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Canadians love journey and buying, however when utilizing their bank cards exterior of Canada, many pay overseas transaction charges—as a lot as 2.5%—on each buy. The excellent news is there’s a wide variety 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 find it irresistible |
|---|---|
| Residence Belief Most well-liked 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 Categorical* Annual charge: $120 (waived the primary 12 months) |
Spectacular earn charge 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 present 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 Residence Belief Most well-liked Visa is a real no-foreign-exchange-fee card that additionally costs no annual charge. This implies it waives the foreign exchange on purchases in all foreign currency echange, not simply U.S. {dollars}.
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Residence Belief Most well-liked Visa
- Annual charge: $0
- Earn charges: 1% on all purchases in Canada and pay no FX charges on overseas forex purchases
- Welcome provide: You may earn 1% cashback on eligible purchases in Canada, with no caps on cashback earn.
The professionals
- Earn 1% money again on every thing you purchase in Canadian {dollars} with no limits on how a lot you’ll be able to earn.
- Like most no-fee playing cards, it comes with fundamental perks like zero legal responsibility coverage insurance coverage and buy safety insurance coverage
The cons
- You received’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 received’t pay overseas transaction charges which implies you’ll nonetheless find yourself saving a substantial to 2.5% when utilizing this card overseas versus most different playing cards.
- Money again is simply 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 charge: 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 implies you’ll be able to rack up bonus factors on purchases from a spread of shops, from Apple to LuluLemon.
- Regardless of being a no-fee card, Brim comes with further perks together with as much as $500 in cell machine insurance coverage (within the occasion of loss, theft or harm).
The cons
- Whereas Brim affords cardholders the flexibility to earn bonus factors at associate retailers, these promos embody notable restrictions. Specifically, affords hardly ever apply routinely to in-store purchases and are sometimes unique to a restricted vary of purchases made on-line immediately from the Brim app.
- Brim is a more moderen participant within the bank card market, and its launch confronted just a few hiccups and delays. Some cardholders nonetheless elevate considerations, similar to delayed card supply, on on-line boards.
At a look: With a lot larger earn charges than most no-fee playing cards, the Rogers World Elite Mastercard really nets you money again on purchases in U.S. {dollars}. Nonetheless, 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 charge: 1.5% money again on all purchases; 3% money again on all U.S.-dollar purchases
- Welcome bonus: You may 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 every thing you purchase, a charge extra usually 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 a super card for snowbirds or anybody who often travels to the USA.
- You may 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 provides you advantages like rental automotive collision harm protection and journey insurance coverage.
The cons
- In contrast to “true” no-foreign-transaction-fee bank cards which allow you to save on all non-Canadian forex purchases, the Roger World Elite Mastercard will solely allow you to keep away from overseas transaction charges on purchases made in U.S. {dollars}.
- A obvious disadvantage of this card is that you need to cost no less than $15,000 in purchases on the cardboard each 12 months or you might be routinely downgraded to the entry-level Rogers Platinum Card that earns a much less spectacular 1% money again on every thing.
- You’ll want an earnings of no less than $80,000 per 12 months (or $150,000 per family) to qualify for the cardboard—the best earnings requirement on our rating of finest no overseas transaction charge bank cards.
Finest no foreign exchange playing cards for rewards and perks
At a look: As the primary card from one among 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 critically spectacular airport lounge advantages.
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Scotiabank Passport Visa Infinite
- Annual charge: $150 (waived for the primary 12 months)
- Earn charge: 3 Scene+ factors per $1 spent at Sobeys shops; 2 factors per $1 on groceries, eating, leisure and transit; 1 level per $1 on every thing 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 out there on a card with an annual charge under $200.
- Redeeming Scene+ factors for journey rewards is intuitive and as straightforward as money again in your pockets. There are not any difficult journey charts or maps (1,000 factors is all the time price $10 in journey financial savings wherever you journey).
- Scotia’s Scene+ factors are extraordinarily versatile. You may 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 means of 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 an extra 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 checklist.
- 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 checklist.
- You’ll have to earn an earnings of no less than $60,000 (or $100,000 as a family) to qualify.
At a look: The Scotiabank Gold American Categorical has a powerful on a regular basis earn charge, 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 Categorical
- 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 companies; 1 level per $1 on every thing else
- Welcome provide: You may 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 charge is critically spectacular, with an impressive 5 factors on groceries and eating, and 6 factors whenever you store at Sobeys-affiliated shops.
- Scene+ factors are versatile, straightforward to make use of and good for as much as 12 months after you make a journey buy, which implies you’ll be able to e-book whenever you need and reap the rewards later.
- Redeem for journey in straightforward increments of 1,000 factors (valued at $10). There are not any difficult guidelines or exceptions to handle, and you’ll get the identical worth regardless of the place you go.
- Scotia’s definition of journey is extraordinarily broad so you’ll be able to redeem for purchases even at Uber, UberEats and Airbnb.
- The Scotiabank Gold American Categorical 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 live shows and sports activities occasions), whereas Amex Gives get you further reductions and financial savings on a rotating roster of shops.
- The cardboard’s minimal earnings requirement is $12,000, making it accessible to most Canadians.
