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2023's Best No Foreign Transaction Fee Credit Cards for Canadians

Find the best no foreign transaction fee credit card in Canada.

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Written by Lubna Umar

No foreign transaction fee credit cards

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.

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.

Compare the best no foreign transaction fee credit cards in Canada on RATESDOTCA and never pay foreign transaction fees again.

Best no foreign transaction fee credit cards in Canada

Click any of the credit cards below to snap to that section.

Credit card Great features Annual fee
Scotiabank®* Gold American Express® Card
  • 2023 Best of Finance Winner: “Best Credit Card with No Foreign Transaction Fees for Long Stay Travellers.”
$120 (First year waived)
HSBC World Elite® Mastercard®
  • Earn 6 rewards points for every $1 spent on eligible travel purchases.
$149 (First year rebated)
Scotiabank PassportTM Visa Infinite* Card
  • Earn 2 Scene+ points for every $1 spent on eligible grocery, dining, entertainment and transit purchases.
$150
Home Trust Preferred Visa Card
  • Earn 1% cash back on all eligible purchases.
$0
KOHO Premium Prepaid Visa Card
  • Earn 2% cash back on groceries, dining and transit purchases.
$84

Scotiabank Gold American Express® Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$400
+ Annual rewards
$744
- Annual fee
$120
Total first year value
$1024
Scotiabank®* Gold American Express® Card

card image
Welcome bonus
$400
Scotia Scene+ Points
Annual rewards
$744
Scotia Scene+ Points
Annual fees:
$120
Interest rates:
20.99% on purchases • 22.99% on cash advances
2023 Winner – Best No Foreign Transaction Fees Credit Card for Long Stay Travellers and Best Credit Card for Staying Home and Ordering In
High earning, versatile rewards card which includes great perks and benefits
Details at a glance Collapse details
Welcome bonus
$400
Annual rewards
$744
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$400
+ Annual rewards
$744
- Annual fee
$120
Total first year value
$1024
Annual fees:
$120
Interest rates:
20.99% on purchases
22.99 on cash advances
2023 Winner – Best No Foreign Transaction Fees Credit Card for Long Stay Travellers and Best Credit Card for Staying Home and Ordering In
High earning, versatile rewards card which includes great perks and benefits
Details at a glance Collapse details

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.

Welcome bonus

Get up to 40,000 bonus Scene+ points. Earn 20,000 Scene+ points when you spend at least $1,000 in purchases on your card in the first three months. Earn another 20,000 Scene+ points when you spend $7,500 on your card in the first 12 months. Plus, Scotiabank will waive the annual fee for the first year.

The offer expires on May 31, 2023.

Rewards

Earn 5x the Scene+ points for the following purchases:

  • Groceries
  • Restaurants
  • Entertainment

Earn 3x the Scene+ points for the following purchases:

  • Gas
  • Daily transit
  • Select streaming services

Earn 1x Scene+ point for all other purchases.

Benefits

  • No foreign transaction fees - including online shopping
  • Amex exclusive benefits (Front of The Line)
  • 24/7 concierge service
  • Discount on the Priority Pass membership
  • Discounts through the Scene+ program

Insurance coverage

  • Purchase protection - 90 days
  • Extended warranty - 1 Year
  • Travel accident - $500,000
  • Emergency medical term - 25 days
  • Trip cancellation - $1,500
  • Trip interruption - $1,500
  • Flight delay - $500
  • Baggage delay - $1,000
  • Lost or stolen baggage - $1,000
  • Hotel burglary - $1,000
  • Rental car theft and damage

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HSBC World Elite® Mastercard®

With the HSBC World Elite® Mastercard, you can save money on your foreign currency purchases with no additional foreign currency conversion charges. Only the exchange rate will apply to your purchase. Check out the HSBC credit card benefits that come with the card below.

Welcome bonus

Earn up to 80,000 points (a $400 travel value). Plus, HSBC will rebate the $149 annual fee for the first year. Conditions apply.

  • Get 20,000 Welcome Bonus points upon approval.
  • Earn 40,000 points when you spend at least $6,000 on your card in the first six months.
  • Earn 20,000 points as an anniversary bonus.

This offer is not available to residents of Quebec. Another offer applies.

This offer expires on May 31, 2023.

Rewards

Earn 6x the points for every $1 spent on eligible travel purchases.

Earn 4x the points for every $1 spent on eligible grocery, gas and drugstore purchases.

Earn 2x the points for every $1 spent on all other eligible purchases.

Benefits

  • Mastercard Travel Pass provided by DragonPass
  • $100 annual travel enhancement credit
  • 10% discount on select hotel bookings
  • Unlimited Wi-Fi through Boingo at more than one million hotspots worldwide

Insurance coverage

  • Purchase protection - 90 days
  • Extended warranty - 1 year
  • Emergency medical term - 31 days
  • Trip cancellation - $2,000
  • Trip interruption - $2,000
  • Lost and stolen baggage - $750
  • Baggage delay - $200
  • Rental car insurance

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Scotiabank PassportTM Visa Infinite* Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$250
+ Annual rewards
$354
- Annual fee (First Year Waived)
$0
Total first year value
$604
Scotiabank PassportTM Visa Infinite* Card

card image
Welcome bonus
$250
Scotia Scene+ Points
Annual rewards
$354
Scotia Scene+ Points
Annual fees:
$150 (First Year Waived)
Interest rates:
20.99% on purchases • 22.99% on cash advances
Enjoy comprehensive travel insurance and no FX fees
Rewards points can be redeemed for travel or on statement credits
Details at a glance Collapse details
Welcome bonus
$250
Annual rewards
$354
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$250
+ Annual rewards
$354
- Annual fee (First Year Waived)
$0
Total first year value
$604
Annual fees:
$150 (First Year Waived)
Interest rates:
20.99% on purchases
22.99 on cash advances
Enjoy comprehensive travel insurance and no FX fees
Rewards points can be redeemed for travel or on statement credits
Details at a glance Collapse details

The Scotiabank PassportTM Visa Infinite* Card is one of Canada’s top travel credit cards and comes with the added benefit of no foreign transaction fees. Check out all the other amazing rewards and benefits that come with it.

