Best No Foreign Transaction Fee Credit Cards in Canada For 2024
Kevin Shahnazari
Author4 min read
Whenever you do a transaction that is not in Canadian dollars, you have to exchange your currency from Canadian dollars to that currency first.
While the exchange rate is great, credit card companies often add a 2.5% foreign transaction fee on these cards, which can become a considerable fee if you have large amounts of foreign transactions.
Luckily, there are a few cards that waive this fee, which would be great additions to your credit card arsenal for when you travel abroad. Let's go through these cards:
Best No Foreign Transaction Fee Credit Card
Scotiabank Passport® Visa Infinite* Card
4.8
Finly Rating
Welcome Bonus*
Up to 35,000 Scene+ points
Annual Fee*
$150
Interest Rates*
20.99% / 22.99%
Why we like it
Why we like it
The Scotiabank Passport Visa Infinite is a strong choice for frequent travelers, especially those who value flexibility and premium perks. It stands out with its rare benefit of no foreign transaction fees, making international purchases more cost-effective. Additionally, the card offers a valuable blend of travel perks, including airport lounge access, comprehensive insurance coverage, and flexible rewards, making it an ideal companion for those who frequently travel abroad and want to avoid extra fees while enjoying premium benefits.
Pros & Cons
Pros & Cons
Pros
- High Rewards on Select Purchases: Earn up to 3 points per $1 spent on select categories.
- No Foreign Transaction Fees: Shop abroad without additional charges.
- Comprehensive Insurance: Includes 11 types of insurance coverage.
- Airport Lounge Access: Enjoy up to 6 airport lounge passes per year through the Visa Airport Companion program.
Cons
- High Income Requirements: Requires $60,000 personal or $100,000 household income.
- Lower Overall Rewards: Rewards potential is lower compared to premium credit cards.
- High Annual Fee: Comes with a significant annual fee.
- Average Insurance Coverage: Insurance benefits are standard, not exceptional.
- Mediocre Earnings Potential: The card’s rewards structure might not offer the highest returns for every spender.
Product Details
Product Details
Rewards*
- 3 Points on on every $1 you spend at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
- 2 Points dining and at other eligible grocery stores, entertainment purchases which includes movies, theatre, and ticket agencies and Rides which includes rideshare, buses, taxis, subways and more
- 1 Point on everything else
Insurance*
Coverage*
Emergency Out of province Medical
$2M/insured up to 25 daysEmergency Medical Over 65
$2M/insured up to 3 days
Trip Cancellation
$1,500/person, $10,000/trip
Trip Interruption
$2,500/person, $10,000/trip
Flight Delay
$500/person after 4 hours
Lost or Stolen Baggage
$1000Baggage Delay
$1000
Travel Accident
$500,000/insured, $1M combined.svg)
Car Rental Damage & Theft
$65,000 up to 48 days
Hotel Burglary Insurance
$1,000
Purchase Protection
90 days
Extended Warranty
1 year
Benefits*
Details*
No Foreign Transaction Fees
Avoid the usual 2.5% forex fees on your purchases when you travel outside of Canada
Airport Lounge - Dragon Pass
6 Free complimentary visits.svg)
Status lift
Avis® Preferred Plus membership.svg)
Concierge Services
Visa Infinite Exclusive Benefits
Eligibility*
Credit Score
GoodAnnual Income
$60,000 personal or $100,000 household
The Scotiabank Passport credit card is not only the best no foreign transaction fee credit card but also the best travel credit card, as voted by FinlyWealth!
There are multiple reasons this card is the best. While some other cards offer no foreign transaction fee, many of them are on the American Express network, meaning there are many places where you would not be able to use this card since it's a less accepted network compared to Visa. So, this card would be a better option compared to all those other cards.
There is only one non-American Express credit card, other than the Scotia Passport card, that offers no foreign transaction fees, which is the Home Trust Visa card (we will discuss it in detail further down the blog). The issue with that card is that even though it offers no foreign transaction fee, it doesn't offer any rewards on those specific purchases, while the Scotiabank Passport card also gives you rewards on these purchases, which could add up considerably over time. Additionally, the Scotia Passport card is an overall much better card for traveling, given all the benefits it provides.
Best Free No Foreign Transaction Fee Credit Card
Home Trust Preferred Visa
3.5
Finly Rating
Welcome Bonus
N/A
Annual Fee
$0
Interest Rates
21.99% / 21.99%"
Why we like it
Why we like it
The Home Trust Visa card is the only no-annual-fee credit card in Canada that offers no foreign transaction fees, which is a significant benefit for frequent travelers. The big catch is that you don't earn any rewards on foreign purchases, so if you have a credit card that gives you a cashback rate close to 2.5%, it might not be worth the hassle to get this card. Other than this benefit, there are no compelling reasons to use this card as your primary credit card.
Pros & Cons
Pros & Cons
Pros
- The only No Annual fee Credit Card in Canada that offers No Foreign Transaction Fees
Cons
- Rewards are very average
- No Extended Warranty benefit on this card
Product Details
Product Details
Rewards
- 1% cashback on all eligible purchases.
- Foreign transactions don't receive cashback!
