For Canadians who frequently travel, shop online from international retailers, or work abroad, foreign transaction fees can add up quickly.
Typically, these fees are around 2.5% of every purchase made in a foreign currency, significantly increasing the cost of international transactions.
Fortunately, many credit cards in Canada waive these fees, offering substantial savings for globetrotters and online shoppers alike.
Below, we explore the best no-foreign transaction fee credit cards available in Canada, highlighting their features, benefits, and ideal use cases.
What Are No Foreign Transaction Fee Credit Cards?
No foreign transaction fee credit cards eliminate the additional charge levied by most issuers on purchases made in foreign currencies.
This makes them ideal for frequent travellers or anyone who regularly spends money outside of Canada. In addition to saving on fees, many of these cards offer travel rewards, cashback, or other perks.
Top No Foreign Transaction Fee Credit Cards in Canada
1. Scotiabank Passport Visa Infinite Card
The Scotiabank Passport Visa Infinite Card is a leading choice for travellers looking to avoid foreign transaction fees while enjoying robust travel benefits.
Key Features:
- Annual Fee: $150
- Welcome Bonus: Up to 40,000 Scene+ points (worth $400 in travel rewards)
- Foreign Transaction Fees: Waived
- Rewards: Earn 2 Scene+ points per $1 spent on groceries, dining, and entertainment, and 1 point per $1 on all other purchases.
- Additional Perks:
- Complimentary Priority Pass membership with 6 free airport lounge visits annually.
- Comprehensive travel insurance coverage.
This card is ideal for those who want premium travel perks and no foreign transaction fees.
2. HSBC World Elite Mastercard
The HSBC World Elite Mastercard stands out for its extensive travel rewards and flexibility in redeeming points.
Key Features:
- Annual Fee: $149 (waived for the first year)
- Welcome Bonus: Up to 80,000 HSBC Rewards points (worth up to $400 in travel rewards)
- Foreign Transaction Fees: Waived
- Rewards: Earn 6 points per $1 spent on travel, 3 points on all other purchases.
- Additional Perks:
- $100 annual travel enhancement credit.
- Comprehensive travel insurance.
- No income requirement for approval.
Perfect for frequent travelers, this card offers flexible point redemption and premium benefits.
3. Scotiabank Gold American Express Card
The Scotiabank Gold American Express Card is popular for its high rewards rates on everyday purchases and travel-related expenses.
Key Features:
- Annual Fee: $120
- Welcome Bonus: Up to 40,000 Scene+ points (worth $400 in travel rewards)
- Foreign Transaction Fees: Waived
- Rewards: Earn 5 Scene+ points per $1 on groceries, dining, and entertainment, 3 points on gas, public transit, and streaming services, and 1 point on all other purchases.
- Additional Perks:
- Comprehensive travel insurance.
- Amex Offers for discounts at select retailers and restaurants.
This card is ideal for Canadians who want high rewards rates and no foreign transaction fees on everyday purchases and travel spending.
4. Rogers World Elite Mastercard
The Rogers World Elite Mastercard is a no-annual-fee option that offers excellent cashback rewards on foreign purchases.
Key Features:
- Annual Fee: $0
- Welcome Bonus: Up to $25 in cashback rewards.
- Foreign Transaction Fees: Waived, with 3% cashback on foreign currency purchases.
- Rewards: Earn 1.5% cashback on all other purchases.
- Additional Perks:
- Travel insurance benefits, including trip interruption and medical coverage.
- No annual fee.
This card is perfect for those looking for a straightforward cashback option with no annual fee.
5. Home Trust Preferred Visa
The Home Trust Preferred Visa is another no-annual-fee card with no foreign transaction fees, making it an excellent choice for budget-conscious travelers.
Key Features:
- Annual Fee: $0
- Foreign Transaction Fees: Waived
- Rewards: Earn 1% cashback on all eligible purchases.
- Additional Perks:
- No annual fee.
- Roadside assistance at no extra cost.
While this card lacks premium perks, its simplicity and no foreign transaction fees make it appealing for occasional travelers.
How to Choose the Best No Foreign Transaction Fee Credit Card
When selecting the best no foreign transaction fee credit card, consider the following factors:
1. Annual Fees
Some cards charge high annual fees in exchange for premium perks and rewards. Assess whether the benefits justify the cost based on your spending habits.
2. Rewards Program
Choose a card that aligns with your lifestyle. For example, frequent travelers may benefit more from travel rewards, while everyday shoppers might prefer cashback.
3. Travel Insurance
Look for cards that offer robust travel insurance to cover trip cancellations, delays, and medical emergencies.
4. Welcome Bonuses
Many cards offer lucrative welcome bonuses, which can offset the cost of the annual fee or provide additional value during the first year.
5. Ease of Use
Ensure the card is widely accepted in your preferred travel destinations. Cards issued by major networks like Visa and Mastercard typically have the broadest acceptance.
Benefits of No Foreign Transaction Fee Credit Card
- Cost Savings: Save up to 2.5% on every foreign purchase.
- Simplified Budgeting: Avoid unexpected fees and simplify your financial planning while traveling.
- Enhanced Travel Perks: Enjoy additional benefits such as lounge access, travel insurance, and flexible rewards redemption.
No foreign transaction fee credit cards are an excellent tool for Canadians who frequently travel or shop internationally. By choosing the right card, you can save money, earn valuable rewards, and enjoy a seamless experience during your trips. Evaluate your spending habits and priorities to find the card that offers the most value for your needs.
credit cards credit cards credit cards credit cards credit cards