Best No Foreign Transaction Fee Credit Cards in Canada
Most Canadian credit cards charge a foreign transaction fee when you make a purchase in another currency. That extra charge is typically around 2.5%, which means a $1,000 purchase abroad could cost you about $25 more before interest ever enters the picture.
Because relatively few Canadian personal credit cards waive foreign transaction fees, this page includes all major options currently available, along with notes on the kinds of travellers or spenders each may suit best.
Compare no-FX fee options
| Card | NerdWallet rating | Annual fee | Intro offer | Rewards rate | Apply Now |
|---|---|---|---|---|---|
| Scotiabank Gold American Express® Card | APPLY NOW on Scotiabank's website | ||||
 APPLY NOW on Scotiabank's website | 5.0/5 | $120 | Up to 45,000 Points | 1x-6x Points | |
| Scotiabank Passport® Visa Infinite* Card | APPLY NOW on Scotiabank's website | ||||
 APPLY NOW on Scotiabank's website | 5.0/5 | $150 | Up to 60,000 Points | 1x-3x Points | |
| Scotiabank Passport® Visa Infinite Privilege* Card | APPLY NOW on Scotiabank's website | ||||
 APPLY NOW on Scotiabank's website | 4.7/5 | $599 | Up to 100,000 Points | 1x-3x Points | |
The only major bank that saves you 2.5% on foreign transaction fees. Earn 2X the Scene+™ points for every $1 you spend on all your eligible purchases. Special offer: earn up to $2,500 in value in the first 14 months, including up to 80,000 bonus Scene+ points. Click "Apply Now" for details.
Methodology
BACK TO TOPHow did we select cards for this roundup?
For this roundup, we focused on cards that meet one core requirement: they do not charge foreign transaction fees on purchases made in another currency.
Then, we evaluated those cards based on annual fees, rewards, insurance, income requirements and overall usefulness for travellers or foreign-currency spenders.
Because the Canadian market for no-FX cards is relatively small, our goal here is completeness rather than a highly selective shortlist. We included all major personal credit cards we found that currently waive foreign transaction fees, then highlighted the kinds of users each may suit best based on factors like:
annual fee
rewards structure
travel perks and insurance
income requirements
whether the card offers broad everyday value or serves a narrower need.
Looking for a broader selection? Start with our guide to the best credit cards in Canada to compare cards by type and need.
Credit cards with no foreign transaction fees in Canada
BACK TO TOP
View details
If you want a no-FX card that still feels useful day to day, the Scotiabank Gold American Express Card stands out. It combines waived foreign transaction fees with strong rewards on common spending categories, which makes it easier to justify even when you’re not travelling.
View details
The Scotiabank Passport Visa Infinite Card is one of the more travel-focused no-FX options in Canada. It pairs waived foreign transaction fees with airport lounge access and solid travel coverage, making it a strong fit for frequent travellers who want visible perks beyond just saving on foreign purchases.
View details
The Scotiabank Passport Visa Infinite Privilege Card is the luxury end of the no-FX category. It combines waived foreign transaction fees with richer airport perks and premium positioning, making it more of a high-end travel product than a general-use card.
View details
The Scotiabank Platinum American Express Card is a premium no-FX option for people who want higher-end travel benefits and broader insurance coverage. It makes more sense for frequent travellers than occasional ones, but it belongs in the no-FX conversation because it removes one of the most common fees associated with international spending.
View details
True no-FX cards in Canada tend to lean heavily into travel. The Wealthsimple Visa Infinite stands out as a simpler option for people who want straightforward value, especially if they already use Wealthsimple and prefer a less travel-heavy setup.
View details
The Home Trust Preferred Visa fills an important role in this market because it combines no foreign transaction fees with no annual fee. It won’t match premium cards on perks or insurance, but it’s one of the clearest options for people who mainly want to avoid extra costs when spending in another currency.
A strong non-credit option for foreign spending
BACK TO TOP
View details
The EQ Bank Card isn’t a credit card, but it deserves a place on this page because it’s one of the strongest options in Canada for avoiding extra costs on foreign-currency purchases. This prepaid card doesn't charge foreign transaction fees, so purchases made in another currency are subject only to Mastercard’s exchange rate. It can be a smart fit if your priority is minimizing fees, controlling spending more tightly or carrying a travel-friendly backup card that doesn’t rely on available credit.
A special-case option for no-FX fees
BACK TO TOP
View details
The Home Trust Equityline Visa also waives foreign transaction fees, but it’s not a typical apples-to-apples comparison with the other cards on this page because it’s tied to home equity. It still deserves mention, but we consider it more of a special-case option than a typical pick.
