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Canadians love journey and procuring, however when utilizing their bank cards outdoors of Canada, many pay overseas transaction charges—as a lot as 2.5%—on each buy. The excellent news is there’s a wide selection of bank cards for Canadians that both provide no overseas transaction charges or reward with greater than sufficient money again to cowl the charges.
| Finest playing cards by class | Why we like it |
|---|---|
| Dwelling Belief Most popular Visa* Annual charge: $0 |
1% money again on all Canadian purchases, and no foreign exchange charges on all foreign-currency purchases (not simply U.S.) |
| Brim Mastercard Annual charge: $0 |
Versatile factors program equal to 1% money again, and frequent promos with retail companions |
| Rogers World Elite Mastercard* Annual charge: $0 |
3% money again on U.S. forex purchases—sufficient to cowl foreign exchange charges, after which some |
| Scotiabank Passport Visa Infinite* Annual charge: $150 (waived the primary 12 months) |
The one no-forex-fee card in Canada to additionally provide airport lounge entry |
| Scotiabank Gold American Specific* Annual charge: $120 (waived the primary 12 months) |
Spectacular earn price of as much as 6 Scene+ factors per $1 spent, full vary of journey insurance coverage advantages, and extra |
| Meridian Visa Infinite Journey Rewards Annual charge: $99 annual charge (waived the primary 12 months) |
Roughly 0.5% again on all purchases in a non-Canadian forex (after foreign exchange charges) and excellent journey protection |
| Brim World Elite Mastercard Annual charge: $199 (waived within the first 12 months) |
Earnings equal to 2% money again on all purchases made in Canada and overseas |
| Amazon Rewards Mastercard Annual charge: $0 (Prime membership required for full card advantages) |
Amazon Prime members get 2.5% in Amazon factors on all overseas forex purchases, which can be utilized on reward playing cards |
| EQ Financial institution Pre-Paid Card* Annual charge: $0 |
0.5% money again on purchases, plus curiosity in your financial savings |
Finest no foreign exchange playing cards with no annual charge
At a look: The Dwelling Belief Most popular Visa is a real no-foreign-exchange-fee card that additionally prices no annual charge. This implies it waives the foreign exchange on purchases in all foreign currency, not simply U.S. {dollars}.
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Dwelling Belief Most popular Visa
- Annual charge: $0
- Earn charges: 1% on all purchases in Canada and pay no FX charges on overseas forex purchases
- Welcome provide: You’ll be able to earn 1% cashback on eligible purchases in Canada, with no caps on cashback earn.
The professionals
- Earn 1% money again on all the things you purchase in Canadian {dollars} with no limits on how a lot you may earn.
- Like most no-fee playing cards, it comes with primary perks like zero legal responsibility coverage insurance coverage and buy safety insurance coverage
The cons
- You gained’t earn any money again on purchases made overseas in a non-Canadian forex, which is a slight disadvantage however bear in mind: you additionally gained’t pay overseas transaction charges which suggests you’ll nonetheless find yourself saving a substantial to 2.5% when utilizing this card overseas versus most different playing cards.
- Money again is barely redeemed as soon as yearly in January (versus anytime of the 12 months).
At a look: Regardless of being a brand new participant within the bank card market, the Brim Mastercard has made a reputation for itself by providing a versatile factors program and no annual charge.
Brim Mastercard
- Annual charge: $0
- Earn price: 2 level per $1 spent (on the primary $25,000 spent yearly), 3 factors per $1 on eligible airways and 4 factors per $1 at choose retailers
- Welcome provide: This card doesn’t presently have a welcome provide.
- Annual earnings requirement: None specified
The professionals
- Together with no overseas transaction or annual charges, cardholders earn 1 Brim level per $1 on purchases in Canada and overseas.
- Whereas cardholders technically earn factors, Brim factors act like money again with 100 factors being redeemable for $1 on any buy at any time—equal to 1% money again.
