Canada’s best no foreign transaction fee credit cards for 2023

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Credit cardDetails
Brim Mastercard*• No annual fee
• 1 point per $1 on everyday purchases
• 3 points at eligible airlines
• 4 points at Brim retail partners
Home Trust Preferred Visa*• No annual fee
• 1% cash back on all Canadian purchases
Scotiabank Passport Visa Infinite*• $150 annual fee (waived the first year)
• 2 Scotia Rewards points per $1 on travel, groceries, restaurants and entertainment
• 1 point per $1 on all other eligible purchases
Scotiabank Gold American Express*• $120 annual fee (waived the first year)
• 5 points per $1 on dining, groceries and entertainment-related purchases
• 3 points on gas, daily transit and select streaming services
• 1 point on everything else (including all foreign purchases)
HSBC World Elite Mastercard*• $149 annual fee (waived the first year)
• 3% in points on eligible travel purchases
• 1.5% in points on everyday purchases
Meridian Visa Infinite Travel Rewards• $99 (waived the first year)
• 3 points per $1 on foreign currency purchases
• 1.5 points on everyday purchases
Rogers World Elite Mastercard• No annual fee
• 3% cash back on U.S. currency purchases
• 1.5% on all other purchases

Canada’s best no foreign transaction fee credit cards for 2023

Canadians love to travel and shopping, but when using with their credit cards outside of Canada, many pay foreign transaction fees—as much as 2.5%—on every purchase. The good news is there’s a good selection of credit cards for Canadians that either offer no foreign transaction fees or reward with more than enough cash back to cover the fees. If you’re a frequent traveller or online shopper, you could save a lot of money by bringing a no foreign transaction fee card along on your next trip.


Brim Mastercard*

At a glance: Brim offers a set of three Mastercard rewards cards with a range of options depending on your income and spending—and none of them charge foreign exchange fees. The suite of cards offer a flat earn rate, simplifying the rewards program and making redemption easy to do. But of the three cards available, consider the entry-level Brim Mastercard. Why? There’s no annual fee and no income requirement, and you’ll still benefit from many of the same perks as with the Brim World Mastercard and Brim World Elite Mastercard, which have annual fees of $99 and $199.

  • Annual fee: $0
  • Interest rates: 19.99% on purchases, 21.5% on cash advances, 19.99% on balance transfers
  • Earn rates: 1 point per $1 spent on everyday purchases, 3 points per $1 at eligible airlines, and 4 points per $1 at Brim retail partners
  • Welcome offer: $200 in First Time Bonuses* - when users spend at participating merchants
  • Annual income requirement: None

Pros

Rewards

  • Brim credit cards offer some of the most lucrative flat earn rewards rates around. Depending on the card you choose, you could be accumulating 1 or 2 points per $1 spent. Plus, cardholders earn bonus points when shopping at Brim partner retailers. Even if you haven’t heard of Brim, you know its partners. For example, you could earn up to 4% at Nike and Microsoft. Several partner airlines, like Emirates and Lufthansa, offer up to 3% cash back when booking flights.
  • While you’ll technically earn points, Brim rewards effectively work like cash back, making them super simple and intuitive. One Brim point is equal to 1% in cash back (100 Brim points equal $1). You can redeem your points at any time and for virtually any card purchase.
  • As a Mastercard product, Brim is accepted virtually everywhere, including at Costco. 

Other perks

  • Each of Brim’s cards, including its no-fee version, carry common carrier accident coverage and mobile device insurance.
  • The premium Brim World and Brim World Elite include robust travel insurance with travel medical emergency insurance and hotel/motel burglary insurance.
  • The Brim app and website feature top-notch digital interfaces with budgeting tools.

Cons

  • While Brim offers a lucrative flat earn rate on everything you buy, you have no access to bonus categories. So, you can’t earn additional points on expenditures like groceries, gas or recurring bills, like with some other rewards cards. This may make it less attractive to someone who spends significantly in common bonus categories.

