The best no foreign transaction fee credit cards in Canada for 2026
November 2, 2026 | Fact checked by: Natasha Macmillan, Business Unit Director - Everyday Banking
Most Canadian credit cards charge foreign transaction fees on purchases made in other currencies, whether you’re travelling abroad or shopping online in U.S. dollars. Compare the best no foreign transaction fee credit cards in Canada for 2026 and find cards that can help you save on foreign currency purchases while still earning rewards, cash back, and travel perks.
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Canada’s best no foreign transaction fee credit cards at a glance
Featured
Scotiabank Passport® Visa Infinite +* Card
Earn up to $1,350 in first year welcome offers, rewards and savings*, including up to 45,000 bonus Scene+ points
Featured
Wealthsimple Visa Infinite +* Credit Card
All new Wealthsimple clients get an additional 3% on top of their 2% for a total of 5% on all spending for 35 days on the first $10,000 of net purchases
Featured
Scotiabank Gold American Express® Card
Earn up to $1,100 in welcome offers, first year rewards and savings value, and up to 65,000 bonus Scene+ points.¹
Our methodology: how we choose the best credit cards
Ratehub evaluates credit cards based on their overall value to consumers and suitability for different spending needs. Our methodology considers factors including annual fees, earn rates, ease of use, welcome and promotional offers, approval rates, eligibility requirements, and redemption options. We also weigh the advantages and drawbacks of each card to help you determine which options best fit your finances and spending habits.
Best no foreign transaction fee credit cards in Canada for 2026 - by category
Most Canadian credit cards charge a foreign transaction fee of around 2.5% on purchases made in another currency, whether you're travelling abroad, shopping online from U.S. retailers or paying for subscriptions in USD. Fortunately, several Canadian credit cards waive this forex fee, helping you save money on international purchases while still earning rewards or enjoying travel perks.
Here are Ratehub's picks for the best no foreign transaction fee credit cards in Canada for 2026, based on your spending habits and the benefits you're looking for.
| Travel credit card | Best for | Annual fee | First year value (after annual fee) |
| Scotiabank Passport Visa Infinite + | Travel perks and lounge access | $150 | $732 |
|---|---|---|---|
| Scotiabank Gold American Express Card | Everyday rewards and dining | $120 | $1386 |
| Wealthsimple Visa Infinite+ | Cash back on international spending | $240 | $354 |
| Home Trust Preferred Visa | No annual fee and occasional travel | $0 | $264 |
| Scotiabank Platinum American Express | Luxury travel perks and insurance | $399 | $379 |
| Rogers Red World Legend Mastercard | Global cash back and travel perks | $495 | $105 |
No foreign transaction fee credit card FAQs
What is the best no foreign transaction fee credit card in Canada?
The Scotiabank Passport Visa Infinite+ Card is Ratehub's pick for the best no foreign transaction fee credit card for travel in Canada, thanks to its combination of no FX fees, six complimentary airport lounge visits annually, travel insurance and Scene+ rewards. If you prefer cash back, the Wealthsimple Visa Infinite+ Card is another strong option, offering unlimited 2% cash back on eligible purchases, including foreign currency spending, with no FX fees. The best choice ultimately depends on whether you value travel perks, cash back or a lower annual fee.
What is the best no foreign transaction fee credit card with no annual fee?
The Home Trust Preferred Visa is Ratehub's pick for the best no foreign transaction fee credit card with no annual fee in Canada. It charges $0 annually and waives foreign transaction fees on purchases made in other currencies, making it a practical choice for occasional travellers and Canadians who shop online in U.S. dollars. You'll also earn 1% cash back on eligible purchases in Canada, although foreign currency purchases don't earn cash back.
What are foreign transaction fees?
Foreign transaction fees are extra charges added when you use your credit card to make a purchase in another currency. Most Canadian credit cards charge around 2.5% on top of the converted purchase amount. For example, a purchase worth $1,000 CAD after currency conversion could cost you an additional $25 in FX fees. A no foreign transaction fee credit card waives that surcharge, although the card network's exchange rate still applies.
Are no foreign transaction fee credit cards worth it?
A no foreign transaction fee credit card can be worth it if you travel regularly or frequently make purchases in other currencies. With a typical 2.5% fee, spending $5,000 annually in foreign currencies could cost you $125 in extra charges, while $10,000 could cost you $250. However, if the card has an annual fee, you'll want to consider whether your FX savings, rewards and other benefits outweigh that cost.