- Brim runs common promotions with retail companions, which suggests you may rack up bonus factors on purchases from a spread of outlets, from Apple to LuluLemon.
- Regardless of being a no-fee card, Brim comes with extra perks together with as much as $500 in cell system insurance coverage (within the occasion of loss, theft or harm).
The cons
- Whereas Brim affords cardholders the power to earn bonus factors at companion retailers, these promos embrace notable restrictions. Particularly, affords hardly ever apply mechanically to in-store purchases and are sometimes unique to a restricted vary of purchases made on-line straight from the Brim app.
- Brim is a more recent participant within the bank card market, and its launch confronted just a few hiccups and delays. Some cardholders nonetheless elevate issues, comparable to delayed card supply, on on-line boards.
At a look: With a lot greater earn charges than most no-fee playing cards, the Rogers World Elite Mastercard really nets you money again on purchases in U.S. {dollars}. Nevertheless, demanding private earnings ranges and spending necessities make this card inaccessible to some candidates.
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Rogers World Elite Mastercard
- Annual charge: $0
- Earn price: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
- Welcome bonus: You’ll be able to earn $25 welcome bonus in money again rewards upon first card buy inside 3 months of receiving your card.
- Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
The professionals
- The cardboard earns a powerful 1.5% money again on all the things you purchase, a price extra typically seen in playing cards with an annual charge.
- As a Mastercard, it’s arguably one of the best card to make use of at Costco as a result of it affords a flat 1.5% money again on purchases on the retailer.
- The Rogers World Elite Mastercard earns an accelerated 3% money again on purchases made in U.S. {dollars}, which offsets the roughly 2.5% overseas transaction charge, making this an excellent card for snowbirds or anybody who frequently travels to the USA.
- You’ll be able to redeem your money again rewards anytime, in increments of $10, utilizing the Rogers app.
- Regardless of being a no-fee card, the Rogers World Elite Mastercard offers you advantages like rental automobile collision harm protection and journey insurance coverage.
The cons
- In contrast to “true” no-foreign-transaction-fee bank cards which assist you to save on all non-Canadian forex purchases, the Roger World Elite Mastercard will solely assist you to keep away from overseas transaction charges on purchases made in U.S. {dollars}.
- A evident disadvantage of this card is that you will need to cost not less than $15,000 in purchases on the cardboard each 12 months or you might be mechanically downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on all the things.
- You’ll want an earnings of not less than $80,000 per 12 months (or $150,000 per family) to qualify for the cardboard—the very best earnings requirement on our rating of greatest no overseas transaction charge bank cards.
Finest no foreign exchange playing cards for rewards and perks
At a look: As the primary card from considered one of Canada’s large banks to waive its overseas transaction charges, the Scotiabank Passport Visa Infinite affords sturdy rewards, an easy-to-understand and versatile rewards system, and severely spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
- Annual charge: $150 (waived for the primary 12 months)
- Earn price: 3 Scene+ factors per $1 spent at Sobeys shops; 2 factors per $1 on groceries, eating, leisure and transit; 1 level per $1 on all the things else. Plus, pay no FX charges
- Welcome provide: earn as much as $1,300 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors and first 12 months annual charge waived. Provide ends July 1, 2024.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
The professionals
- The Scotiabank Passport Visa Infinite is the one no-forex-fee card in Canada to additionally provide airport lounge entry. With this card, you’ll obtain a complimentary Precedence Cross membership with six free airport lounge visits per 12 months; that’s probably the most lounge passes obtainable on a card with an annual charge under $200.
- Redeeming Scene+ factors for journey rewards is intuitive and as simple as money again in your pockets. There aren’t any sophisticated journey charts or maps (1,000 factors is at all times price $10 in journey financial savings wherever you journey).
- Scotia’s Scene+ factors are extraordinarily versatile. You’ll be able to redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from just about any airline or resort supplier as much as 12 months later (even for journey purchases booked by Google Journey and Airbnb).
