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Are credit card exchange rate good

Best No Foreign Transaction Fee Credit Cards in Canada For 2024

Kevin Shahnazari

Kevin Shahnazari

Author

4 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
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Scotiabank Passport® Visa Infinite* Card

4.3

Finly Rating

FinlyWealth Logo

$100 Cash Rebate From FinlyWealth

Welcome Bonus

Up to 35,000 Scene+ points

First Year Value

$543.9

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$150

Interest Rates

20.99% / 22.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent
Get your free credit score

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.

Best Foreign Exchange Credit Card in 2024

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.

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

  • travel accident medical

    Emergency Out of province Medical

    $2M/insured up to 25 days
  • travel accident medical

    Emergency Medical Over 65

    $2M/insured up to 3 days
  • cancel airplane

    Trip Cancellation

    $1,500/person, $10,000/trip
  • pause

    Trip Interruption

    $2,500/person, $10,000/trip
  • hourglass timer

    Flight Delay

    $500/person after 4 hours
  • lost baggage

    Lost or Stolen Baggage

    $1000
  • hourglass timer

    Baggage Delay

    $1000
  • heart lock

    Travel Accident

    $500,000/insured, $1M combined
  • car insurance

    Car Rental Damage & Theft

    $65,000 up to 48 days
  • burglar

    Hotel Burglary Insurance

    $1,000
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    1 year

Benefits

Details

  • exchange money

    No Foreign Transaction Fees

  • alcohol cheers

    Airport Lounge - Dragon Pass

    6 Free complimentary visits
  • star fall

    Status lift

    Avis® Preferred Plus membership
  • concierge

    Concierge Services

  • exclusive

    Visa Infinite Exclusive Benefits

Eligibility

  • Credit Score

    Good

  • Annual 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
Apply NowMore Details

Home Trust Preferred Visa

3.5

Finly Rating

Welcome Bonus

N/A

First Year Value

$230.53

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$0

Interest Rates

21.99% / 21.99%"

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent
Get your free credit score

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

  • 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

Rewards

  • 1% cashback on all eligible purchases.
  • Foreign transactions don't receive cashback!

Insurance

Coverage

  • purchase protection

    Purchase Protection

    Up to 90 days

Benefits

Details

  • exchange money

    No Foreign Transaction Fees

Eligibility

  • Credit Score

    Good

  • Annual 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.
Rogers Red Mastercard
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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®

4.5

Finly Rating

FinlyWealth Logo

$60 Cash Rebate From FinlyWealth

Welcome Bonus

Up to $60 cash back ($90 if redeemed for Rogers, Fido or Shaw purchases)

First Year Value

$360

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$0

Interest Rates

19.99% / 22.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent
Get your free credit score

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

  • 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.

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

  • credit card dollar

    Balance Protection

    Minimum payments

Benefits

Details

  • mobile phone wifi

    No Cost roaming

    5 days

Eligibility

  • Credit Score

    Very Good

  • Annual 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
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Scotiabank Gold American Express® Card

4.9

Finly Rating

FinlyWealth Logo

$75 $150 Cash Rebate From FinlyWealth expiring on

Welcome Bonus

Up to 45,000 Scene+ points ($450 value)

First Year Value

$1,244.5

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$120

Interest Rates

20.99% / 22.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent
Get your free credit score

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.

Best Overall Travel Credit Card in 2024

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.

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

  • travel accident medical

    Emergency Out of province Medical

    $1M, Up to 25 days
  • travel accident medical

    Emergency Medical Over 65

    $1M, Up to 3 days
  • cancel airplane

    Trip Cancellation

    $1500/person, $10000/trip
  • pause

    Trip Interruption

    $1500/person, $10,000/trip
  • lost baggage

    Lost or Stolen Baggage

    $500/person, $1000/trip
  • hourglass timer

    Baggage Delay

    $500/person, $1,000/trip After 4 hours
  • hourglass timer

    Flight Delay

    $500/person
  • heart lock

    Travel Accident

    $500K/person, $1M/occurrence
  • car insurance

    Car Rental Damage & Theft

    $65K up to 48 days
  • burglar

    Hotel Burglary Insurance

    $1000/occurrence
  • mobile device insurance

    Mobile Device Insurance

    $1,000
  • purchase protection

    Purchase Protection

    90 days
  • extended warranty

    Extended Warranty

    Up to 1 year

Benefits

Details

  • exchange money

    No Foreign Transaction Fees

    Avoid the 2.5% foreign transaction fees incurred when spending in non $CAD
  • Amex logo

    American Express® Experiences

  • concierge

    Concierge Services

  • discount

    Discount

    Discount on PriorityPass Membership

Eligibility

  • Credit Score

    Good

  • Annual 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
Apply NowMore Details

Scotiabank Platinum American Express® Card

3.5

Finly Rating

FinlyWealth Logo

$200 Cash Rebate From FinlyWealth

Welcome Bonus

Up to 60,000 Scene+ points ($600 value)

First Year Value

$846.58

Based on $2,000/mo spending. Calculate your rewards.

Annual Fee

$399

Interest Rates

9.99% / 9.99%

RECOMMENDED CREDIT SCORE

300
Poor
560
Fair
660
Good
725
Very Good
760
Excellent
Get your free credit score

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

  • 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.

Rewards

  • 2 points on all eligible purchases

Insurance

Coverage

  • travel accident medical

    Emergency Out of province Medical

    $2M, Up to 31 days
  • travel accident medical

    Emergency Medical Over 65

    $2M, Up to 10 days
  • cancel airplane

    Trip Cancellation

    $2500/person, $10000/trip
  • lost baggage

    Lost or Stolen Baggage

    $500/person, $1000/trip
  • pause

    Trip Interruption

    $5000/person, $25000/trip
  • hourglass timer

    Baggage Delay

    $1000 After 4 hours
  • hourglass timer

    Flight Delay

    $1000/person
  • heart lock

    Travel Accident

    $500K/person, $1M/occurrence
  • car insurance

    Car Rental Damage & Theft

    $65K up to 48 days
  • burglar

    Hotel Burglary Insurance

    $1000/occurrence
  • mobile device insurance

    Mobile Device Insurance

    $1000
  • purchase protection

    Purchase Protection

    120 days
  • extended warranty

    Extended Warranty

    Up to a year

Benefits

Details

  • exchange money

    No Foreign Transaction Fees

  • alcohol cheers

    Airport Lounge - Plaza Premium

    10 visits, 4 visits for secondary card (combined with the Priority pass)
  • alcohol cheers

    Airport Lounge - Priority Pass

    10 visits, 4 visits for secondary card (combined with the Plaza Premium)
  • Amex logo

    American Express® Experiences

  • concierge

    Concierge Services

  • discount

    Discount

    Discount on PriorityPass Membership
  • star fall

    Status lift

    Hertz #1 Club Gold Member
  • reward cup

    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

    Excellent

  • Annual 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 travelers.

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.
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