Can I use a no foreign transaction fee credit card in any country?
Yes, you can use a no foreign transaction fee credit card internationally wherever its payment network is accepted, and the fee waiver generally applies regardless of which foreign currency you're spending in. However, acceptance varies by country and merchant. Visa and Mastercard are widely accepted around the world, while American Express may be less commonly accepted, particularly at smaller businesses. It's a good idea to carry a backup card when travelling, especially if your primary card is an American Express. Also, keep in mind that ATM withdrawals can still come with cash advance and ATM operator fees, even if your card waives foreign transaction fees.
When I’m offered to pay in local currency or to pay a converted CAD amount with my credit card, what should I choose?
It's generally better to pay in the local currency when using your credit card abroad. Choosing to pay in Canadian dollars instead allows the merchant or payment processor to convert the transaction through dynamic currency conversion (DCC), which often comes with a less favourable exchange rate and additional markups. By paying in the local currency, you'll let your credit card network, such as Visa or Mastercard, handle the conversion instead. This is especially beneficial with a no foreign transaction fee credit card, since you won't pay the issuer's usual FX surcharge on top of the converted amount.
Is there an American Express card with no foreign transaction fee?
The Scotiabank Gold American Express Card and Scotiabank Platinum American Express Card both waive foreign transaction fees, making them options for Canadians who want to earn rewards while spending abroad. However, these cards are issued by Scotiabank and earn Scene+ points rather than American Express Membership Rewards points. That's an important distinction for travellers who prefer the flexibility of transferring Membership Rewards points to airline loyalty programs. American Express cards issued directly by Amex Canada, such as the Amex Cobalt, generally charge a 2.5% foreign transaction fee, so you'll need to weigh the value of Amex Membership Rewards against the cost of FX fees when choosing a card.
What is the best credit card to use in Europe from Canada?
The Scotiabank Passport Visa Infinite+ Card is Ratehub's pick for Canadians travelling to Europe, since it waives foreign transaction fees on purchases in euros, pounds and other currencies while offering broad Visa acceptance, six complimentary airport lounge visits and travel insurance. The Wealthsimple Visa Infinite+ Card is another option if you prefer earning 2% cash back on your purchases abroad.
Do no foreign transaction fee credit cards have worse exchange rates?
No, credit cards with no foreign transaction fees don't necessarily have worse exchange rates. When you make a purchase in another currency, your credit card network (such as Visa or Mastercard) converts the amount into Canadian dollars using its exchange rate. This happens whether your card charges foreign transaction fees or not. The difference is that most Canadian credit cards add an extra 2.5% fee to the converted amount, while no FX fee cards don't. So, while exchange rates can vary slightly between cards, you won't be paying that additional 2.5% charge with a no foreign transaction fee credit card.
Best travel card with no foreign transaction fees
Best for Travel perks
based on spending $2,200/mo after $150 annual fee
- Earn rewards
1pt – 3pts / dollar spent
- Welcome bonus
Earn up to 35,000 points (a $350 value)
- Anniversary bonus
Earn up to 10,000 points (a $100 value)
- Annual credits
Up to $100 in annual credits
- Annual fee
$150
Perks of the Scotiabank Passport® Visa Infinite +* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Dragon Pass membership - includes 6 complimentary passes per year | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | No FX fees | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | $500,000 per person ($1 million total) | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $2,000,000 for 25 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Up to $1,500 per person / $10,000 per trip | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Up to $2,500 per person / $10,000 per trip | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $500 coverage per person after 4 hours | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Up to $1,000 | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Up to $1,000; delays over 4 hours | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Up to $1,000 | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Up to 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to 1 year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to $1,350 in first year welcome offers, rewards and savings*, including up to 45,000 bonus Scene+ points1
- Earn 3x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating
Co-ops and more - Earn 2x Scene+ points¹ for every $1 you spend on other eligible grocery stores, dining, eligble entertainment puchases and eligible daily trasit options(including rideshares,buses,subways taxis and more)
- Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases
- Earn additional benefits + up to 4X Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- No Foreign Transaction Fee
- 6 Complimentary Airport Lounge Access
- Comprehensive Travel Insurance coverage
- Visa Infinite* Concierge Services
- Visa Infinite* Hotel Collection
- Visa Infinite* Dining and Wine Country program
- Get up to 10¢/L in value on fuel purchases at Shell stations°
- Rates, fees and other information are effective as of Aug 4,2026. Subject to change.
