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Most Canadian credit cards can charge you a foreign transaction fee of up to 2.5% on top of the exchange rate when you make a purchase in a foreign currency. This means you end up paying more than you would if you had used a credit card with no foreign transaction fees. So, if you travel often, and more importantly, you make purchases in a foreign currency, then you might want a no foreign transaction fee card.
If you tend to make frequent purchases in a foreign currency on your credit card, whether due to travel or online shopping, a no foreign transaction fee credit card will help you save a considerable amount of money every year. On top of that, most no foreign transaction fee credit cards come with other credit card rewards like cash back, travel rewards, and more.
We compared the leading no foreign transaction fee credit cards and ranked the cards with the highest first-year value, the most flexible rewards and robust benefits.
| Top features | Annual fee | First-year value* | ||
|---|---|---|---|---|
| Earn valuable Scotia Scene+ Rewards points on everything from groceries to select streaming services purchases. | $120 | $1,024 | ||
| Excellent rewards and perks for frequent flyers. | $150 | $504 | ||
|
Runner up |
Earn 1% cash back on all eligible purchases. | $0 | $240 |
*The RATESDOTCA Best of Finance methodology assumes the cardholder spends an average of $2,000 a month on their card to determine the first-year value. The calculation includes all welcome bonuses and promotional offers at the time of publishing.
Enjoy no foreign transaction fees on any purchase made in a foreign currency in store and online when you shop with your Scotiabank Gold American Express® Card. Plus, every purchase you make through your Scotia card helps you move one step closer to a great reward.
Annual fee
$120
Welcome bonus
Earn up to $780* in value in the first 12 months, including up to 40,000 bonus Scene+ points.¹
Offer expiry date: July 1, 2025.
Rewards
Earn 5x the Scene+ points for the following purchases:
Earn 3x the Scene+ points for the following purchases:
Earn 1x Scene+ point for all other purchases.
Earning potential:
How does this card stack up to other rewards credit cards? We crunched the numbers using our Best of Finance methodology to see how much an average Canadian could earn over a 12-month period.
Rewards earned over a 12-month period + Welcome Bonus = $744 + $400 = $1,144
Annual fee = $120
Total earned over the first year (rewards minus annual fee) = $1,024
Benefits
Insurance coverage
Apply for the Scotiabank Passport® Visa Infinite* Card to earn up $1,300 in value in the first 12 months. This includes welcome offer value, first-year point earn potential, foreign transaction fee and airport lounge savings. The card has no foreign transaction fees and offers complimentary membership and six free visits to Priority Pass lounges, in addition to free Avis Preferred Plus membership.
You could have an extra $504 in your wallet within the first 12 months, according to our Best of Finance methodology.
Annual fee
$150
Welcome bonus
Earn up to $1,300 in value in the first 12 months, including up to 40,000 bonus Scene+ points.
Offer expiry date: July 1, 2025.
Rewards
With card, you can earn:
The Home Trust Preferred Visa Card is a secured credit card with the benefit of no foreign transaction fees.
Annual fee
$0
Rewards
Earn 1% cash back on all eligible purchases on your Home Trust Visa Preferred Visa Card.
Rates, product information and reward estimates are subject to change at any time and do not constitute financial advice. This post was not sponsored. RATESDOTCA may receive a referral fee from our partners or affiliate links featured on the site; however, our editorial choices are objective and free from bias. The opinions expressed in this article are purely those of RATESDOTCA; thus, the credit card issuers and partners are not responsible for any editorials or reviews that may appear. Please visit the associated brand’s website for complete and current terms and conditions on any product or service mentioned. The information in this article is accurate as of the date of this posting, January 31, 2025. Read our full disclaimer.
Here’s everything you may be wondering about using a no foreign transaction fee credit card.
Any credit card currency conversion fee can really affect your overall travel or shopping budget. Especially when you’re shopping abroad in non-Canadian currency. Every little purchase can quickly add up and seem bigger on your credit card statement due to the added foreign transaction fees. Something which can be easy to underestimate until you pull your credit card statement and see all the charges adding up.
For example, if you make a purchase of USD $500 which converts to approximately CAD $628, you’ll be charged a 2.5% on top of that if that’s the foreign transaction fees rate of your credit card. Which means you’ll be charged a grand total of CAD $644.32 on your credit card statement.
Using a credit card with zero foreign transaction fees is not only a way to save money, but also highly convenient as you won’t have to worry about purchasing foreign currency to make international payments while travelling. Best of all, when you use your credit card to make foreign transactions, you are also covered through your credit card provider's secure payment network.
When you make a credit card transaction in a foreign currency, the transaction will be converted to Canadian dollars at the time it posts to your account, not at the time it was authorized.
When it comes to finding the best no foreign transaction fee credit card, comparison shopping will help you pick the right card. On RATESDOTCA, you can instantly compare the top no foreign transaction fee credit cards in Canada and see which one matches your criteria. Once you find the card of your choice, simply apply online through RATESDOTCA.
Most no foreign transaction fees credit cards run on the Visa, Mastercard, or American Express payment network. If the merchant accepts cards from your credit card’s payment network, you can easily pay with it, regardless of which country or location you are in.
It is always recommended to pay in the local currency because it works out to be a cheaper option as the converted CAD/USD option is usually a “dynamic currency conversion,” and will have a higher exchange rate. On the other hand, the local currency exchange rate will be significantly closer to the official current market rate, making it the better option.
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