Scotiabank Gold American Express Card
In addition to no foreign transaction fees, the Scotiabank Gold American Express credit card offers many other perks. When you eat in or dine out, you can earn 6x the scene rewards points. You can also earn 5x the points on movie theatre purchases. You can earn 6x the points on grocery purchases and 3x the points on transportation and streaming purchases. You’ll get 1x the points on all other purchases.
With this card, the minimum credit limit is $5,000, and you must have a minimum annual income of $12,000 to apply. The annual fee is $120, purchase interest is 21.99%, cash advance interest is 22.99%, and there’s a supplementary fee of $29 per card. As an added perk,s you also get purchase protection for 90 days and mobile device insurance.
Home Trust Preferred Visa Card
The Home Trust Preferred Visa Card has a lot of great features, including:
- No foreign exchange fees
- 1% cashback with no cap
- No annual fees
- Purchase security insurance
- Zero liability policies
- Guaranteed hotel reservations
- Digital Wallet Capabilities
While this card has no annual fees, the purchase interest rate is 21.99%.
KOHO Extra Mastercard
With the KOHO Extra Mastercard, you can earn great rewards while paying no foreign transaction fees. However, this card differs from a traditional credit card because it is prepaid. That said, there’s no credit check required; you can earn up to 3.5% interest on your balance and up to 2% cashback on your purchase. Since this is a prepaid credit card, there’s no interest rate, but there is an annual fee that depends on the KOHO plan that you choose.
Rogers Red World Elite Mastercard
The Rogers Red World Elite Mastercard not only has no foreign exchange fees but also no annual fees. However, there are some requirements you must meet to qualify for this card. First, you have to get credit approval. Second, you need to have a personal income of $80,000 or a household income of $150,000. The purchase interest rate is 22.99%-25.99%, and the cash advance rate is 22.99%.
The rewards you earn with this card are:
- 1.5% cash back on eligible non-US purchases
- 2% cash back on eligible non-US purchases if you have 1 service with Rogers, Fido or Shaw
- 3% cash back on eligible US dollar purchases (not Canadian dollars)
- 1.5x more cash back when you redeem for a Rogers, Fido or Shaw purchase
- 5 roam-like home days per year for eligible Rogers mobile plans
You can also get certain travel benefits, such as:
- Complementary membership to Mastercard Travel Pass by Dragonpass
- Access to more than 1,300 airport lounges
- $32 USD per visit for each person
The insurance coverages included with this Rogers Mastercard are:
- Extended warranty protection
- Purchase Protection
- Trip interruption
- Trip cancellation
- Out-of-province medical
- Out-of-country medical
Meridian Visa Infinite Travel Rewards
The Meridian Visa Infinite Travel Rewards card is a great credit card with a low annual fee of only $99. The purchase interest rate is 19.50%, while the cash advance interest rate is 21.99%. To qualify, you need to have a minimum personal income of $60,000 per year or a combined household income of $100,000 annually. The perks included with this card are:
- 3% rewards on foreign currency purchases
- 1.5% rewards on all purchases
- Exclusive visa infinite benefits and offers
- Travel emergency medical insurance
- Mobile device insurance
- Purchase protection insurance
- Trip cancellation insurance
- Trip Interruption and Delay Insurance
- Common carrier travel accident insurance
- Extended warranty insurance
- Travel assistance service
- Price protection service
- Delayed baggage insurance
- Lost or damaged baggage insurance
- Auto rental collision or loss damage insurance
Scotiabank Passport Visa Infinite Business Card
The Scotiabank Passport Visa Infinite Business Card is a great option for those looking for no foreign exchange fees on non-Canadian-currency purchases made with a Canadian credit card while earning great rewards. With this card, you earn 1.5x the points for every $1 spent on business purchases. You also get a complimentary Visa Airport Companion Program membership, which includes access to airport lounges. Other Scotiabank credit cards instead include a complimentary Priority Pass membership.
For this particular credit card, the annual fee is $199. The purchase interest rate is 20.99%, and the cash advance interest rate is 22.99%. Right now, as a special offer, you can earn 40,000 bonus points in your first year. Just like with all other Scotiabank credit cards, you can get Avis and Budget rental card discounts.
