The Best Canadian No Foreign Transaction Fee Credit Cards 2024

Before you decide on a no-foreign transaction fee card, it’s a good idea to do your research. There are so many options out there, and some are better than others. Let’s take a look at some of the best credit cards in Canada that have no foreign transaction fees. 

In the Canadian credit card network, there are plenty of excellent Canadian credit cards for those who are looking for no foreign transaction fees with different credit card issuers. These don’t just apply to travelling either; you can get these charges when you shop online. By choosing one of these cards, you can reduce your cost. Most Canadian credit cards charge foreign exchange fees otherwise. 

Scotiabank Gold American Express Card

On top of offering no foreign transaction fees, the Scotiabank Gold American Express credit card also offers many other perks. When you eat in or dine out, you can earn 5x the scene rewards points. You can also earn 5x the points on movie theatre purchases. You can earn 6x the points on grocery purchases and 3x the points on transportation and streaming purchases. You’ll get 1x the points on all other purchases. 

With this card, the minimum credit limit you can get is $5,000 and you have to have a minimum income of $12,000 annually to apply. The annual fee is $120, purchase interest is 20.99%, cash advance interest is 22.99% and there’s a supplementary fee of $29 per card. As added perks you also get purchase protection for 90 days and mobile device insurance. 

Home Trust Preferred Visa Card

The Home Trust Preferred Visa Card has a lot of great features, including:

• No foreign exchange fees
• 1% cashback with no cap
• No annual fees
• Purchase security insurance
• Zero liability policies
• Guaranteed hotel reservations
• Digital Wallet Capabilities

While this card has no annual fees, the purchase interest rate is 21.99%. 

KOHO Extra Mastercard

With the KOHO Extra Mastercard, you can earn great rewards while paying no foreign transaction fees. However, this card is different from a traditional credit card since it is prepaid. That said, there’s no credit check required; you can earn up to 5% interest on your balance and up to 1.5% cashback on your purchase. Since this is a prepaid credit card, there’s no interest rate, but there is an annual fee that depends on the KOHO plan that you choose. 

Rogers Red World Elite Mastercard

The Rogers Red World Elite Mastercard not only has no foreign exchange fees but also no annual fees. However, there are some requirements you have to meet in order to qualify for this card. First, you have to get credit approval. Second, you need to have a personal income of $80,000 or a household income of $150,000. The purchase interest rate is 20.99%, while the cash advance rate is 22.99%. 

The rewards you earn with this card are:

• 1.5% cash back on eligible non-US purchases
• 2% cash back on eligible non-US purchases if you have 1 service with Rogers, Fido or Shaw
• 3% cash back on eligible US dollar purchases (not Canadian dollars)
• 1.5x more cash back when you redeem for Rogers, Fido or Shaw purchase
• 5 roam-like home days per year for eligible Rogers mobile plans

You can also get certain travel benefits, such as:

• Complementary membership to Mastercard Travel Pass by Dragonpass
• Access to more than 1,300 airport lounges
• $32 USD per visit for each person

The insurance coverages included with this Rogers Mastercard are:

• Extended warranty protection
• Purchase Protection
• Trip interruption 
• Trip cancellation
• Out-of-province medical
• Out-of-country medical

Meridian Visa Infinite Travel Rewards

The Meridian Visa Infinite Travel Rewards card is a great credit card with a low annual fee of only $99. The purchase interest rate is 19.50%, while the cash advance interest rate is 21.99%. In order to qualify, you need to have a minimum personal income of $60,000 per year or a combined household income of $100,000 annually.  The perks included with this card are:

• 3% rewards on foreign currency purchases
• 1.5% rewards on all purchases
• Exclusive visa infinite benefits and offers
• Travel emergency medical insurance
• Mobile device insurance
• Purchase protection insurance
• Trip cancellation insurance
• Trip Interruption and Delay Insurance
• Common carrier travel accident insurance
• Extended warranty insurance
• Travel assistance service
• Price protection service
• Delayed baggage insurance
• Lost or damaged baggage insurance
• Auto rental collision or loss damage insurance

Scotiabank Passport Visa Infinite Business Card

The Scotiabank Passport Visa Infinite Business Card is a great idea for those who are looking for no foreign exchange fees on non-Canadian currency purchases in a Canadian credit card while earning great rewards. With this card, you earn 1.5x the points for every $1 spent on business purchases. You also get a complimentary Visa Airport Companion Program membership, which includes access to airport lounges. Other Scotiabank credit cards include the complimentary priority pass membership instead. 