Home Trust Preferred Visa*

At a glance: This is a straightforward no-forex-fee card with few perks but a decent standard cash back earn rate and no annual fee. 

  • Annual fee: $0
  • Interest rates: 19.99% on purchases, 19.99% on cash advances
  • Earn rate: 1% cash back on all Canadian purchases
  • Welcome offer: None
  • Annual income requirement: $15,000

Pros

Rewards

  • Earn 1% cash back on everything you buy in Canadian dollars with no limits on how much you can earn.

Other perks

  • The Home Trust Preferred Visa is one of only two true no-foreign-exchange-fee cards in Canada that charge no annual fee. This means it waives the forex on purchases in all foreign currencies, not just U.S. dollars.
  • Like most no-fee cards, it comes with basic perks like zero liability policy insurance and purchase security insurance.

Cons

  • You can’t earn cash back on purchases in a non-Canadian currency, but you also won’t pay foreign transaction fees, which usually add up to 2.5%.

Scotiabank Passport Visa Infinite*

Scotia Passport Visa Infinite

At a glance: As the first card from one of Canada’s big banks to waive its foreign transaction fees, the Scotiabank Passport Visa Infinite offers strong rewards, an easy-to-understand and flexible rewards system, and seriously impressive airport lounge benefits.

  • Annual fee: $150 (waived for the first year)
  • Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
  • Earn rates: 2 Scotia Rewards points per $1 spent on travel, groceries, restaurants and entertainment; 1 point per $1 on all other eligible purchases
  • Welcome offer: Earn up to 40,000 bonus Scene+ points and first year annual fee waived. Offer ends 30 April 2023.
  • Annual income requirement: Personal income of $60,000 or household income of $100,000

Pros:

Rewards

  • Scotia’s Scene+ points are extremely flexible. You can redeem points using Scotia’s travel agency or apply points on any travel purchase from virtually any airline or hotel provider up to 12 months later. 
  • Redemptions for travel purchases are intuitive and as easy as cash back in your wallet. There are no complicated travel charts or maps, and you’ll get the same value wherever you fly. But, you will need to redeem a minimum of 5,000 points (equivalent to $50 in savings) at a time.
  • Scotia’s travel redemptions are extremely broad. Points can be redeemed for a wide variety of products and services, even against purchases with Uber, UberEats and Airbnb.  
  • The Scotiabank Passport Visa Infinite rewards high-volume spenders. Every year that you charge $40,000 or more, you’ll earn an additional 10,000 bonus points ($100 value toward travel).

Other perks

  • The Scotiabank Passport Visa Infinite is the only no-forex-fee card in Canada to also offer airport lounge access. With this card, you’ll receive 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.
  • This card offers a full range of travel insurance benefits including travel emergency medical insurance, trip cancellation/trip interruption insurance and more. 

Cons:

  • On October 1, 2022, the Scotiabank Passport Visa Infinite’s annual fee increased from $139 to $150.
  • You’ll need to earn an income of at least $60,000 (or $100,000 as a household) to qualify, which means the card may be out of reach for some Canadians.

Scotiabank Gold American Express*

Scotiabank Gold American Express

At a glance: The Scotiabank Gold American Express has an impressive everyday earn rate, especially on food and transit. Combined with its lack of foreign transaction fees, this card is not just one of the best no-forex-fee cards but one of the best overall rewards cards in Canada.

  • Annual fee: $120 (waived for the first year)
  • Interest rates: 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers
  • Earn rates: 5 points per $1 spent on dining, groceries and entertainment-related purchases in Canada; 3 points per $1 on gas, daily transit (including buses, rideshare services and taxis) and select streaming services in Canada; 1 point per $1 on everything else (including all foreign purchases)
  • Welcome offer: Earn up to $850 in value in the first 12 months, including up to 45,000 bonus Scene+ points, and have the annual fee waived in your first year. Offer ends April 30, 2023.
  • Annual income requirement: $12,000

Pros:

Rewards

  • This credit card’s earn rate is seriously impressive, with an outstanding five-times the points on groceries and dining.
  • Scene+ points are flexible, easy to use and good for up to 12 months after you make a travel purchase, which means you can book when you want and reap the rewards later.
  • Redeem for travel in easy increments of 1,000 points (valued at $10). There are no complicated rules or exceptions to manage, and you will get the same value no matter where you go.
  • Scotia’s definition of travel is extremely broad so you can redeem for purchases even at Uber, UberEats and Airbnb.