Welcome bonus

Get up to 35,000 bonus Scene+ points in your first year. Earn 25,000 Scene+ points by making at least $1,000 in purchases on your card in the first three months. Earn another 10,000 Scene+ points when you spend at least $40,000 on the card annually.

This offer expires on October 31, 2023.

Rewards

Earn 2x Scene+ points for every $1 spent on:

  • Grocery stores
  • Dining
  • Entertainment
  • Transit

Earn 1x Scene+ points for every $1 spent on all other eligible purchases.

Benefits

  • No foreign transaction fees
  • Complimentary Priority Pass™ membership and six free lounge visits annually
  • Free Avis Preferred Plus membership
  • 24/7 concierge service

Insurance coverage

  • Purchase protection - 90 days
  • Extended warranty - 1 Year
  • Travel accident - $500,000
  • Emergency medical term - 25 days (Over 65 - 3 days)
  • Trip cancellation - $1,500
  • Trip interruption - $2,500
  • Flight delay - $500
  • Baggage delay - $1,000
  • Lost or stolen baggage - $1,000
  • Hotel burglary - $1,000
  • Rental car theft and damage

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Home Trust Preferred Visa Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$240
- Annual fee
$0
Total first year value
$240
Home Trust Preferred Visa Card

card image
Welcome bonus
$0
Home Trust Cash Back Rewards
Annual rewards
$240
Home Trust Cash Back Rewards
Annual fees:
$0
Interest rates:
21.99% on purchases • 21.99% on cash advances
Great for travellers looking to avoid Foreign Transaction Fees
Some insurance perks
Details at a glance Collapse details
Welcome bonus
$0
Annual rewards
$240
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$240
- Annual fee
$0
Total first year value
$240
Annual fees:
$0
Interest rates:
21.99% on purchases
21.99 on cash advances
Great for travellers looking to avoid Foreign Transaction Fees
Some insurance perks
Details at a glance Collapse details

The Home Trust Preferred Visa Card is a secured credit card with the benefit of no foreign transaction fees.

Rewards

Earn 1% cash back on all eligible purchases on your Home Trust Visa Preferred Visa Card.

Benefits

  • Pay 0% foreign currency conversion charge on purchases abroad

Insurance coverage

  • Purchase protection - 90 days

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KOHO Premium Prepaid Visa Card

The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$309
- Annual fee
$84
Total first year value
$225
KOHO Extra Prepaid Mastercard

card image
Welcome bonus
$0
KOHO Money Back Rewards
Annual rewards
$309
KOHO Money Back Rewards
Annual fees:
$84
Interest rates:
N/A on purchases • N/A on cash advances
A rare prepaid card with low fees, perks and great cash back rewards.
Enjoy no foreign exchange fees.
Details at a glance Collapse details
Welcome bonus
$0
Annual rewards
$309
The estimated dollar amount of benefits you’ll accumulate based on your monthly spending and rewards preference
+ Welcome bonus
$0
+ Annual rewards
$309
- Annual fee
$84
Total first year value
$225
Annual fees:
$84
Interest rates:
0.0% on purchases
0 on cash advances
A rare prepaid card with low fees, perks and great cash back rewards.
Enjoy no foreign exchange fees.
Details at a glance Collapse details

The KOHO Premium Prepaid Visa Card is a rare prepaid card with low fees and great perks such as no foreign transaction fees and cash back rewards. See all the benefits of the KOHO Premium Prepaid Visa Card below.

Welcome bonus

KOHO Save: Earn 1.2% interest on your entire account balance with KOHO Save. Earn cash back on what you spend and interest on what you don’t. See all your money in one account. It’s that simple.

Get an additional 1% cash back on all purchases for 90 days when you sign up for KOHO with a referral code and when you refer a friend. You can earn up to 10% cash back for 90 days.

Rewards

Earn 2% cash back on three main spending categories:

  • Groceries
  • Eating and drinking
  • Transportation

Earn 0.5% cash back on all other purchases.

Benefits

  • No foreign exchange fees
  • Earn up to 6% merchant cash back with premium retailers
  • Access your paycheque up to three days early with the Early Payroll feature
  • One free withdrawal each month at ATMs outside Canada
  • Premium users always skip the line with Priority customer support
  • Get personalized financial coaching on demand

Insurance coverage

  • Price protection

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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, July 6, 2022. Read our full disclaimer.

Frequently asked questions about no foreign transaction fee credit cards

Here’s everything you may be wondering about using a no foreign transaction fee credit card.

Why should I get a credit card with no foreign transaction fees?

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 is the foreign exchange rate determined for credit card transactions?

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.

How do I find the best no foreign transaction fee credit card in Canada?

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.

Can I use a no foreign transaction fees credit card anywhere in the world?

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.

If I’m offered the choice to pay in the local currency or to pay a converted CAD/USD amount with my no foreign transaction fee credit card, what should I choose?

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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