- The Scotiabank Passport Visa Infinite rewards high-volume spenders. Yearly that you just cost $40,000 or extra, you’ll earn a further 10,000 bonus factors ($100 worth towards journey).
- This card affords a full vary of journey insurance coverage advantages together with journey emergency medical insurance coverage, journey cancellation/journey interruption insurance coverage and extra.
The cons
- Whereas the Scotiabank Passport affords appreciable perks, its annual charge is $150, which is among the many highest on this record.
- Perks apart, the cardboard’s rewards on on a regular basis purchases in Canada—1 or 2 factors per $1 on most purchases—isn’t all that spectacular for a premium annual-fee card, even when in comparison with different Scotiabank bank cards on this record.
- You’ll have to earn an earnings of not less than $60,000 (or $100,000 as a family) to qualify.
At a look: The Scotiabank Gold American Specific has a powerful on a regular basis earn price, particularly on meals and transit. Mixed with its lack of overseas transaction charges, this card isn’t just top-of-the-line no-forex-fee playing cards however top-of-the-line total rewards playing cards in Canada.
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Scotiabank Gold American Specific
- Annual charge: $120 (waived for the primary 12 months)
- Earn charges: 6 factors per $1 spent on groceries at Sobeys-affiliated shops; 5 factors per $1 on eating, leisure and groceries at different eligible grocery shops; 3 factors per $1 on fuel, each day transit and choose streaming providers; 1 level per $1 on all the things else
- Welcome provide: You’ll be able to earn as much as $650 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Should apply by July 1, 2024.
- Annual earnings requirement: $12,000
The professionals
- This bank card’s earn price is severely spectacular, with an excellent 5 factors on groceries and eating, and 6 factors while you store at Sobeys-affiliated shops.
- Scene+ factors are versatile, simple to make use of and good for as much as 12 months after you make a journey buy, which suggests you may e-book while you need and reap the rewards later.
- Redeem for journey in simple increments of 1,000 factors (valued at $10). There aren’t any sophisticated guidelines or exceptions to handle, and you’re going to get the identical worth irrespective of the place you go.
- Scotia’s definition of journey is extraordinarily broad so you may redeem for purchases even at Uber, UberEats and Airbnb.
- The Scotiabank Gold American Specific affords a full vary of journey insurance coverage advantages, together with journey emergency medical protection, journey cancellation/journey interruption insurance coverage and extra.
- This card comes with Amex Expertise perks. Amex grants early entry to presale tickets to a variety of occasions (together with concert events and sports activities occasions), whereas Amex Affords get you extra reductions and financial savings on a rotating roster of outlets.
- The cardboard’s minimal earnings requirement is $12,000, making it accessible to most Canadians.
The cons
- Whereas American Specific is accepted at hundreds of places throughout Canada, there are some notable exceptions. For instance, Loblaws doesn’t settle for Amex and also you won’t be capable to use this card at some smaller impartial outlets, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
- Once you purchase in a overseas forex, you solely earn factors on the base price. This implies, for instance, that should you purchase groceries in a overseas forex, the foreign-transaction charge will probably be waived however you’ll solely earn 1 level per $1 spent reasonably than the 5 factors often supplied within the grocery class for purchases in a Canadian forex.
At a look: It is a aggressive mid-tier bank card with a below-average annual charge, providing spectacular journey insurance coverage and bonus factors on non-Canadian purchases which is able to assist you to save on overseas transaction charges.
Meridian Visa Infinite Journey Rewards
- Annual charge: $99 (waived for the primary 12 months)
- Earn price: 1.5 factors per greenback; 3 factors per greenback on purchases made in foreign currency
- Welcome provide: Earn 6 factors per $2 spent on purchases made outdoors Canada in foreign currency, and three factors per $2 on all different purchases.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
The professionals
- The three factors per $1 earn price on overseas purchases means you’ll internet roughly 0.5% again on something in a non-Canadian forex (after offsetting overseas transaction charges).