Other perks

  • The Scotiabank Gold American Express offers a full range of travel insurance benefits including travel emergency medical coverage, trip cancellation/trip interruption insurance and more.
  • This card comes with Amex Experience perks. Amex grants early access to presale tickets to a wide range of events (including concerts and sports events), while Amex Offers get you additional discounts and savings on a rotating roster of retailers.
  • The card’s minimum income requirement is $12,000, making it accessible to most Canadians.

Cons:

  • While American Express is accepted at thousands of locations across Canada, there are some notable exceptions. For example, Loblaws doesn’t accept Amex and you might not be able to use this card at some smaller independent shops, groceries, convenience stores and restaurants. Depending on where you’re travelling, Amex acceptance may be even more limited.
  • When you buy in a foreign currency, you only earn points at the base rate. This means, for example, that if you buy groceries in a foreign currency, the foreign-exchange fee will be waived but you will only earn 1 point per $1 spent rather than the 5 points usually offered in the grocery category for purchases in a Canadian currency.

HSBC World Elite Mastercard*

HSBC World Elite Mastercard

At a glance: In addition to charging no forex fees, the HSBC World Elite Mastercard offers a winning combination of a strong everyday earn rate and recurring annual travel credits that can be put towards a range of flight upgrades. 

  • Annual fee: $149 (waived for the first year)
  • Interest rates: 19.9% on purchases, 22.9% on cash advances, 22.9% on balance transfers
  • Earn rates: Earn 3% in points on eligible travel purchases; 1.5% in points on everyday purchases
  • Welcome offer: Get up to $649 in total value for the first year! Must apply by February 28, 2023. Conditions apply.
  • Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros:

Rewards

  • Travel purchases earn 6 points $1 spent or 3%, which means frequent travellers will earn big on their flights and hotel spending. The 1.5% base rate on all other everyday purchases lets you rack up rewards no matter the spending category. 
  • The points values are simple and easy-to-understand with 200 points being worth $1 no matter where you travel. You can expect your travel rebate within three months of your travel purchase.
  • HSBC Rewards points can be transferred to other airline loyalty programs including British Airways Avios and Cathay Pacific Asia Miles, so you can strategically maximize your rewards. 

Other perks

  • Cardholders will receive an annual $100 travel credit that can be redeemed towards anything from eligible airline baggage fees to a seat upgrade or an airport lounge pass.
  • The HSBC World Elite Mastercard offers robust travel insurance benefits. Its travel medical protection is a particular stand-out as its coverage will last for trips of up to 31 days, as opposed to the 15-day limit that’s typical of other cards.

Cons:

  • Points redemptions are not as flexible as in some other programs. You’ll need to use a minimum of 20,000 points to make a redemption.
  • The card’s annual fee is $149, which is slightly higher than other comparable cards.
  • The income requirement is $80,000 (or $150,000 per household), which means it’s out of reach for some Canadians.

Meridian Visa Infinite Travel Rewards

Meridian Visa Infinite

At a glance: This is a competitive mid-tier credit card with a below-average annual fee, offering impressive travel insurance and bonus points on non-Canadian purchases which will help you save on foreign transaction fees. 

  • Annual fee: $99 (waived for the first year)
  • Interest rates: 19.5% on purchases, 21.99% on cash advances
  • Earn rates: 3 points per $1 on purchases in a foreign currency; 1.5 points per $1 on your everyday purchases
  • Welcome offer: Earn 6 points per $2 spent on purchases made outside Canada in foreign currencies, and 3 points per $2 on all other purchases.
  • Annual income requirement: Personal income of $60,000 or household income of $100,000

Pros:

Rewards

  • The 3 points per $1 earn rate for foreign purchases means you’ll net roughly 0.5% back on anything in a non-Canadian currency (after offsetting foreign transaction fees).
  • The strong base rate of 1.5% on Canadian purchases means you’ll earn an above-average return on all purchases, regardless of the category.