For this particular credit card, the annual fee is $199. The purchase interest rate is 19.99%, and the cash advance interest rate is 22.99%. Right now, as a special offer, you can earn 40,000 bonus points in your first year. Just like with all other Scotiabank credit cards, you can get Avis and Budget rental card discounts. 

Scotiabank Passport Visa Infinite Card

If you don’t need a business credit card and still want to get a card with no foreign transaction fees, then the Scotiabank Passport Visa Infinite Card may be a great option for you. There’s an annual fee of $150, the minimum credit limit is $5000, and the purchase interest rate is 20.99%. The interest rate for cash advances is 22.99%.

There are some minimum income requirements for getting this credit card. You need to have a minimum personal income of $60,000 or a combined household income of $100,000. Alternatively, you could also have a minimum of $250,000 in assets under management. 

The rewards for this credit card are:

• 3x the points on purchases at eligible  grocery stores
• 2x the points on takeout and other eligible grocery stores
• 2x the points for eligible entertainment purchases
• 2x the points on eligible transportation expenses

The insurances included with this credit card are:

• Comprehensive travel insurance benefits
• Trip interruption insurance
• Flight delay insurance
• Delayed and lost baggage insurance
• Travel accident insurance
• Purchase security insurance
• Extended warranty protection
• Car rental insurance: collision loss and damage
• Hotel burglary insurance

Wealthsimple Card

While the Wealthsimple card isn’t a traditional credit card, it is a prepaid Mastercard as well as a savings account. Just like the rest of the cards that we’ve mentioned, the Wealthsimple card doesn’t charge any foreign transaction fees. However, it isn’t the only perk. With this card, you can:

• Auto-invest your pay
• Send up to $10,000 per day in e-transfers
• Have no monthly fees
• Pay your bills
• Earn 3.5% - 4.5% on your balance

Plus, just like a bank, your funds are protected by the CDIC. However, because your funds will be placed in trust with up to 5 CDIC institutions, up to $500,000 of your funds are protected instead of the traditional $100,000.

EQ Bank Card

This card is a little confusing because many people think it’s a debit card, but it’s not. It’s actually considered to be a prepaid Mastercard. However, it does include things that many debit cards do, like free ATM withdrawals in Canada, no foreign transaction fees and cash back on every purchase. 

With the EQ bank card, you also get 0.5% cash back on all purchases. Because it’s a Mastercard, you can use it anywhere that Mastercard is accepted, in person as well as online. However, it’s important to keep in mind that this isn’t a traditional card, so you can’t deposit cash into your account, just transfer it. 

RBC Credit Cards and Foreign Transaction Fees

While RBC doesn’t have a card with no foreign transaction fees, the fees you will have to pay are based on the card that you get. Let’s take a look at the fees and rates on RBC credit cards. 

BMO Credit Cards and Foreign Transaction Fees

Just like RBC, BMO offers a wide variety of different credit cards that all have different foreign transaction fees. While they don’t have a card that advertises that it doesn’t charge foreign transaction fees, they do have plenty of different credit cards to choose from. Here are 4 of the most popular credit cards with BMO and what they include. 

BMO Cashback Mastercard

With the BMO Cashback Mastercard, you can currently get a balance transfer rate of 0.99% for the first 9 months and a 2% transfer fee. The annual fee on this card is $0, and the purchase interest rate is 20.99%. The cash advance rate is 21.99%. The rewards you earn are:

• 3% cash back on grocery purchases
• 1% cash back on recurring bill payments
• 0.5% on all other eligible everyday purchases

One of the best things about this card is that, as long as your account is open and in good standing, you get cash-back rewards never expire. Plus, there are some great insurance plans, including extended warranty protection and purchase protection. The foreign transaction fee on this card is 2.5%. 