Ratehub’s take
The Scotiabank Passport Visa Infinite+ card makes a great vacation companion, designed for Canadians who travel abroad and explore the world. It is one of the few cards that covers foreign transaction fees, and also includes valuable travel benefits like airport lounge access.
Pros
- No foreign transaction fee: Save 2.5% on all non-Canadian currency purchases
- Scene+ points: Earn three Scene+ points per $1 spent at participating grocery stores (e.g., Sobey’s, IGA, and FreshCo) and two Scene+ points per $1 spent on eligible grocery, dining, entertainment, and daily transit purchases
- Flexible redemption: Enjoy flexible point redemption options including for travel, groceries, statement credits, gift cards, and movie tickets
- Airport lounge access: Access airport lounges with six free visits per year to over 1,200 lounges worldwide
- Visa Infinite benefits: Benefit from the Visa Infinite Luxury Hotel Collection, Visa Infinite Dining series, and complimentary Avis Preferred Plus membership
- Comprehensive travel insurance: Enjoy coverage for emergency medical, trip cancellation/interruption, flight delays, and more
Cons
- Annual fee: The annual fee of $150 is higher than some comparable cards
- Low point return: The earn rate for certain spending categories like dining and entertainment is lower compared to other cards
- Consistent point values: Travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with some Amex cards
Eligibility requirements
Minimum credit score: 725
Minimum income: $60,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
The Scotiabank Passport Visa Infinite is Ratehub’s pick for the best travel credit cards in Canada with no foreign transaction fees thanks to its combination of premium travel perks, Scene+ rewards earning, and broad international acceptance through the Visa network. Cardholders receive six complimentary airport lounge visits annually, comprehensive travel insurance coverage, and no foreign transaction fees on purchases made abroad or in foreign currencies, helping frequent travellers avoid the standard 2.5% fee charged by most Canadian credit cards. The card also earns accelerated Scene+ points on groceries, dining, entertainment, transit, and eligible travel bookings through Scene+ Travel, Powered by Expedia.
Best rewards card with no foreign transaction fees
Best for Groceries & dining
based on spending $2,200/mo after $120 annual fee
- Earn rewards
1pt – 6pts / dollar spent
- Welcome bonus
Earn up to 65,000 points (a $650 value)
- Annual fee
$120
Perks of the Scotiabank Gold American Express® Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | up to a maximum of $500,000 (to a maximum of $1,000,000 per occurrence) | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | $1,000,000 for 25 days (under 65) | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | MSRP of up to $65,000, for 48 days | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Up to $1,500 per person for travel expenses (maximum $10,000 per trip) | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Up to $1,500 per person for travel expenses (maximum $10,000 per trip) | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Up to $500 coverage per person | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Up to $1,000 (combined maximum with lost baggage) | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Up to $1,000 (combined maximum with lost baggage); delays over 4 hours | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Up to $1,000 per burglary occurrence | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Up to $1,000 per occurence | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Covered for 90 days | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Up to one additional year | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | 60 days from the date of purchase of most new items of personal property purchased in Canada | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to $1,100 in welcome offers, first year rewards and savings value, and up to 65,000 bonus Scene+ points.¹
- Earn 6x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, Freshco, Foodland and more
- Earn 5x Scene+ points¹ for every $1 you spend on dining, food delivery and other eligible grocery stores. Includes popular food delivery and food subscriptions.
- Earn 5x Scene+ points¹ for every $1 you spend in Canada eligible entertainment purposes.Includes movies, theatre and ticket agencies stores.
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible gas and daily transit options.Includes rideshares, buses, subway, taxis and more
- Earn 3x Scene+ points¹ for every $1 CAD you spend in Canada on eligible select streaming sevices
Plus earn 1 Scene+ point for every $1 spent on all other eligible everyday purchases - Earn additional benefits + up to 4X Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- No Foreign Transaction Fee
- Comprehensive Travel Insurance coverage
- AMEX Offers®
- AMEX Front of the Line®
- American Express Invites®
- Complimentary Concierge Services
- Get up to 12¢/L in value on fuel purchases at Shell stations°
- Rates, fees and other information are effective as of July 2, 2026. Subject to change.