The cons
- Whereas American Categorical is accepted at hundreds of places throughout Canada, there are some notable exceptions. For instance, Loblaws doesn’t settle for Amex and also you may not be capable of use this card at some smaller unbiased retailers, groceries, comfort shops and eating places. Relying on the place you’re travelling, Amex acceptance could also be much more restricted.
- While you purchase in a overseas forex, you solely earn factors on the base charge. This implies, for instance, that when you purchase groceries in a overseas forex, the foreign-transaction charge might be waived however you’ll solely earn 1 level per $1 spent slightly than the 5 factors often supplied within the grocery class for purchases in a Canadian forex.
At a look: This can be 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 can allow you to save on overseas transaction charges.
Meridian Visa Infinite Journey Rewards
- Annual charge: $99 (waived for the primary 12 months)
- Earn charge: 1.5 factors per greenback; 3 factors per greenback on purchases made in foreign currency echange
- Welcome provide: Earn 6 factors per $2 spent on purchases made exterior Canada in foreign currency echange, 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 charge on overseas purchases means you’ll web roughly 0.5% again on something in a non-Canadian forex (after offsetting overseas transaction charges).
- The sturdy base charge 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 simply $99, which is lower than many comparable playing cards on this checklist 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 outdated.
The cons
- This card affords no bonus classes, so it might not be one of the best rewards construction for individuals who spend large in widespread 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 coated 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 bunch of further perks.
Brim World Elite Mastercard
- Annual charge: $199 (waived within the first 12 months)
- Earn charge: 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 every thing 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 implies you’ll be able to rack up bonus factors on purchases from a spread of shops (all over the place from Apple to LuluLemon).
- The World Elite comes with strong journey insurance coverage together with rental automotive insurance coverage and as much as $5,000,000 in out of province medical insurance coverage so that you’re coated for emergencies for journeys of as much as 15 days.
The cons
- The Brim World Elite’s largest disadvantage is its annual charge, which at $200, is the best annual charge on this checklist. Whereas the cardboard’s sturdy flat earn charge is spectacular, that’s a bit exhausting to swallow particularly because it additionally lacks airport lounge perks when in comparison with the Scotiabank Passport Visa Infinite.
- The Brim World Elite shares most of the cons of its no-fee counterpart, together with usually restrictive online-only promotional affords and fewer than stellar launch and customer support expertise.
At a look: Consideration Amazon consumers—which implies, hear 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’ll be able to earn 2.5% for Amazon rewards factors utilizing the cardboard.
Amazon Rewards Mastercard
- Annual charge: $0 (Prime subscription required for full card advantages)
- Earn charge: Prime members earn 2.5% on Amazon.ca and overseas forex transactions. Non-Prime members earn 1.5% again on Amazon.ca. Get 1% all over the place else
- Welcome provide: 5% again at Amazon.ca, Entire Meals Market shops for six months as much as $3,000 in eligible purchases (for a price of $150)
- Earnings requirement: None specified
The professionals
- Should 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 straightforward to know: 1% in Amazon.ca rewards factors is 1 cent that can be utilized in the direction of an Amazon present card.
- Common Amazon consumers can earn profitable financial savings with 2.5% financial savings on Amazon.ca (when 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 charge on overseas purchases is offered completely to cardholders who even have a Prime membership ($99 12 months). Should you’re not a Prime Member, you’re out of luck and must pay the annual charge.
- Non-Prime members may 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 present 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 may also help you keep away from pricey charges whenever 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 charge). This can be 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 charge: 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 all the time 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 an internet financial institution, which implies you’ll be able to’t go to brick and mortar branches for in-person help, although help is offered on-line.
- To entry your money, it’s a must to preload the cardboard by transferring funds out of your financial savings account. You’ll be nice so long as you intend forward and bear in mind to do that.
How we decide one of the best playing cards
The MoneySense editorial group selects one of the best bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest no overseas transaction charge bank cards rating relies on an in depth checklist of card particulars and options—with a give attention to those who matter to worldwide travellers and consumers—together with overseas transaction charges, annual charges, rates of interest, welcome affords, rewards earn charges and redemption choices, annual earnings necessities, and perks similar to insurance coverage protection and buy safety. We’ve additionally thought of the professionals and cons of every card that will help you decide which of them finest fit your monetary wants. Our rankings are an unbiased supply of knowledge 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 charge on my bank card?
A bank card conversion charge is a surcharge you pay for purchases in a overseas forex. These charges are set by your bank card community similar to American Categorical, Visa and Mastercard. These charges are often fairly near market charges, however they’re usually higher than what you’d get at a forex alternate. You will discover the conversion charge to 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 a neighborhood forex or have the value transformed to your property forex. On the whole, 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 costs transaction charges, so in both case, you’ll be saving cash by protecting the forex native.
What if utilizing my no overseas transaction charge bank card isn’t an choice 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 all the time sensible to hold some money on you only for these events, however withdrawing cash from an ATM may include pricey 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 most likely received’t. Additionally bear in mind that utilizing a bank card to withdraw money from an ATM incurs the best charges of all and ought to be prevented aside from emergencies.
Continuously requested questions
Extra of Canada’s finest bank cards:
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