BMO Preferred Rate Mastercard

The BMO Preferred Rate Mastercard is one of the most popular low-rate credit cards. For a low annual fee of $29, you can get a purchase interest rate of 13.99% and a cash advance rate of 15.99%. The foreign transaction rate is 2.5%. However, if you have a BMO performance chequing account, then the $29 annual fee will be rebated. 

Like many other credit cards, this Mastercard has extended warranty protection and purchase protection. You can also use the BMO Smart Pay installment plans, which turn large purchases into smaller payments with no interest for a small fee. 

BMO Cashback World Elite Mastercard

The BMO Cashback World Elite Mastercard is a fantastic rewards credit card. As a promotion, you can currently get 10% cash back in your first 3 months, and the $120 annual fee will be waived. The normal rewards you can get from this card are:

• 5% on groceries
• 4% on transit
• 3% on gas
• 2% on recurring bills
• 1% on all other eligible purchases

The rates for this card are 20.99% on purchases, 23.99% on cash advances and 2% on foreign transactions. There’s also a $120 annual fee. In order to apply, you need to have a personal minimum income of $80,000 or a minimum household income of $150,000. 

BMO US Dollar Mastercard

With the BMO US Dollar Mastercard, there are no exchange rate fees for purchases made in USD. Plus, if you pay your balance in USD, then you don’t have to worry about any conversions. It has an annual fee of $49 USD, and the rates are 20.99% for purchases and 22.99% on cash advances. You’ll also receive extended warranty protection and purchase protection, as well as the ability to use BMO PaySmart Installment Plans. 

CIBC Credit Cards and Foreign Transaction Fees

Another bank you may consider when looking for a credit card is CIBC. While they offer a good range of great-rate credit cards, they don’t have any cards they promote with no foreign transaction fees. That said, let’s take a look at some of the great cards they do have. 

CIBC Aventura Visa Infinite Card

The CIBC Aventura Visa Infinite Card is a great travel rewards credit card. If you sign up now, they also have a great welcome offer that could get you up to $1,300 in value. Here’s how that works:

• 15,000 Aventura points when you make your first purchase
• 20,000 Aventura points when you spend $3,000 or more in net purchases in the first 4 monthly statement periods
• A one-time annual fee rebate for the primary cardholder and up to 3 authorized users
• 4 complimentary airport lounge access visits
• A NEXUS application fee rebate

You must have an individual income of $60,000 or an annual household income of $100,000 to apply for this card. 

The rate on this card is a purchase interest rate of 20.99%, a cash advance rate of 22.99%, and an annual fee of $139. You will have to pay foreign transaction fees, which range from 1%-3%. 

The rewards you can earn on this card are:

• 2 points for every $1 on travel purchases through the CIBC rewards centre (where you redeem points)
• 1.5 points for every dollar spent on gas, electric vehicle charging, groceries and at drug stores
• 1 point for every $1 spent on all other purchases

The insurance you can get is:

• Mobile device insurance
• Hotel burglary insurance
• Purchase security insurance
• Extended warranty insurance
• $500,000 common carrier accident insurance
• Auto rental collision and loss damage insurance
• Trip cancellation insurance
• Trip interruption insurance
• Out-of-province emergency medical insurance
• Flight delay and baggage insurance

CIBC Costco Mastercard

The CIBC Costco Mastercard is a card that’s exclusively for Costco members. It has a purchase interest rate of 20.75%, a cash interest rate of 22.49% and no annual fee. The rewards for this credit card include:

• 3% cash back at restaurants and Costco gas
• 2% cash back at other gas stations and Costco.ca purchases
• 1% cash back on all other purchases, and at Costco

You can also use CIBC Pace It, which allows you to extend your purchases at a lower interest rate. The rates are 5.99% for 6 months, 6.99% for 12 months, and 7.99% for 24 months. Plus, the card also doubles as your Costco Membership Card. Foreign transaction fees are similar to those of other CIBC cards and range from 1% to 3%. 