Ratehub’s take
The Scotiabank Gold American Express Card earns an honourable mention as one of the best overall travel credit cards for the outstanding benefits it offers to cardholders. This card stands out as a top choice, thanks to its exceptional return on spending and a variety of travel-related perks. This card is particularly useful for those who dine out often, travel, and enjoy entertainment.
Pros
- No foreign exchange fee: Save on foreign currency purchases while travelling abroad or shopping online, as this card doesn’t charge the typical 2.5% foreign transaction fee
- Extensive insurance coverage: Enjoy comprehensive travel insurance, including the $1 million travel medical insurance, which lasts for 25 days and is one of the longer coverage periods available on the market
- High return on spending: Earn five points per $1 spent on groceries, restaurants, food delivery, and entertainment – one of the best in class multipliers in the market. Earn three points per $1 spent on gas and transit expenses
Cons
- Limited acceptance: American Express isn’t as widely accepted in Canada compared to Visa and Mastercard
- Annual Fee: This card carries an annual fee of $120
- Fixed point values: Although earn rates are high, travel points are always worth one cent per point and you can’t transfer your points to other airline rewards programs like you can with other cards
- Airport lounge access is not free: Although you’ll get a discount on a Priority Pass membership for airport lounge access, lounge visits aren’t included with the card
Eligibility requirements
Minimum credit score: 725
Minimum income: $12,000/yr
Interest rates
Purchase interest: 21.99%
Cash advance: 22.99%
Balance transfer: 22.99%
The Scotiabank Gold American Express is Ratehub's pick for the best rewards credit card with no foreign transaction fees in Canada, particularly for users who spend on groceries, dining and entertainment. Cardholders can earn up to 6 Scene+ points per dollar at participating Sobeys-banner grocery stores, 5 points per dollar on eligible dining, food delivery, entertainment and grocery purchases, and 3 points per dollar on gas, transit and select streaming services. These accelerated rates apply to eligible purchases in Canadian dollars, while foreign currency purchases earn 1 Scene+ point per dollar after conversion. The card also includes travel insurance and American Express perks like Amex Offers and Front Of The Line experiences. With a $120 annual fee, it's a great option for earning rewards at home and saving on purchases abroad, although American Express isn't as widely accepted internationally as Visa or Mastercard.
Best cash back card with no foreign transaction fees
based on spending $2,200/mo after $240 annual fee
- Earn rewards
2% – 5% / dollar spent
- Annual fee
$240
Perks of the Wealthsimple Visa Infinite +* Credit Card
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Included | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
-
All new Wealthsimple clients get an additional 3% on top of their 2% for a total of 5% on all spending for 35 days on the first $10,000 of net purchases
- 2% cash back on everything: no categories to track, no cap
- No fees – No annual fee (if you have $100K with us, or a qualifying direct deposit) no FX fees
- Insurance benefits
- Out-of-province travel medical insurance ($1MM)
- Trip cancellation/interruption insurance (up to $3,000 per trip)
- Delayed and lost baggage insurance (up to $1,000 per trip)
- Flight delay insurance
- Purchase protection
- Mobile phone insurance
- Extended warranty
- Fraud protection
- Metal card & no digital tap limit
- 1 complimentary 1GB + 10GB global mobile data plan with Gigsky
- Protection + Security – lock your card instantly, view and change your pin in app, and get notified for every transaction
Ratehub’s take
The Wealthsimple Visa Infinite+ is a flat rate cash back credit card that is a great fit for Canadians who want a strong earn rate without having to keep track of spending categories. With unlimited 2% cash back on purchases, no foreign transaction fees, and the possibility of having the annual fee waived, the card offers particularly strong value for existing Wealthsimple clients and frequent travellers.
