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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.
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.
| Credit card | Great features | Annual fee |
|---|---|---|
| Scotiabank®* Gold American Express® Card |
|
$120 (First year waived) |
| HSBC World Elite® Mastercard® |
|
$149 (First year rebated) |
| Scotiabank PassportTM Visa Infinite* Card |
|
$139 |
| Home Trust Preferred Visa Card |
|
$0 |
| KOHO Premium Prepaid Visa Card |
|
$84 |
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 October 31, 2022.
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.
Benefits
Insurance coverage
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.
This offer is not available to residents of Quebec. Another offer applies.
This offer expires on October 31, 2022.
Rewards
Earn 6x the points for every $1 spent on eligible travel purchases.
Earn 3x the points for every $1 spent on all other eligible purchases.
Benefits
Insurance coverage
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, 2022.
Rewards
Earn 2x Scene+ points for every $1 spent on:
Earn 1x Scene+ points for every $1 spent on all other eligible purchases.
Benefits
Insurance coverage
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
Insurance coverage
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:
Earn 0.5% cash back on all other purchases.
Benefits
Insurance coverage
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.
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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