CIBC US Dollar Aventura Gold Visa Card

If you shop in the US frequently or use US currency, the CIBC US Dollar Aventura Gold Visa Card is available to you. This card allows you to shop in US currency with no foreign exchange fees and pay your bill in US currency. There’s a small annual fee of $35, and the purchase interest rate is 20.99%. The cash advance interest rate is 22.99%. 

With this card, you can earn points based on your purchases. You’ll earn 1 point for every dollar spent on travel in the CIBC rewards centre, and you’ll earn one point for every $2 spent on all other purchases.

On top of having no conversion fees for all US purchases, you can also shop in the US from anywhere. Plus, you can also get Purchase Security Insurance within 90 days of your purchase. In order to apply for this card, though, you must have a minimum annual household income of at least $15,000. 

CIBC Select Visa Card

The CIBC Select Visa Card is a credit card with a low interest rate. When you transfer your card balance now, you can get 0% interest for up to 10 months with a 1% transfer fee. There’s a small annual fee of $29, and the standard purchase interest rate is 13.99%, while the cash advance interest rate is 13.99%. The foreign transaction fees range from 1% to 3%. 

With this card, you automatically get $100,000 in common carrier accident insurance. That said, you also have the option of CIBC Travel Medical Insurance and CIBC Payment Protector Insurance for Credit Cards. As a perk, though, you also get free CIBC global money transfers. 

Avoiding Foreign Transaction Fees

If you’re making international purchases or travelling, ideally, you want to avoid foreign transaction fees. The easiest way to do so is by qualifying for a credit card that has no foreign transaction fees. As you can see above, there are plenty to choose from. 

If getting a no-foreign transaction fee credit card isn’t an option, then the next best option is to get a debit card or prepaid credit card that doesn’t charge those fees. There are plenty of those available, plus you can earn some amazing rewards. You don’t even have to uses these cards as your main account they can just be used for the purpose of your trip. 

If you prefer to use cash on your trip, it’s best to do so before you leave. This is because banks often have the lowest exchange rates, and you’ll get the most bang for your buck. Plus, it’s easier to budget everyday purchases when you have cash. If you choose to use an ATM once you’re out of the country, then you could be looking at some exorbitant rates since many ATMs charge their own fees. 

Are No Foreign Transaction Fee Cards Worth It?

Whether or not no FX credit cards are worth it for you is based on how often you’re making purchases in foreign currencies. If you travel a lot and make a lot of online shopping purchases that are not in Canada, then it could be a great option for you. You could end up saving a lot of money on FX fees. However, if you mainly do all of your shopping in the US, then a US-dollar credit card could end up being a better option for you. 

US dollar credit cards are great for those who are spending and paying off their balances in US currency. They reduce the fees greatly and come with their own rewards. However, any other purchases other than those in US dollars will be subject to fees. 

If you’re looking for a way to reduce fees without making credit card transactions, then a prepaid credit card is usually a great choice. You can still save money on all the fees while just using funds that are already in your budget. You can also earn some great rewards with these cards, including cash back. 

Final Thoughts

When it comes to credit cards with no foreign transaction fee, there are plenty of different options to choose from. As you can see from above, each of these cards also has other benefits included with them. Which one you choose will be based on which is the best fit for you. With that in mind, though, a no FX fee credit card may not be the best option for you. You also have to consider if you can get the foreign transaction fees refunded if you return the item. 

If you’re only making international purchases once in a blue moon, the credit card with no foreign transaction fee might not be worth it. You might be better off with a traditional card that has other lower rates. It may also be a good idea for you to use a prepaid credit card. No matter what you choose to do, though, reducing how much you spend on foreign exchange fee cards and FX fees themselves can save you a lot of money in the long run.