Pros
- Unlimited 2% cash back: Earn 2% cash back on all eligible purchases with no spending categories to track and no caps on how much you can earn
- No foreign transaction fees: Save the typical 2.5% foreign transaction fee on purchases made in other currencies, while continuing to earn 2% cash back
- Annual fee waiver: Have the $240 annual fee waived if you hold at least $100,000 in individual assets with Wealthsimple or deposit at least $4,000 per month into an eligible Wealthsimple Chequing account
- Travel and purchase insurance: Get coverage including up to $1 million in travel medical insurance, trip cancellation and interruption insurance, delayed and lost baggage insurance, mobile phone insurance and purchase protection
Cons
- Wealthsimple account required: You need an active Wealthsimple Chequing account to apply, making the card less accessible if you don’t already bank with Wealthsimple
- High annual fee: The card costs $240 per year if you don’t meet the requirements to have the fee waived, which is higher than many comparable cash back cards
- High income requirement: You’ll need a minimum personal income of $80,000 or household income of $150,000 to qualify
- No complimentary airport lounge access: The card does not include free airport lounge visits, a perk available with some other credit cards with similar annual fees
Eligibility requirements
Minimum income: $80,000/yr
Interest rates
Purchase interest: 20.99%
Cash advance: 22.99%
Balance transfer: N/A
The Wealthsimple Visa Infinite+ is Ratehub's pick for the best cash back credit card with no foreign transaction fees in Canada, offering unlimited 2% cash back on eligible purchases without bonus categories or spending caps. Unlike cards that restrict their highest earning rates to Canadian purchases, Wealthsimple's 2% cash back also applies to eligible foreign currency spending. This makes it particularly appealing for Canadians who frequently travel, shop internationally or pay for subscriptions in other currencies. All new Wealthsimple clients get an additional 3% on top of their 2% for a total of 5% on all spending for 35 days on the first $10,000 of net purchases. Beyond cash back, the card comes with an extensive travel insurance package. Note: not all insurance is available to Quebec residents. Note:
Best no annual fee card with no foreign transaction fees
Best for No FX fees
based on spending $2,200/mo after $0 annual fee
- Earn rewards
1% / dollar spent
- Annual fee
$0
Perks of the Home Trust Preferred Visa
| Perks | Details | |
|---|---|---|
| Lounge access | Not included | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | No FX fees | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | Not included | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Not included | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Not included | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Not included | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Not included | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Not included | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Not included | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Not included | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | Not included | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | Not included | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Not included | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Not included | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn 1% cashback on eligible purchases1 in Canada, with no caps on cashback earn
- No annual fee
- 0% foreign currency conversion charge on purchases abroad
- This product is currently not available to residents of Quebec
- For a more in-depth look at this credit card, read our full Home Trust Preferred Visa Review
- 1Cash advances, balance transfers, interest, fees and foreign transactions (including online purchases in foreign currencies) are not eligible for CashBack Rewards
- This offer is not available for residents of Quebec
Ratehub’s take
The Home Trust Preferred Visa not only saves you from foreign transaction fees, but also offers several additional benefits – like no annual fee and the added perk of earning 1% cash back on all your spending in Canada without any limits or caps.
Pros
- No foreign transaction fees: Save 2.5% on all non-Canadian currency purchases
- No annual fee: Enjoy the card’s travel benefits without an annual fee; however, it is important to note that the card has an inactivity fee (if you don’t use the card to make at least one purchase during a consecutive 12-month period, you’ll be charged $12)
- Cash back earnings: Earn 1% cash back on all Canadian purchases, providing consistent rewards
- Additional perks: Take advantage of a number of other perks, including car rental insurance and Visa Zero Liability coverage to help ensure you are protected against potential fraudulent activities
Cons
- Not available to Quebec residents
- Transaction limitation: It’s worth noting that the card is limited to 10 authorized transactions per day
- No rewards on foreign exchange purchases: While this card charges no foreign exchange fees, it does not offer any rewards for those purchases
- Limited insurance coverage: Insurance coverage isn’t as comprehensive as other similar rewards cards (if insurance is a priority for you, consider the cards featured on our list of best credit cards for travel insurance)
- Lacking in bonus rewards: Other than the 1% cash back rate, there is not much else offered in the way of rewards, bonus offers or perks with this card
Eligibility requirements
Minimum credit score: 660
Minimum income: N/A
Interest rates
Purchase interest: 21.99%
Cash advance: 21.99%
Balance transfer: N/A
The Home Trust Preferred Visa is Ratehub's pick for the best no annual fee credit card with no foreign transaction fees in Canada. With a $0 annual fee and no FX fees on foreign currency purchases, it's an affordable option for occasional travellers, online shoppers and Canadians who regularly spend in U.S. dollars. You'll also earn 1% cash back on eligible purchases made in Canada, although foreign currency purchases don't earn cash back. While it doesn't offer the airport lounge access or extensive travel insurance of premium cards, its combination of no annual fee and no foreign transaction fees makes it a practical option for keeping costs down when spending abroad.