Scotiabank Passport Visa Infinite Card
If you don’t need a business credit card and still want to get a card with no foreign transaction fees, then the Scotiabank Passport Visa Infinite Card may be a great option for you. There’s an annual fee of $150, a minimum credit limit of $ 5,000, and a purchase interest rate of 20.99%. The interest rate for cash advances is 22.99%.
There are minimum income requirements to get this credit card. You need to have a minimum personal income of $60,000 or a combined household income of $100,000. Alternatively, you could also have a minimum of $250,000 in assets under management.
The rewards for this credit card are:
- 3x the points on purchases at eligible grocery stores
- 2x the points on takeout and other eligible grocery stores
- 2x the points for eligible entertainment purchases
- 2x the points on eligible transportation expenses
The insurances included with this credit card are:
- Comprehensive travel insurance benefits
- Trip interruption insurance
- Flight delay insurance
- Delayed and lost baggage insurance
- Travel accident insurance
- Purchase security insurance
- Extended warranty protection
- Car rental insurance: collision loss and damage
- Hotel burglary insurance
Wealthsimple Card
While the Wealthsimple card isn’t a traditional credit card, it is a prepaid Mastercard and a savings account in one. Just like the rest of the cards that we’ve mentioned, the Wealthsimple card doesn’t charge any foreign transaction fees. However, it isn’t the only perk. With this card, you can:
- Auto-invest your pay
- Send up to $10,000 per day in e-transfers
- Have no monthly fees
- Pay your bills
- Earn 3.5% – 4.5% on your balance
Plus, just like a bank, your funds are protected by the CDIC. However, because your funds will be placed in trust with up to 5 CDIC institutions, up to $500,000 of your funds are protected instead of the traditional $100,000.
EQ Bank Card
This card is a little confusing because many people think it’s a debit card, but it’s not. It’s actually considered to be a prepaid Mastercard. However, it includes features that many debit cards offer, such as free ATM withdrawals in Canada, no foreign transaction fees, and cash back on every purchase.
With the EQ bank card, you also get 0.5% cash back on all purchases. Because it’s a Mastercard, you can use it anywhere Mastercard is accepted, in person and online. However, it’s important to keep in mind that this isn’t a traditional card, so you can’t deposit cash into your account, just transfer it.
RBC Credit Cards and Foreign Transaction Fees
While RBC doesn’t have a card with no foreign transaction fees, the fees you’ll pay depend on the card you choose. Let’s take a look at the fees and rates on RBC credit cards.
| Credit Card | Purchase Interest Rate | Annual Fee | Foreign Transaction Fee |
| RBC Avion Infinite Visa | 20.99% | $120 | +2.5% |
| RBC Ion + Visa | 20.99% | $48 | +2.5% |
| RBC Ion Visa | 20.99% | $0 | +2.5% |
| RBC Cash Back Preferred World Elite Mastercard | 20.99% | $99 | +2.5% |
| RBC Cash Back Mastercard | 20.99% | $0 | +2.5% |
| RBC Visa Classic Low Rate Option | 12.99% | $20 | +2.5% |
| RBC Avion Visa Infinite Privilege | 20.99% | $399 | +2.5% |
| RBC RateAdvantage Visa | Prime + 4.99%-8.99% | $0 | +2.5% |
| RBC US Dollar Visa Gold | 20.99% | $65 USD | 0% on US currencies only |
| Westjet RBC Mastercard | 20.99% | $139 | +2.5% |
| RBC British Airways Visa Infinite | 20.50% | $165 | +2.5% |
BMO Credit Cards and Foreign Transaction Fees
Just like RBC, BMO offers a wide variety of credit cards, each with different foreign transaction fees. While they don’t have a card that advertises that it doesn’t charge foreign transaction fees, they do have plenty of different credit cards to choose from. Here are 4 of BMO’s most popular credit cards and what they include.
BMO Cashback Mastercard
With the BMO Cashback Mastercard, you can currently get a balance transfer rate of 0.99% for the first 9 months and a 2% transfer fee. The annual fee on this card is $0, and the purchase interest rate is 21.99%. The cash advance rate is 21.99%. The rewards you earn are:
- 3% cash back on grocery purchases
- 1% cash back on recurring bill payments
- 0.5% on all other eligible everyday purchases
One of the best things about this card is that, as long as your account is open and in good standing, you get cash-back rewards that never expire. Plus, there are some great insurance plans, including extended warranty protection and purchase protection. The foreign transaction fee on this card is 2.5%.