Other perks

  • The annual fee for the Meridian Visa Infinite Travel Rewards card is only $99, which is less than many comparable to other cards on this list with no foreign exchange fees.
  • The travel coverage on the Meridian Visa Infinite Travel Rewards card is outstanding and includes up to $5,000,000 in emergency travel coverage for up to 48 days, which manages to beat out travel coverage offered by even the best travel credit cards.
  • While many credit card travel insurance benefits only apply to those 65 and older, the emergency travel insurance coverage on the Meridian Visa Infinite Travel Rewards credit card applies to those up to 75 years old.

Cons:

  • This card offers no bonus categories, so it may not be the best rewards structure for those who spend big in common categories like groceries, gas or recurring bills.
  • Rewards points can’t be used to offset the cost of airline taxes or surcharges.
  • The income requirement makes it out of reach for some Canadians.

Rogers World Elite Mastercard

At a glance: With much higher earn rates than most no-fee cards, the Rogers World Elite Mastercard actually nets you cash back on purchases in U.S. dollars. However, demanding personal income levels and spending requirements make this card inaccessible to some. 

  • Annual fee: $0
  • Interest rates: 19.99% on purchases, 22.99% on cash advances
  • Earn rates: 3% cash back on purchases made in U.S. currency; 1.5% on all other purchases
  • Welcome offer: Earn $25 cash back when you make your first purchase within 3 months of having the card
  • Annual income requirement: Personal income of $80,000 or household income of $150,000

Pros:

Rewards

  • The card earns an impressive 1.5% cash back on everything you buy, a rate more often seen in cards with an annual fee. 
  • As a Mastercard, it is arguably the best card to use at Costco because it has a flat 1.5% earn rate. 
  • The Rogers World Elite Mastercard earns an accelerated 3% cash back on purchases made in U.S. dollars which offsets the roughly 2.5% foreign transaction fee, making this an ideal card for snowbirds or anyone who regularly travels to the United States.
  • You can redeem your cash back rewards anytime, in increments of $10, using the Rogers app.

Other perks

  • Despite being a no-fee card, the Rogers World Elite Mastercard gives you benefits like rental car collision damage coverage and travel insurance.

Cons:

  • Unlike “true” no-foreign-transaction-fee credit cards which help you save on all non-Canadian currency purchases, the Roger World Elite Mastercard will only help you avoid foreign transaction fees on purchases made in U.S. dollars.
  • A glaring drawback of this card is that you must charge at least $15,000 in purchases on the card every 12 months or you are automatically downgraded to the entry-level Rogers Platinum Card that earns a less impressive 1% cash back on everything.
  • 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.

Frequently asked questions

The fee (typically 2.5%) charged by many credit cards for purchases you make in a foreign currency might not seem like much, but it can add up quickly. To be clear: The fee is applied to every purchase made in a currency that’s not Canadian dollars—even when you shop online. For context, that’s $25 in transaction fees for every $1,000 you spend on your card, and you have to pay the exchange rate as well.


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. 

Your foreign transaction fee will vary according to which credit company you choose, so it’s worth it to look into the various options if you’re a frequent traveller or you often find yourself shopping in another currency. 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. 


As long as credit cards are widely accepted at your destination, you can avoid taking out large amounts of cash at currency exchange kiosks, airports or ATMs. Plus, purchasing with your card helps you earn rewards on every dollar spent, you get purchase protection and PIN protection, and you can easily cancel your card if it’s stolen while you’re abroad.




More of Canada’s best credit cards:


Our methodology

MoneySense’s picks of the best no foreign transaction fee credit cards in Canada are based on our analysis of each card’s benefits and annual fees; foreign transaction fees and how they’re handled (if rebated); and whether there are additional rewards incentives for using the card domestically and/or abroad.

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