Insurance
Coverage
Purchase Protection
Up to 90 days
Benefits
Details
No Foreign Transaction Fees
Eligibility
Credit Score
GoodAnnual Income
N/A
The Home Trust Preferred Visa card is the only free credit card that offers the No Foreign Transaction Fee benefit. If you don't want to go for any paid options, this is your best choice.
There are two main things to consider, though. First, the card offers no rewards on your purchases, and second, since this card is from a smaller financial institution, it often doesn't have as good customer service as other cards.
There are two cards that don't have the no foreign transaction fee, but using them for your foreign purchases is even better than the Home Trust card.
I currently have or may soon have an eligible Rogers, Fido or Shaw service as the primary or level 1 authorized user
Rogers Red Mastercard®
4.4
Finly Rating
Welcome Bonus
Up to $60 cash back ($90 if redeemed for Rogers, Fido or Shaw purchases)
Annual Fee
$0
Interest Rates
19.99% / 22.99%
Why we like it
Why we like it
This card is one of our top-ranked options in terms of rewards, especially if you are a Rogers, Fido, or Shaw customer. With those services, you can effectively get a 3% cashback rate, which is a higher rate than almost any other card offers, even those with annual fees! If you have a high income of $80K or a household income of $150K, you can apply for the World Elite version of this card, which comes with additional insurance and benefits like a lounge pass.
Pros & Cons
Pros & Cons
Pros
- Voted as the Best Cash Back Card in Canada for Rogers, Fido and Shaw Customers by FinlyWealth.
- There is no annual fee, a notable perk for a card with such high reward multipliers. Most cards with slightly lower reward rates typically have annual fees.
- Offers the flexibility to redeem cash towards Rogers, Shaw, or Fido services, potentially increasing the value of your earned rewards.
- The roam-like benefit is a benefit unique only to this card.
- It is accepted at nearly all locations as it's a Mastercard.
Cons
- No real insurance coverage (only balance protection), not even purchase protection or extended warranty which are pretty standard benefits for almost all credit cards.
- Low rewards multiplier if you don't have an eligible Rogers, Shaw, or Fido service.
Product Details
Product Details
Rewards
- 2% cashback on all purchases if you have 1 qualifying Rogers, Fido or Shaw service as the account owner
- 2% cashback on all U.S dollar purchases and 1% on all other eligible purchases if you do not have a qualifying Rogers, Fido or Shaw service
- 1.5x redemption bonus on your earned cash back value when used on Rogers, Fido and Shaw purchases – that’s a 3% cash back value
Insurance
Coverage
Balance Protection
Minimum payments
Benefits
Details
No Cost roaming
5 days
Eligibility
Credit Score
Very GoodAnnual Income
N/A
The Rogers credit cards (Red And World Elite) offer 3% cashback on all your purchases if you have certain conditions meaning you will even gain an extra 0.5% on your purchases compared to the Home trust card (Considering the 2.5% fee waive by HomeTrust).
Honorable Mentions
There are only two other credit cards that have the No Foreign Transaction fee benefit.
Scotiabank Gold American Express® Card
4.9
Finly Rating
Welcome Bonus*
Up to 45,000 Scene+ points ($450 value)
Annual Fee*
$120
Interest Rates*
20.99% / 22.99%
Why we like it
Why we like it
The Scotiabank Gold American Express® Card is one of our favorite cards. It has a very solid rewards program, earning one of the highest rewards among all credit cards in Canada. In addition, it offers comprehensive travel benefits, including the rare and valuable no foreign transaction fee benefit, making it a great and balanced credit card in terms of both rewards and benefits. The first-year annual fee waiver is the cherry on top, providing even greater value to cardholders.
Pros & Cons
Pros & Cons
Pros
- No foreign transaction fee saves you 2.5% on all non-CAD purchases.
- Rewards cover all high-spending categories, including food, groceries, entertainment, and gas.
- Comprehensive coverage of all travel insurance.
Cons
- The card network is American Express, which might not be widely accepted in some countries, making it a bit harder to use the no foreign transaction fee benefit.
- Having a lounge pass would have made this card even more perfect, but there is access to a discount code for lounge access pass purchases.
Product Details
Product Details
Rewards*
- 6 Points per $1 spent at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
- 5 Points per $1 spent on eligible dining, other grocery stores, entertainment purchases including movies, theatre, and ticket agencies
- 3 Points per $1 spent on rides which includes rideshare, buses, taxis, subways and more
- 3 Points per $1 spent on eligible streaming service payments (Netflix, Spotify, Disney+, Crave and more)
- 1 Point per $1 spent on all other eligible purchases
Insurance*
Coverage*
Emergency Out of province Medical
$1M, Up to 25 daysEmergency Medical Over 65
$1M, Up to 3 daysTrip Cancellation
$1500/person, $10000/tripTrip Interruption
$1500/person, $10,000/tripLost or Stolen Baggage
$500/person, $1000/tripBaggage Delay
$500/person, $1,000/trip After 4 hoursFlight Delay
$500/personTravel Accident
$500K/person, $1M/occurrenceCar Rental Damage & Theft
$65K up to 48 daysHotel Burglary Insurance
$1000/occurrence
Mobile Device Insurance
$1,000Purchase Protection
90 daysExtended Warranty
Up to 1 year
Benefits*
Details*
No Foreign Transaction Fees
Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD
American Express® Experiences
Concierge Services
Discount
Discount on PriorityPass Membership
Eligibility*
Credit Score
GoodAnnual Income
$12,000 personal or $12,000 household
The first is the Scotiabank Gold card, which has one of the highest reward rates among all credit cards in Canada. So, if you want to balance the benefits with the rewards you earn and don't mind the card not being as widely accepted as the Passport card, then this would be a great choice too.
