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Whether or not you are aware, every time you make a purchase on your credit card in a foreign currency (including U.S. Dollars!) chances are you are charged a hidden fee that costs you about 2.5% of the transaction value. This is known as a foreign transaction fee (FX fee). Foreign transaction fees are common across Canadian credit cards, with only a few select cards not having any, so chances are if you are unsure, your credit card probably has this fee (but you can find out for sure by reading the terms of your credit card).
If you travel often or purchase things in foreign currencies, having a credit card with no FX fees will save you money. To make your search easier, we found the best credit cards in Canada with no foreign transaction fees. You may also want to check out the Best USD accounts for Canadians.
Other Cards With No Foreign Transaction Fees
Best With No Annual Fee - Brim Mastercard
Brim Mastercard Annual Fee: $0 |
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|---|---|
| Sign-up Bonus | Up to $200 in first-time bonuses |
| Rewards | - Earn 1 point for every $1 spent |
| Insurance | See all insurance coverage |
| Other Perks | - No FX Fees - Boingo Wi-Fi for Mastercard Cardholders |
Brim is a Canadian Fintech company offering three Mastercards with different benefits and annual fees: the Brim Mastercard ($0 Annual Fee), the Brim World Mastercard ($99 Annual Fee) and the Brim World Elite Mastercard ($199 Annual Fee). Although they have differing earn rates and benefits between them, all three cards offer no foreign transaction fees.
We believe the Brim Mastercard to be the best no annual fee credit card with no foreign transaction fees due to its reasonable earn rate (1% back in Brim Rewards on everything), and some insurance benefits including extended warranty and mobile device insurance (up to $500). Brim also provides additional rewards at certain retailers and includes access to free global Boingo Wi-Fi.
Best for Rewards - Scotiabank Gold American Express Card
Scotiabank Gold American Express Card Annual Fee: $120 |
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|---|---|
| Sign-up Bonus | 20,000 Scotia Rewards points upon spending $1,000 in the first 3 months This sign-up bonus is worth a $200 value |
| Rewards | - 5 points on every $1 you spend at eligible grocery stores, food delivery, dining and entertainment. - 3 points on every $1 you spend at eligible gas stations, transit, rideshare and streaming services. - 1 point for every $1 spent on everything else |
| Insurance | See all insurance coverage |
| Other Perks | - No FX Fees - Amex Front of the Line - Concierge Service |
If you care want your card to earn you tons of rewards on top of having no annual foreign transaction fees, look no further than the Scotiabank Gold American Express Card. This card earns an outstanding 5% back on all grocery, restaurant, food delivery and entertainment purchases. It also earns an excellent 3% back on all gas, transit, and streaming service purchases. All other purchases earn a still admirable 1% back. The only complaint about this card is it's an American Express: it is generally well accepted in Canada and the U.S. (with some exceptions) but if you travel internationally often it may not be accepted, unlike Visa or Mastercard.
Best Overall - Scotia Passport Visa Infinite Card
Scotiabank Passport Visa Infinite Card Annual Fee: $139 (Requires $60,000 Minimum Annual Income) |
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|---|---|
| Sign-up Bonus | 30,000 Scotia Rewards points upon spending $1,000 in the first 3 months This sign-up bonus is worth a $300 value |
| Rewards | - 2 points on every $1 you spend at eligible grocery stores, dining, transit purchases and entertainment. - 1 point for every $1 spent on everything else |
| Insurance | See all insurance coverage |
| Other Perks | - No FX Fees - 6 Annual Complimentary Priority Pass Lounge Visits |
If you are a serious traveller who spends a lot in foreign currencies - the Scotiabank Passport Visa Infinite Card is the travel card you are looking for. Not only does it feature no foreign transaction fees - but it also includes extensive travel insurance, 6 free airport lounge passes and a straightforward rewards program.
We selected this as our best overall card (over the Scotiabank Gold American Express Card) as even though it has a lower rewards earn rate, it is a Visa card so it will be accepted virtually anywhere credit cards are (except Costco!), unlike American Express. However, if you value rewards, getting both cards may produce a good synergy. You can use the Scotia Passport Visa Infinite for places that don't accept Amex and for the 6 lounge passes - and use the Scotiagold American Express Card everywhere else for better rewards! As a bonus, they both use the same rewards system to make redeeming points that much easier.
Other Cards With No Foreign Transaction Fees
Although the above cards are great choices, I will list all the no FX fees cards available in Canada below (note that some of these cards charge a foreign transaction fee but make up it with rewards):
- Home Trust Preferred Visa (no foreign transaction fees)
- HSBC World Elite Mastercard (no foreign transaction fees)
- Meridian Visa Infinite Travel Rewards Card (3% back on foreign transactions)
- Amazon.ca Rewards Mastercard (2.5% back on foreign transactions)
- Rogers Platinum Mastercard (3% Back on USD)
- Rogers World Elite Mastercard (3% Back on USD)