- The sturdy base price of 1.5% on Canadian purchases means you’ll earn an above-average return on all purchases, whatever the class.
- The annual charge for the Meridian Visa Infinite Journey Rewards card is barely $99, which is lower than many comparable playing cards on this record with no overseas transaction charges.
- The journey protection on the Meridian Visa Infinite Journey Rewards card is excellent and consists of as much as $5,000,000 in emergency journey protection for as much as 48 days, which manages to beat out journey protection supplied by even one of the best journey bank cards.
- Whereas many bank card journey insurance coverage advantages solely apply to these 65 and older, the emergency journey insurance coverage protection on the Meridian Visa Infinite Journey Rewards bank card applies to these as much as 75 years previous.
The cons
- This card affords no bonus classes, so it is probably not one of the best rewards construction for individuals who spend large in frequent classes like groceries, fuel or recurring payments.
- Rewards factors can’t be used to offset the price of airline taxes or surcharges.
- The earnings requirement makes it out of attain for some Canadians.
At a look: Just like its no-fee counterpart lined earlier, the premium Brim World Elite Mastercard earns versatile and profitable Brim Rewards factors. However in alternate for an annual charge, cardholders earn extra factors (double to be actual) and a number of extra perks.
Brim World Elite Mastercard
- Annual charge: $199 (waived within the first 12 months)
- Earn price: 2 factors per $1 spent (as much as $25,000 annual spend; 1 level per $1 spent afterwards)
- Welcome provide: This card doesn’t presently have a welcome provide.
- Annual earnings requirement: Private earnings of $80,000 private or family earnings of $150,000
The professionals
- Along with paying no overseas transaction charges, cardholders earn 2 factors per greenback on all the things together with purchases in Canada and overseas.
- Brim factors act like money again with 100 factors being redeemable for $1 on any buy at any time. So the World Elite’s 2 factors per $1 successfully interprets to 2% money again in financial savings.
- Brim runs common promotions with retail companions, which suggests you may rack up bonus factors on purchases from a spread of outlets (in all places from Apple to LuluLemon).
- The World Elite comes with strong journey insurance coverage together with rental automobile insurance coverage and as much as $5,000,000 in out of province medical insurance coverage so that you’re lined for emergencies for journeys of as much as 15 days.
The cons
- The Brim World Elite’s greatest disadvantage is its annual charge, which at $200, is the very best annual charge on this record. Whereas the cardboard’s sturdy flat earn price is spectacular, that’s a bit onerous to swallow particularly because it additionally lacks airport lounge perks when in comparison with the Scotiabank Passport Visa Infinite.
- The Brim World Elite shares lots of the cons of its no-fee counterpart, together with typically restrictive online-only promotional affords and fewer than stellar launch and customer support expertise.
At a look: Consideration Amazon buyers—which suggests, pay attention as much as just about everybody. The Amazon.ca Rewards Mastercard is a no-fee retailer bank card. So if you’re a Prime member and order from amazon.ca, you may earn 2.5% for Amazon rewards factors utilizing the cardboard.
Amazon Rewards Mastercard
- Annual charge: $0 (Prime subscription required for full card advantages)
- Earn price: Prime members earn 2.5% on Amazon.ca and overseas forex transactions. Non-Prime members earn 1.5% again on Amazon.ca. Get 1% in all places else
- Welcome provide: 5% again at Amazon.ca, Complete Meals Market shops for six months as much as $3,000 in eligible purchases (for a price of $150)
- Revenue requirement: None specified
The professionals
- In the event you’re an Amazon Prime Member, any overseas forex buy made with the Amazon.ca Mastercard will earn you 2.5% in Amazon factors (which successfully acts to offset the overseas transaction charge).
- Amazon factors are extraordinarily simple to grasp: 1% in Amazon.ca rewards factors is 1 cent that can be utilized in the direction of an Amazon reward card.