Scotiabank Platinum American Express® Card
3.5
Finly Rating
Welcome Bonus*
Up to 60,000 Scene+ points ($600 value)
Annual Fee*
$399
Interest Rates*
9.99% / 9.99%
Why we like it
Why we like it
The Scotiabank Platinum American Express is the perfect choice for those seeking a super premium credit card without steep income requirements. With a high flat rate of rewards on all purchases, extensive insurance coverage, and flexible travel redemption options, it offers full-featured perks that cater to frequent travelers and savvy spenders alike.
Pros & Cons
Pros & Cons
Pros
- Low Interest Rate: Offers a competitive interest rate of 9.99%.
- Strong Rewards: Earn 2x Scene+ points on all purchases.
- Airport Lounge Access: Enjoy 10 complimentary lounge visits, including Plaza Premium Lounges, through Priority Pass (membership required).
- Comprehensive Travel Insurance: Includes extensive coverage for travel-related needs.
- Flexible Travel Rewards: Points can be redeemed for travel bookings with any provider.
- No Foreign Transaction Fees: Shop internationally without extra charges.
Cons
- High Annual Fee: The annual fee is steep compared to similar cards offering similar perks.
- Limited Premium Perks: Lacks top-tier travel benefits like free checked baggage and priority boarding.
Product Details
Product Details
Rewards*
2 points on all eligible purchases
Insurance*
Coverage*
Emergency Out of province Medical
$2M, Up to 31 daysEmergency Medical Over 65
$2M, Up to 10 daysTrip Cancellation
$2500/person, $10000/tripLost or Stolen Baggage
$500/person, $1000/tripTrip Interruption
$5000/person, $25000/tripBaggage Delay
$1000 After 4 hoursFlight Delay
$1000/personTravel Accident
$500K/person, $1M/occurrenceCar Rental Damage & Theft
$65K up to 48 daysHotel Burglary Insurance
$1000/occurrenceMobile Device Insurance
$1000Purchase Protection
120 daysExtended Warranty
Up to a year
Benefits*
Details*
No Foreign Transaction Fees
Airport Lounge - Plaza Premium
10 visits, 4 visits for secondary card (combined with the Priority pass)Airport Lounge - Priority Pass
10 visits, 4 visits for secondary card (combined with the Plaza Premium)American Express® Experiences
Concierge Services
Discount
Discount on PriorityPass MembershipStatus lift
Hertz #1 Club Gold Member
Extra points
Extra 3 Scene+ points per Canadian dollar spent on hotel and car rental bookings made through Scene+ Travel using your Scotiabank Platinum American Express Card
Eligibility*
Credit Score
ExcellentAnnual Income
$12,000 personal
The Scotiabank Platinum is a situational card that we don't recommend to everyone. The card has a very high annual fee but comes with some unique benefits that might be useful for frequent travellers.
Frequently Asked Questions
What are foreign transaction fees?
Foreign transaction fees are additional charges (usually around 2.5%) that credit card issuers apply when you make purchases in a foreign currency or with an international merchant.
Is it worth it to get a credit card with no foreign transaction fees?
Yes, if you travel frequently or shop with international retailers, a no foreign transaction fee card can save you 2-3% on every transaction abroad, making it a valuable perk.
Which credit card is most accepted internationally?
Visa and Mastercard are the most widely accepted credit cards internationally. Both networks have extensive global reach, making them reliable choices for travelers in most countries. While American Express is also accepted in many places, it tends to have more limited acceptance compared to Visa and Mastercard.
Are the foreign Transaction Fees refunded if the transaction is refunded?
Foreign transaction fees are generally not refunded, even if you return the item or cancel the purchase.
The difference between currency exchange and foreign transaction Fee? Currency exchange refers to the process of converting one currency into another, typically at a rate determined by the market or the credit card network. This exchange happens when you make a purchase in a foreign currency.
Foreign transaction fees are additional charges (usually around 2-3%) imposed by your credit card issuer for handling purchases made in foreign currencies or with international merchants. While currency exchange is a necessary part of international purchases, foreign transaction fees are an extra cost added by the card issuer.
Is the Foreign Transaction Fee benefit usable in every country?
Yes, as long as the card is accepted by the merchant, you can use a no foreign transaction fee credit card in any country without incurring extra currency conversion charges.
When I’m offered to pay in local currency or a converted CAD/USD amount with my no foreign transaction fee credit card, what should I choose?
Always choose to pay in the local currency, as the conversion rate offered by credit card networks is typically better than the rate offered by the merchant for conversion.