BMO Preferred Rate Mastercard
The BMO Preferred Rate Mastercard is one of the most popular low-rate credit cards. For a low annual fee of $29, you can get a purchase interest rate of 13.99% and a cash advance rate of 15.99%. The foreign transaction rate is 2.5%. However, if you have a BMO performance chequing account, then the $29 annual fee will be rebated.
Like many other credit cards, this Mastercard has extended warranty protection and purchase protection. You can also use BMO Smart Pay installment plans, which split large purchases into smaller payments with no interest, for a small fee.
BMO Cashback World Elite Mastercard
The BMO Cashback World Elite Mastercard is a fantastic rewards credit card. As a promotion, you can currently get up to $650 in value, and the $120 annual fee will be waived. The normal rewards you can get from this card are:
- 5% on groceries
- 4% on transit
- 3% on gas
- 2% on recurring bills
- 1% on all other eligible purchases
The rates for this card are 20.99% on purchases, 23.99% on cash advances and 2% on foreign transactions. There’s also a $120 annual fee. To apply, you need to have a personal minimum income of $80,000 or a minimum household income of $150,000.
BMO US Dollar Mastercard
With the BMO US Dollar Mastercard, there are no exchange rate fees for purchases made in USD. Plus, if you pay your balance in USD, then you don’t have to worry about any conversions. It has an annual fee of $49 USD, with purchase rates of 21.99% and cash advance rates of 23.99%. You’ll also receive extended warranty protection and purchase protection, as well as the ability to use BMO PaySmart Installment Plans.
CIBC Credit Cards and Foreign Transaction Fees
Another bank you may consider when looking for a credit card is CIBC. While they offer a good range of high-rate credit cards, they don’t promote any cards with no foreign transaction fees. That said, let’s take a look at some of the great cards they do have.
CIBC Aventura Visa Infinite Card
The CIBC Aventura Visa Infinite Card is a great travel rewards credit card. If you sign up now, they also have a great welcome offer that could get you up to $1,5000 in value. Here’s how that works:
- 15,000 Aventura points when you make your first purchase
- 20,000 Aventura points when you spend $3,000 or more in net purchases in the first 4 monthly statement periods
- A one-time annual fee rebate for the primary cardholder and up to 3 authorized users
- 4 complimentary airport lounge access visits
- A NEXUS application fee rebate
- A free SKIP+ membership
You must have an individual income of $60,000 or an annual household income of $100,000 to apply for this card.
The rate on this card is a purchase interest rate of 21.99%, a cash advance rate of 22.99%, and an annual fee of $139. You will have to pay foreign transaction fees, which range from 1% to 3%.
The rewards you can earn on this card are:
- 2 points for every $1 on travel purchases through the CIBC rewards centre (where you redeem points)
- 1.5 points for every dollar spent on gas, electric vehicle charging, groceries and at drug stores
- 1 point for every $1 spent on all other purchases
The insurance you can get is:
- Mobile device insurance
- Hotel burglary insurance
- Purchase security insurance
- Extended warranty insurance
- $500,000 common carrier accident insurance
- Auto rental collision and loss damage insurance
- Trip cancellation insurance
- Trip interruption insurance
- Out-of-province emergency medical insurance
- Flight delay and baggage insurance
CIBC Costco Mastercard
The CIBC Costco Mastercard is a card that’s exclusively for Costco members. It has a purchase interest rate of 20.75%, a cash interest rate of 22.49% and no annual fee. The rewards for this credit card include:
- 3% cash back at restaurants and Costco gas
- 2% cash back at other gas stations and Costco.ca purchases
- 1% cash back on all other purchases, and at Costco
You can also use CIBC Pace It, which allows you to extend your purchases at a lower interest rate. The rates are 5.99% for 6 months, 6.99% for 12 months, and 7.99% for 24 months. Plus, the card also doubles as your Costco Membership Card. Foreign transaction fees are similar to those of other CIBC cards and range from 1% to 3%.
CIBC US Dollar Aventura Gold Visa Card
If you shop in the US frequently or use US currency, the CIBC US Dollar Aventura Gold Visa Card is available to you. This card allows you to shop in US currency with no foreign exchange fees and pay your bill in US currency. There’s a small annual fee of $35, and the purchase interest rate is 21.99%. The cash advance interest rate is 22.99%.
