9 Best No Foreign Transaction Fee Credit Cards in Canada for 2025
That $1,000 spent abroad? It probably cost you closer to $1,030 — thanks to foreign transaction fees. Whether you travel often or shop across the border, the right credit card can help you avoid FX fees, earn rewards on foreign purchases, and even spend in U.S. dollars.
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BACK TO TOPBest No FX Credit Cards in Canada: Top picks for every goal
“I love travel — not extra fees.”
Category: Best overall no-fx fee cards
You want a one-stop shop for the credit card perks and rewards you’re after? No, you’re not asking for too much. These are our top picks for Canadians who want rewards on money spent at home, plus no FX fee markups when spending in other currencies.
Scotiabank Gold American Express Card
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Consider if you want a competitive rewards rate on everyday spending.
The Scotiabank Gold American Express Card elevates well-rounded to new heights with perks for wherever your wallet takes you. You’ll earn up to 6x Scene+ points on everyday spending categories, like groceries, gas and food delivery. And when it’s time to add a passport stamp, you can look forward to discounted airport lounge access, comprehensive travel insurance and waived foreign exchange fees. The only thing that would make this card better is if it were free to carry. But hey, given the perks, the $120 annual fee almost feels like a steal.
Scotiabank Passport Visa Infinite Card
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Consider if you want a rewards card that pulls double duty at home and abroad.
The Scotiabank Passport Visa Infinite Card may not rack up Scene+ points as rapidly as its Gold Amex sibling, but this can be overlooked in light of its travel perks. It comes with six free airport lounge passes annually, car rental discounts of up to 25% and robust travel coverage. And, like nearly all of the cards on this list, no FX fees. You’ll pay a bit more to carry the Passport over the Gold Amex, but the value of the lounge passes alone exceeds this card’s $150 annual fee.
Wealthsimple Visa Infinite Card
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Consider if you want a competitive cash-back rate and already bank with Wealthsimple.
With roughly twice the rewards as other flat-rate cash-back cards in Canada, the new Wealthsimple card already makes an impression. Add on the fact that there are no foreign transaction fees, and it becomes something of a unicorn. Simple, automatic cash-back redemption means less time trawling reward portals and more time planning your next overseas adventure. But here comes the asterisks: You must have a Wealthsimple checking account to get the card, it comes with a $10 monthly fee (which can be waived if you meet the requirements), and, as of this writing, you have to join a waitlist to apply. Get past these roadblocks and you’ve got a pretty nifty no-FX card.
“I’m a frequent traveller looking for premium perks.”
Category: Best Premium No-FX Fee Cards
Amenities like airport lounge access, priority boarding and free checked bags can turn a travel experience from so-so into first class. So it stands to reason that any card with premium perks in its arsenal that also waives foreign exchange fees merits special consideration from savvy travellers.
Scotiabank Platinum American Express Card
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Consider if you’re a jetsetter seeking a well-rounded travel card.
No FX fees? Check. Low interest rates? Check. Travel perks? Check. And on this last, the Scotiabank Platinum Amex comes with double-digit complimentary airport lounge passes annually, plus accelerated Scene+ point earn rates on dollars spent through the Scene+ Travel portal. The travel insurance has got you covered (literally), too. No priority boarding or free checked bags, though — perks typically associated with Visa Infinite Privilege cards.
Scotiabank Passport Visa Infinite Privilege Card
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Consider if you don’t mind paying more for lavish travel amenities.
This may be the priciest card on this list, but its swanky benefits will speak to frequent fliers in search of comfort-enhancing travel perks. Waived FX fees are but an amuse-bouche for the Scotiabank Passport Visa Infinite Privilege Card. This card also comes with annual travel credits, complimentary airport lounge access, priority airport services and exclusive access to food, wine and entertainment events across the country. Still, this card won’t fit the bill for everyone. If the $599 annual fee isn’t a deterrent, applicants need a personal income of at least $150,000 annually.
“I need a no-fee card that saves me money internationally.”
Category: Best Low-Cost No-FX Fee Cards
No one wants to return from a trip to a cringeworthy credit card bill. But let’s face it: an at-home budget is one thing — sticking to it while you’re travelling is another. A credit card that doesn’t charge annual or foreign exchange fees will help you keep costs down at home and abroad.
Home Trust No Fee Preferred Visa card
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Consider if saving money is your top priority.
No foreign exchange fees are an uncommon perk — even more so on a card with no annual fee. Which is precisely how the Home Trust No Fee Preferred Visa carves out a unique space for itself in the credit card landscape. Sure, it lacks the frills of cards that cost you hundreds a year. But for something free to carry, it brings significant value to the table with an uncomplicated 1% cash back with no spending caps in sight.
“I want a safe, simple card just for travelling.”