Best premium travel card with no foreign transaction fees
based on spending $2,200/mo after $399 annual fee
- Earn rewards
2pts / dollar spent
- Welcome bonus
Earn up to 25,000 points (a $250 value)
- Anniversary bonus
Earn up to 55,000 points (a $550 value)
- Annual fee
$399
Perks of the Scotiabank®* Platinum American Express® Card
| Perks | Details | |
|---|---|---|
| Lounge access | Enjoy complimentary lounge access with Priority Pass™ and Plaza Premium lounges with access to over 1200+ VIP lounges around the world. Enjoy up to 10 free visits per year from the date of enrolment. | You’ll gain complimentary passes to airport lounges. The number of passes and lounges you have access to will vary. |
| No foreign exchange fees | Scotiabank Platinum American Express Cardmembers aren’t charged the usual 2.5% foreign currency conversion markup on foreign currency purchases. | A surcharge that credit card holders pay for purchases made in a foreign currency (typically 2.5%). |
| Travel accident insurance | When you charge at least 75% of your trip to your Card, you’re insured against accidental loss of life or dismemberment. | If you suffer a loss as a result of an accidental bodily injury sustained while occupying a common carrier, you are eligible for this coverage. |
| Travel emergency medical | Receive up to $2 million CAD in emergency medical coverage for you, your spouse, and your eligible dependent children. | If you require urgent medical care while on a trip outside of your home province, you will be covered for any eligible medical expenses incurred. |
| Car rental insurance | Charge the full cost of your eligible rental car to your Card and you’re automatically insured if your rental is damaged or stolen. | Credit card rental car insurance usually covers theft, loss and damage to your rental car in the case of an accidental collision. |
| Trip cancellation | Protect your travel investment with trip cancellation and trip interruption insurance at no extra cost when you charge at least 75% of your trip costs to your Card. | If you have to cancel your trip before it’s even started, your prepaid travel costs will be covered up to a maximum amount if the cause of cancellation is eligible for the insurance. |
| Trip interruption | Protect your travel investment with trip cancellation and trip interruption insurance at no extra cost when you charge at least 75% of your trip costs to your Card. | If your trip has to be cut short or is delayed after the scheduled departure date, you will be covered up to a maximum amount for an eligible cause of interruption or delay. |
| Flight delay insurance | Charge at least 75% of the full ticket cost to your Scotiabank American Express Platinum Card and you’ll be eligible for reimbursement of necessary expenses such as hotel accommodations, meals and other emergency items. | If your flight departure is delayed by a certain number of hours, you’ll be reimbursed a certain amount for necessary and reasonable expenses. |
| Baggage loss insurance | Charge the full cost of your airplane, train, bus or cruise ship tickets to your Card. If your checked luggage is delayed or lost – you’re covered. | If your checked bag cannot be located by a common carrier, you’ll be reimbursed for a portion of the replacement cost of lost personal property. |
| Baggage delay insurance | Charge the full cost of your airplane, train, bus or cruise ship tickets to your Card. If your checked luggage is delayed or lost – you’re covered. | If your checked bag is not delivered within a specified time upon your arrival, you’ll be reimbursed for the cost to replace essential items. |
| Hotel/motel burglary | When you use your Card to pay for your stay at any hotel or motel in Canada or the US, you’re eligible for coverage against theft if your room is broken into. | Provides protection, while you’re checked in, for your personal belongings when left unattended in your room up to a certain dollar amount. |
| Mobile insurance | You may be covered for up to $1,000 in the event your cell phone, smartphone, or tablet is lost, stolen, accidentally damaged, or experiences mechanical failure. | Reimburses a portion of your cell phone in the event it’s damaged or lost. Device coverage is limited to a certain period of time after purchasing with your credit card. |
| Purchase assurance | Most of the new items you buy with your Card are insured against theft, loss, or damage for 120 days from the purchase date. | Automatically protects new purchases by insuring them for 90 days from the date of purchase in the event of loss, theft or damage. |
| Extended warranty | Most of the new items you buy with your Card are insured against theft, loss, or damage for 120 days from the purchase date. | Either doubles the length of the item’s manufacturer’s warranty coverage or extends it by 1 year, whichever is less. |
| Price protection | Not included | If, within a certain amount of time of purchasing an item, its price drops or you find an identical item offered for a lower retail price than what you paid, you will be reimbursed for the difference. |
Other perks
- Earn up to $2,800* in value in the first 14 months, including up to 80,000 bonus Scene+ points.