With this card, you can earn points based on your purchases. You’ll earn 1 point for every dollar spent on travel in the CIBC rewards centre, and you’ll earn one point for every $2 spent on all other purchases.
In addition to having no conversion fees on all US purchases, you can shop in the US from anywhere. Plus, you can also get Purchase Security Insurance within 90 days of your purchase. To apply for this card, though, you must have a minimum annual household income of at least $15,000.
CIBC Select Visa Card
The CIBC Select Visa Card is a credit card with a low interest rate. When you transfer your card balance now, you can get 0% interest for up to 10 months with a 1% transfer fee. There’s a small annual fee of $29, and the standard purchase interest rate is 13.99%, while the cash advance interest rate is 13.99%. The foreign transaction fees range from 1% to 3%.
With this card, you automatically get $100,000 in common carrier accident insurance. That said, you also have the option of CIBC Travel Medical Insurance and CIBC Payment Protector Insurance for Credit Cards. As a perk, though, you also get free CIBC global money transfers.
How Are the Foreign Transaction Fees Calculated?
When it comes to credit cards, foreign exchange fees are calculated as a percentage of the converted total. The total fee is then usually split between two entities: the payment network and the issuing bank. In Canada, this combined fee is usually 2.5%.
Should You Decline a Dynamic Currency Conversion?
In most cases, it’s a good idea to decline a dynamic currency conversion and be charged in the local currency instead. The main reason for this is markups. Many foreign ATMs and merchants apply poor exchange rates and hefty fees, often exceeding 15%. Choosing to use your bank’s network exchange rate, Mastercard currency converter, or Visa currency converter helps you avoid this 3rd-party issuer markup percentage.
Do You Get the Fee Back on Returns?
With most credit cards, you won’t get a fee refund on returns. The issuer usually retains this standard 2.5% fee, and you could even be charged a second FX fee on the refund, leaving you with a total of 5% in fees still payable. Plus, the exchange rate on the charges will vary from day to day, so the second exchange rate can end up being much more expensive lol.
Credit Score Needed to Get One of These Cards
Since these are considered premium credit cards, you generally need a 725 credit score to be approved. However, your credit score usually isn’t the only requirement you need to meet. There’s also a minimum income requirement: $60,000 in personal income for most cards.
Should You Use Credit Cards or Prepaid Cards Abroad?
You should use both, especially if you have multi-currency accounts. It’s not just abroad you need to consider this, though. You should also consider it for foreign online purchases. Not only is it better for international shipping duties, but it’s also a good choice for taking advantage of card benefits like:
- Comprehensive travel insurance coverage
- Lost or stolen baggage insurance
- Wine country program rates
- Comprehensive insurance coverage
- Emergency medical coverage with pre-existing condition exclusions
What Card is Best to Use in Europe?
The Best card for European travel and the best card for US shopping is one that either offers zero foreign transaction fees or waives them. You still have to pay ATM withdrawal fees for cash withdrawals abroad, which will appear on your credit card statement.
Withdrawing Cash from ATMs While Travelling
For frequent travellers who are used to foreign spending, you should decline dynamic currency conversions and ask to be charged in local currency instead, even with your FX fee card. In terms of choosing an ATM, you’re better off going with a bank-affiliated one. These are less prone to skimming, and it’s easier to get help if your card jams.
No FX Fee Options for Newcomers and Students
If you’re looking for newcomer or student credit cards, there are some great no-FX-fee options. These include cards from:
- Brim Financial
- Neo Financial
- Simplii Financial
Two other great options are the HSBC World Elite Credit Card and the Wise multi-currency card. Which one you apply for will determine your credit score needed to qualify, the welcome bonuses you incur, and the welcome bonus requirements, including minimum spend thresholds.
When you’re looking at these cards, foreign exchange rates aren’t the only benefit. There are other additional benefits to look for, including:
- Authorized user cards
- Extra points on eligible grocery purchases
- Discounts at ticket agency stores
- Additional benefits on everyday expenses
- Emergency card replacement for a lost card abroad
- Card lock features
- Transferring points to airlines
- Having an annual fee waived the first year
If you’re unable to qualify for these cards, you can also consider secured credit cards or prepaid cards. While these don’t offer the same benefits, you often aren’t paying extra fees, can still redeem cash at Canadian market prices, make international payments and make Airbnb and hotel prepayments. Also, with traditional credit cards, cash back interest starts immediately, but that isn’t a concern with prepaid cards.