Category: Best Prepaid No-FX Fee Cards
Having a dedicated credit card for international travel gives you greater control over trip spending. Plus, if the card is lost or stolen abroad, your everyday card can remain safe at home. Prepaid cards make particularly practical travel companions as they don’t impact your credit score and offer the opportunity for secured international spending. Beyond added peace of mind, the right prepaid card can also help you save money and safeguard your funds.
EQ Bank Card
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Consider if you want more peace of mind and fewer fees when you travel.
Like any other prepaid card, you load funds onto the EQ Bank Card, and what you add becomes what you can spend. But the EQ Bank Card makes itself especially attractive to cost-conscious travellers with waived FX fees and a flat 0.5% cash back on every eligible dollar spent. The card works everywhere Mastercard is accepted, which, at the time of this writing, spans over 210 countries and territories. Plus, it’s mobile wallet compatible for an extra kick of convenience for those who prefer contactless transactions.
“I spend in USD a lot.”
Category: Best USD Cards
If you frequently shop south of the border, a credit card that lets you transact in USD may be more practical than a no FX fee card.
U.S. dollar credit cards help you avoid foreign exchange and currency conversion markups by conducting transactions exclusively in American dollars. That said, these types of credit cards may require you to pay your bill in USD, so unless you have a steady stream of U.S. income, you may need to convert Canadian dollars to USD to pay down your balance. If that’s the case, expect to get hit with FX fees.
CIBC U.S. Dollar Aventura Gold Visa Card
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Consider if the bulk of your international purchases are conducted in USD.
Not only does the CIBC U.S. Dollar Aventura Gold Visa help you circumnavigate FX fees (nothing is being ‘exchanged’ if the entire transaction is in USD), but you eliminate the need for currency conversion, too, which is typically subject to markups. The downside? Any transaction conducted in a currency that isn’t U.S. dollars is going to get nailed with both of the aforementioned fees. Still, you earn Aventura points on every eligible dollar and get a 12-month Skip+ trial, so there’s value to be had beyond this card’s currency-oriented perks.
Another option for folks who frequently spend in USD is a credit card that rewards those transactions. There are a couple of Canadian credit cards that offer cash-back rewards on U.S. purchases, but FX fees remain in full effect. These fees will gnaw into your cash-back rewards, so consider the card’s rewards rate and any applicable limitations or spending caps that may apply, because you might not come out as far ahead as you’d imagine.
Rogers Red World Elite Mastercard
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Consider if you’re a cash-back fan who’s big into shopping or travelling south of the border.
The Rogers Red World Elite Mastercard isn’t a U.S. dollar credit card — all transactions are paid for in CAD — but it does have an edge worth considering for anyone who spends money stateside. It earns up to 3% cash back on U.S. purchases. But here’s the thing: a foreign exchange fee of 2.5% still applies. That means that once everything’s accounted for, you’re really only getting 0.5% cash back on USD purchases. Still, it’s better than the loss typically triggered by FX fees. And the Rogers Red World Elite Mastercard has more to offer besides, including discounted airport lounge access, travel insurance and no annual fees.
Frequently asked questions
What is a foreign transaction fee?
What is a foreign transaction fee?
When you buy something that’s not in Canadian dollars using your credit card, issuers often charge a foreign transaction fee for the transaction — typically around 2.5% of the purchase price. You may not have noticed it before, since it’s rolled into the total charge that shows up on your statement.
What are Visa and Mastercard exchange rate markups?
What are Visa and Mastercard exchange rate markups?
In addition to the transaction fee charged by the issuer, credit card networks typically markup the cost of converting money. For example, the Bank of Canada may list the exchange rate from USD to CAD as 1.35 (for every $1 USD you spend abroad, it costs you $1.35 CAD). But when you use your credit card, the network (e.g., Visa) may use a slightly marked-up rate of 1.36, so for every $1 USD you spend, it actually costs $1.36 CAD.
You can use these calculators from Visa and Mastercard to estimate your total transaction costs. American Express does not post conversion markups for Canada publicly.
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.
How can I calculate foreign transaction fees?
How can I calculate foreign transaction fees?
Most credit cards charge a foreign transaction fee of around 2.5%. Check your credit card terms and conditions for the specific fee you’ll be charged.
To calculate how much you’re paying in FX fees:
Convert the amount you’re spending to Canadian dollars using the most up-to-date exchange rate. (If you want a more accurate calculation, you can use the currency exchange rate issued by your credit card network).
Divide that figure by 100.
Multiply it by the transaction fee.
For example, let’s say you’re visiting the United States and you want to pay for a meal that costs $50 USD, and your card’s foreign transaction fee is 2.5%. Assuming your credit card’s network’s current exchange rate for USD to CAD is 1.35, here is how the calculation works out:
$50.00 USD x 1.35 = $67.50 CAD
$67.50 / 100 = $0.675
$0.675 x 2.5 = $1.69
The foreign transaction fee for this purchase would be $1.69. And your total would be $69.19 CAD.
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Shannon Terrell
Shannon Terrell
Shannon Terrell