- Plus earn 2X Scene+ points for every $1 spent on all other eligible purchases
- Earn additional benefits + up to 4X Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- No Foreign Transaction Fee
- Comprehensive Travel Insurance coverage
- Mobile Device Insurance coverage
- 10 complimentary Airport Lounge Passes per year
- Platinum VIP Offers+
- American Express Invites®
- Premium Complimentary Concierge Services
- Get up to 11¢/L in value on fuel purchases at Shell stations°
- Rates, fees and other information are effective as of October 31, 2025. Subject to change.
Ratehub’s take
The Scotiabank Platinum American Express card offers a unique combination of benefits: rewards, travel perks like airport lounge access and a low purchase interest rate – but you pay for those benefits with the higher annual fee.
Pros:
- Low interest rates with added perks: Not only do you get a below-average interest rate but you also get Scene points, airport lounge access, travel insurance and other perks
- Save on foreign transaction fees: You won’t be charged 2.5% in forex fees with this card on top of the exchange rate
Cons:
- Very high annual fee: The annual fee is very high compared to other low-interest cards, some of which have a $0 annual fee
- Lower rewards earn rate: You’ll get a lower return on your spending with this card than with some other rewards credit cards, although for a low-interest card, earning rewards at all is rare
Eligibility requirements
Minimum credit score: 760
Minimum income: $12,000/yr
Interest rates
Purchase interest: 9.99%
Cash advance: 9.99%
Balance transfer: 22.99%
The Scotiabank Platinum American Express is Ratehub's pick for the best premium travel credit card with no foreign transaction fees in Canada, offering a more extensive travel benefits package for frequent travellers. Cardholders receive 10 complimentary airport lounge visits annually, comprehensive travel insurance, concierge services and no foreign transaction fees on purchases made in other currencies. The card also earns Scene+ points on eligible purchases, with additional rewards available through Scene+ Travel, Powered by Expedia. At $399 annually, it's a more expensive option than the Scotiabank Passport Visa Infinite+, so its value comes down to how often you'll use its premium benefits. American Express acceptance may also be more limited abroad, making a backup Visa or Mastercard useful when travelling.
No foreign transaction fee credit card alternatives
You don't necessarily need a credit card to avoid foreign transaction fees. Some prepaid cards also waive these fees, making them useful alternatives for travelling or shopping online in foreign currencies. Unlike traditional credit cards, prepaid cards let you spend money already in your account rather than borrowing against a credit limit. There's no credit check required, and you won't have a credit card bill to pay at the end of the month. Some examples are:
- Wealthsimple Visa Platinum Prepaid Card: The Wealthsimple Visa Platinum Prepaid Card works much like a debit card, allowing you to spend money directly from your Wealthsimple chequing account rather than borrowing on credit. To get one, you'll need to open a free Wealthsimple chequing account and add money to it. You'll then be able to use a virtual card for online or mobile wallet purchases, or request a physical card for everyday spending and travel. Since the card doesn't charge foreign transaction fees, you can use it to make purchases abroad without paying the usual FX surcharge. There are also no monthly account fees, and Wealthsimple reimburses eligible ATM withdrawal fees.
- EQ Bank Card: To get this prepaid reloadable Mastercard, you'll need an EQ Bank Personal Account (which happens to be one of the best high-interest savings accounts in Canada). Once you receive and activate your card, you can load it with money from your EQ Bank Personal Account through the EQ Bank app or online banking. You can then spend up to your available card balance without paying foreign transaction fees, while earning 0.5% cash back on eligible purchases, including international spending.
Both the Wealthsimple Visa Platinum Prepaid Card and the EQ Bank Card use their payment network's exchange rate when converting foreign currency purchases into Canadian dollars. Since they're prepaid cards, they won't help you build credit history, but they're practical options if you want to avoid FX fees without applying for a traditional credit card.