What Are the Age Limits and Exclusions for Travel Insurance?
Age limits on travel medical insurance affect your coverage for certain policies. It’s very common for credit card insurance to limit coverage at age 65. They also have pre-existing condition exclusions and trip duration limits.
Using Cards for Foreign Online Subscriptions
When using cards for foreign online subscriptions, you also have to consider customs and import charges. You also need to consider your billing currency and any PayPal conversion rates. This includes paying attention to how FX fees are calculated.
Even though it may seem more expensive, many people choose to use PayPal because it’s simpler to dispute a charge and handle the chargeback process. Whether you use them or not, you will still have to pay interchange fees.
What are Some Card Alternatives to Wise and Revolut?
If you’re looking for some card options that are a good alternative to Wise and Revolut, then some good choices are:
- EQ Bank Card
- KOHO Prepaid Card
- WealthSimple Cash Card
- Simplii Financial
All of these prepaid cards have low fees and are a great option for international travel.
Avoiding Foreign Transaction Fees
If you’re making international purchases or travelling, ideally, you want to avoid foreign transaction fees. The easiest way to do so is by qualifying for a credit card that has no foreign transaction fees. As you can see above, there are plenty to choose from.
If getting a no-foreign-transaction-fee credit card isn’t an option, then the next best option is to get a debit card or prepaid credit card that doesn’t charge those fees. There are plenty of those available, plus you can earn some amazing rewards. You don’t even have to use these cards as your main account; they can just be used for the purpose of your trip.
If you prefer to use cash on your trip, it’s best to do so before you leave. This is because banks often have the lowest exchange rates, and you’ll get the most bang for your buck. Plus, it’s easier to budget everyday purchases when you have cash. If you choose to use an ATM once you’re out of the country, then you could be looking at some exorbitant rates since many ATMs charge their own fees.
Are No Foreign Transaction Fee Cards Worth It?
Whether or not no-FX credit cards are worth it for you is based on how often you’re making purchases in foreign currencies. If you travel a lot and make a lot of online shopping purchases that are not in Canada, then it could be a great option for you. You could end up saving a lot of money on FX fees. However, if you mainly do all of your shopping in the US, then a US-dollar credit card could end up being a better option for you.
US dollar credit cards are great for those who are spending and paying off their balances in US currency. They reduce the fees greatly and come with their own rewards. However, any other purchases other than those in US dollars will be subject to fees.
If you’re looking for a way to reduce fees without making credit card transactions, then a prepaid credit card is usually a great choice. You can still save money on all the fees while just using funds that are already in your budget. You can also earn some great rewards with these cards, including cash back.
Other Ways to Use Credit Cards
Ultimately, the type of credit card you get should reflect what you’re using it for. If you’re not making many foreign currency transactions, then the currency exchange rate and a dynamic currency conversion won’t make much of a difference to you. However, if you rent a lot of cards, then getting a card that offers rental car discounts might be a better option.
If you do travel but not internationally, then international credit cards might not be worth it. However, few credit cards do allow you to earn on eligible travel purchases, whether they’re international or not. There are also credit cards that offer points for using eligible select streaming services. And discounts on very high annual fees upon account opening with an eligible bank account.
No matter what your average spend is, your credit history, or if you choose to use Apple Pay, there’s a credit card out there for everyone. For many of these cards, you don’t even have to keep a minimum account balance. Plus, if you pay your credit card bill in full, then you don’t have to worry about interest. With a rewards card, you can use the Mastercard or Visa zero liability policy, make it your primary payment method everywhere, including ticket agencies, and earn rewards without paying interest.
Final Thoughts
When it comes to credit cards with no foreign transaction fees, there are plenty of different options to choose from. As you can see from above, each of these cards also has other benefits included with them. Which one you choose will be based on which is the best fit for you. With that in mind, though, a no FX fee credit card may not be the best option for you. You also have to consider whether you can get the foreign transaction fees refunded if you return the item.
If you’re only making international purchases once in a blue moon, the credit card with no foreign transaction fee might not be worth it. You might be better off with a traditional card that has other lower rates. It may also be a good idea for you to use a prepaid credit card. No matter what you choose to do, though, reducing how much you spend on foreign exchange fee cards and FX fees themselves can save you a lot of money in the long run.
