you save on forex fees. The bank card alternatives below come with the same perk, meaning you can accomplish the same goal without putting purchases on credit.
EQ Bank card
At a glance: 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 those purchases where the credit card in your wallet isn’t accepted.
EQ Personal Account
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 |
Pros
- As a pre-paid Mastercard, you essentially pay with the money you already put on the card. So this card is ideal for those Canadians who want to avoid using credit and better manage debt.
- This card can be used like a credit card, including to take out cash from a foreign ATM, but you won’t be hit with the withdrawal fees seen on credit cards.
- Pay no fees, including foreign exchange.
- You’ll earn 0.5% cash back on your international purchases, as well as on any spends in Canadian dollars, too.
Cons
- EQ Bank is an online bank, which means you can’t visit brick and mortar branches for in-person support, though support is available online.
- To access your cash, you have to preload the card by transferring funds from your savings account. You’ll be fine as long as you plan ahead and remember to do this.
Wealthsimple Cash card
At a glance: The Wealthsimple Cash account doesn’t charge service fees—or exchange fees on purchases made in foreign currencies. Plus, at a minimum of 3.5% interest for Core clients (Premium and Generation clients earn more), the interest rates make this a solution to consider. Plus, you earn rewards on your spending.
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 |
Pros
- In addition to no foreign transaction fees on purchases in foreign currencies, there are no FX fees at the ATM.
- Earn 1% back in stock, crypto or cash when you use your card.
- As a prepaid Mastercard, the Wealthsimple Cash card acts like a debit card and enjoys a high level of acceptance worldwide.
- The more money you have invested with Wealthsimple, the higher your interest rate. Premium clients are those with $100,000 or more in assets, and they earn 4% interest. Generation clients with $500,000 or more earn 4.5%.
Cons
- Unlike a credit card, using your Wealthsimple Cash card doesn’t contribute to building your credit score.
- The 1% in rewards doesn’t apply to bill payments.
Frequently asked questions
No, foreign transaction fees are not affected by exchange rates. The foreign transaction fee is an additional charge added on top of the current exchange rate. Exchange rates are determined by the credit card companies, using the up-to-date value of the Canadian dollar and the value of whichever currency you’re converting to.
However, foreign transaction fees will vary according to which credit company you choose. Ultimately, choosing a credit card with no foreign transaction fee—or one which offers a rebate on foreign transaction fees—is one of the best ways to save money when shopping in a foreign currency.
Purchasing with a credit card during travel helps you earn rewards, receive purchase protection, PIN protection and the ability to cancel your card if stolen while abroad. As long as credit cards are widely accepted at your destination, it’s advisable to refrain from taking out large amounts of cash.
How are credit card foreign transactions processed?
Using your credit card to pay in a foreign currency often ends up being costlier than you think. Here’s why:
Foreign currency conversion. 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. You can check the Mastercard currency exchange rate and Visa foreign exchange rate online. Amex foreign exchange rates vary by card and country of issue, so check your credit card agreement.
Foreign transaction fee. This fee is charged by the credit card issuer and typically ranges around 2.5% of each foreign currency transaction. The fee is applied to every purchase made in a currency that’s not Canadian dollars—even when you shop online. This is the fee you’ll eliminate by using a no forex fee card.
Dynamic currency conversion. Sometimes, you’ll be given the option to pay in a local currency or have the price converted to your home currency at the point of sale. This is known as dynamic currency conversion (DCC), and it eliminates both the foreign currency conversion and foreign transaction fee. This makes you think you’re saving money, but DCC typically uses an exchange rate with a significant markup (around 3% to 5%) so each transaction becomes even more expensive.
How to avoid credit card foreign transaction fees
1. Always pay in the local currency
As explained above, dynamic currency conversion almost always costs more. Whenever you’re asked if you’d like to pay using the local currency or your home currency, always choose the local currency.
2. Use a no forex fee credit card
Whether you travel overseas frequently or simply enjoy shopping online from international stores, foreign transaction fees can quickly add up. To illustrate how much you can save while travelling by using a credit card with no overseas fee, imagine spending €1,000 during a trip to Europe:
| Regular credit card (CIBC Dividend Visa Infinite) | No FX fee credit card (Scotiabank Passport Visa Infinite) | |
|---|---|---|
| Amount spent (EUR) | €1,000 | €1,000 |
| Amount in CAD (Visa exchange rate) | $1,509.32 | $1,509.32 |
| Foreign transaction fee (2.5%) | $37.73 | $0 |
| Total charged | $1,547.05 | $1,509.32 |
| Rewards value | 1% cash back ($15.09 value) | 1509 Scene+ points ($15.09 value) |
In addition to saving on foreign exchange fees, a no forex fee credit card may also earn you more rewards. If you use the Scotiabank Passport Visa Infinite featured in this example, any spending on groceries, dining, entertainment, and transit will earn 2X the points — even overseas.
3. Don’t withdraw cash using your credit card
Using a no foreign transaction fee credit card is great—until you’re overseas and purchasing from a business that doesn’t accept credit cards. If you aren’t carrying cash in the local currency, withdrawing cash from an ATM using your credit card will incur hefty fees: in addition to the foreign transaction fee and ATM fee charged by the overseas ATM, you’ll immediately incur cash advance interest charges.
One solution is to use a debit card that doesn’t charge foreign transaction fees, like the EQ Bank Card. This way, you’ll get cash based on the bank’s exchange rate and pay only the overseas ATM fee.