Learn more about no foreign transaction fee credit cards
BACK TO TOPWhat is a foreign transaction fee?
A foreign transaction fee is an one of many extra charges credit card issuers may apply when you make a purchase in a currency other than Canadian dollars. In Canada, that fee is often around 2.5%.
Are foreign transaction fees the same as the exchange rate?
No. The exchange rate determines how your purchase is converted into Canadian dollars. A foreign transaction fee is an extra charge added by the issuer on top of that conversion.
Why would someone want a card with no FX fees?
A no-FX card can help if you travel internationally, shop from retailers that charge in another currency or make frequent online purchases from outside Canada. Even small foreign-currency purchases can become more expensive over time once the typical 2.5% fee is added.
» MORE: Will credit card insurance cover you on your next trip?
Alternatives to no-FX credit cards
BACK TO TOPNot every card that helps with foreign-currency spending is a true no-FX credit card. Some products avoid foreign transaction fees in other ways, some soften the impact with rewards, and others aren't even credit cards at all.
Prepaid cards with no FX fees
If you want to avoid foreign transaction fees but don’t need a traditional credit card, a prepaid card can be a practical alternative. These cards can work well for travel budgeting, online shopping in foreign currencies or as a backup payment option abroad.
What prepaid cards can help you avoid FX fees?
Some prepaid cards can help you avoid foreign transaction fees without requiring a credit check or traditional credit application. They can be a good fit for travellers who want tighter spending control or a backup payment method.
Examples may include:
EQ Bank Card
KOHO prepaid products (for an extra cost).
U.S.-dollar credit cards
If most of your foreign spending is specifically in U.S. dollars, a USD credit card may be more useful than a general no-FX card. These cards are designed for U.S.-dollar purchases, but they are not the same thing as waiving foreign transaction fees across all foreign currencies.
When does a U.S.-dollar credit card make more sense than a no-FX card?
A USD credit card may be more practical if most of your foreign spending happens in U.S. dollars and you have an easy way to pay the balance in USD. If you spend across multiple foreign currencies, a general no-FX card is usually the cleaner solution.
Examples may incldue:
CIBC U.S. Dollar Aventura Gold Visa
RBC U.S. Dollar Visa Gold
Scotiabank U.S. Dollar Visa.
Cards that help offset FX fees with rewards
Some cards still charge foreign transaction fees, but offer boosted rewards on foreign spending that can soften the hit. These can be useful alternatives, but they should not be confused with true no-FX cards, since the conversion fee still applies.
Can rewards ever cancel out foreign transaction fees?
Sometimes, but not always. A card with boosted rewards on foreign purchases can reduce the sting of FX fees, but that isn’t the same thing as waiving them entirely. The math will depend on the card’s earn rate and the size of the conversion fee.
Examples may include:
Rogers Red World Elite Mastercard.
Frequently asked questions
Is a no-FX credit card worth it?
Is a no-FX credit card worth it?
It can be, especially if you travel often, spend regularly in foreign currencies or shop online from retailers outside Canada. A no-FX card won’t always be the best fit overall, but it can save you money if foreign-currency spending is a regular part of how you use credit.
How does dynamic currency conversion work?
How does dynamic currency conversion work?
Some merchants allow you to choose between the local currency or your home currency when conducting a transaction, which is known as dynamic currency conversion, or DCC.
If you choose to pay in CAD while abroad, you’ll pay the exchange rate set by the merchant at that moment, which can be considerably higher than the standard rate.
If you opt to pay in the local currency, the currency conversion is handled by your financial institution, typically resulting in a more competitive rate.
Are prepaid cards the same as no-FX credit cards?
Are prepaid cards the same as no-FX credit cards?
No. Some prepaid cards also avoid foreign transaction fees, but they are not credit cards. They can still be useful, especially for travel or budgeting, but they belong in a different category.
Is a U.S.-dollar credit card the same thing as a no-FX card?
Is a U.S.-dollar credit card the same thing as a no-FX card?
Not exactly. A USD credit card can help you avoid conversion costs on U.S.-dollar purchases, but it is not a general solution for spending in other foreign currencies.
Do all travel credit cards waive foreign transaction fees?
Do all travel credit cards waive foreign transaction fees?
No. Many travel credit cards still charge foreign transaction fees. Travel rewards and no-FX treatment often overlap, but they are not the same feature.
What matters most when comparing no-FX cards?
What matters most when comparing no-FX cards?
The biggest factors are usually annual fee, rewards, insurance, income requirements and whether the card still makes sense for how you spend when you’re not abroad.
DIVE EVEN DEEPER
Shannon Terrell
Shannon Terrell