- Common Amazon buyers can earn profitable financial savings with 2.5% financial savings on Amazon.ca (should you’re a Prime Member) and 1% on all different Canadian purchases.
The cons
- Whereas technically a no annual charge bank card, the boosted 2.5% earn price on overseas purchases is out there solely to cardholders who even have a Prime membership ($99 12 months). In the event you’re not a Prime Member, you’re out of luck and must pay the annual charge.
- Non-Prime members will even earn fewer rewards on Amazon.ca buy (1.5% versus the two.5% afforded to Prime members).
- As a retail card, naturally you’re restricted to redeeming rewards solely on Amazon purchases by redeeming for Amazon.ca reward playing cards.
Finest no foreign exchange charge bank card different
At a look: OK, OK, this isn’t a bank card, however a pay as you go debit card. Nonetheless, the EQ Financial institution Card can assist you keep away from expensive charges while you’re withdrawing or spending cash in a overseas forex by waiving all overseas alternate charges charged by EQ (transactions are nonetheless topic to Mastercard’s forex conversion price). It is a nice back-up card for these purchases the place bank cards aren’t accepted.
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EQ Financial institution Card
- Annual charge: None
- Earn price: 0.5% money again on all of your spending
- Welcome provide: This card doesn’t presently have a welcome provide.
- Annual earnings requirement: None
The professionals
- Preload this card with cash so that you at all times have entry to money.
- Earn 0.5% money again on purchases plus curiosity in your deposits.
- Pay no charges, together with overseas alternate.
The cons
- EQ Financial institution is a web based financial institution, which suggests you may’t go to brick and mortar branches for in-person help, although help is out there on-line.
- To entry your money, you need to preload the cardboard by transferring funds out of your financial savings account. You’ll be superb so long as you propose forward and bear in mind to do that.
How we decide one of the best playing cards
The MoneySense editorial workforce selects one of the best bank cards by assessing the worth they supply to Canadians throughout numerous classes. Our greatest no overseas transaction charge bank cards rating relies on an in depth record of card particulars and options—with a give attention to people who matter to worldwide travellers and buyers—together with overseas transaction charges, annual charges, rates of interest, welcome affords, rewards earn charges and redemption choices, annual earnings necessities, and perks comparable to insurance coverage protection and buy safety. Now we have additionally thought-about the professionals and cons of every card that will help you decide which of them greatest fit your monetary wants. Our rankings are an unbiased supply of data for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.
What’s the conversion price on my bank card?
A bank card conversion price is a surcharge you pay for purchases in a overseas forex. These charges are set by your bank card community comparable to American Specific, Visa and Mastercard. These charges are often fairly near market charges, however they’re typically higher than what you’d get at a forex alternate. You will discover the conversion price in your card in your bank card settlement.
Must you pay utilizing native forex or transformed forex?
Generally, you’ll be given the choice to pay in an area forex or have the worth transformed to your property forex. Normally, it’s in your monetary curiosity to purchase within the native forex, as a result of changing to a different forex can incur charges which might be tacked onto the acquisition value. That is true whether or not or not you might be utilizing a card that prices transaction charges, so in both case, you’ll be saving cash by conserving the forex native.
What if utilizing my no overseas transaction charge bank card isn’t an possibility whereas I’m overseas?
Utilizing a no overseas transaction charge bank card is nice–till you wish to make a purchase order from a enterprise that doesn’t settle for bank cards. It’s at all times sensible to hold some money on you only for these events, however withdrawing cash from an ATM also can include expensive charges. One good resolution is to make use of a debit card that doesn’t cost overseas transaction charges, just like the EQ Financial institution Card. Observe that whereas your card would possibly waive the charges, the ATM in all probability gained’t. Additionally bear in mind that utilizing a bank card to withdraw money from an ATM incurs the very best charges of all and needs to be averted aside from emergencies.
Ceaselessly requested questions
Extra of Canada’s greatest bank cards:
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