How foreign transaction fees on credit cards work
Foreign transaction fee
When you're travelling abroad or shopping on foreign websites, every transaction you make with your credit card has to be converted from the country's currency to Canadian dollars before appearing as a charge on your statement. Because of this, many card issuers charge a foreign transaction fee (usually 2.5%) in addition to the spot rate.
Credit card exchange rate markups
On top of the foreign transaction fee, credit card networks also mark up the exchange rate between Canadian dollars and the foreign currency. This means that you’ll always pay more than the official exchange rate listed by the Bank of Canada. For example, if $1 USD is worth $1.35 CAD, you may be charged a higher rate of $1.37 by the credit card network (e.g. Visa, Mastercard, or American Express).
Dynamic Currency Conversion (DCC)
When paying at a store, restaurant or hotel abroad, you may be asked whether you want to pay in the local currency or Canadian dollars. Some international websites offer the same choice at checkout. This is called Dynamic Currency Conversion (DCC).
DCC lets the merchant or payment processor convert the purchase into Canadian dollars on the spot, using its own exchange rate rather than your credit card's usual conversion process. While this lets you see the Canadian dollar amount immediately, the rate is often less favourable.
For example, imagine you're paying a €100 restaurant bill in France. Your payment terminal offers two options:
- Pay €100 EUR: If your card's exchange rate is €1 = $1.60 CAD, the purchase costs $160 CAD before any applicable foreign transaction fee.
- Pay $168 CAD: The merchant's DCC conversion costs you $8 more, equivalent to a 5% markup over the $160 CAD amount.
Even if you have a no foreign transaction fee credit card, choosing the $168 CAD option would mean paying more than necessary. Some issuers may also charge foreign transaction fees on DCC transactions, depending on their terms. This is why it’s generally better to choose the local currency and let your credit card handle the conversion.
FX credit adjustment
Sometimes, a foreign currency purchase may show up as multiple debits and credits on your credit card and be marked as a “foreign exchange (FX) credit adjustment”. This happens when the credit card issuer authorizes your purchase immediately, but the merchant finalizes it a few days later. If the exchange rate changes in that time, your issuer may reverse the original amount and replace it with an updated charge. You aren't being charged twice; the adjustment simply reflects the final Canadian dollar amount of your purchase.
Foreign transaction fees on statements and refunds
Foreign transaction fees are usually added to each purchase when it appears on your credit card statement, rather than charged all at once at the end of the month. Some issuers include the fee in the total Canadian dollar amount, while others list it separately. If you can't find the fee on your statement, you can estimate how much you paid using your card's foreign transaction fee rate and the converted purchase amount.
If you return something you bought in a foreign currency, you might not get the original FX fee back. You could also receive a slightly different amount in Canadian dollars because exchange rates may have changed since you made the purchase. Depending on your card issuer, you may even be charged another FX fee on the refund, so it's worth checking your card's terms.
Foreign transaction fees vs. exchange rates
Foreign exchange rates and foreign transaction fees often get mixed up, but they’re two very different costs.
Foreign exchange rates represent the price of converting one currency into another (e.g. how many Canadian dollars equal one US dollar). These rates change constantly based on global markets, economic conditions, and the cost of goods and services in each country. Your credit card network (Visa, Mastercard, or Amex) uses its own daily exchange rate when converting your purchase back into CAD.
Foreign transaction fees, on the other hand, are an extra charge added by your credit card issuer when you make a purchase in a non-Canadian currency. These fees don’t fluctuate – they’re usually a fixed 2.5% on top of the converted purchase amount.
- Exchange rate = the cost of converting your money (always applies).
- Foreign transaction fee = an extra surcharge your card issuer adds (only some cards charge it).
What are the benefits of a no foreign transaction fee credit card?
A 2.5% foreign transaction fee may look like a small amount of money, but added up over multiple transactions, it can quickly become a problem. This is why avoiding foreign transaction fees is so important for Canadian travellers: it’ll save you more money than you think.
But more than that, for those who like to shop on foreign websites (U.S. included), you'll save the same 2.5% on all your transactions.
Below are two examples of how a no foreign transaction fee card can save you for travelling or making international purchases:
No FX credit card savings for travelling
A recent study from Statistics Canada revealed that the average Canadian spends $2,012 per visit overseas. With that in mind, here’s a hypothetical breakdown of no FX savings for a traveller, without including flights and accommodation:
| Total saving with no FX card: $50.30 | |||
| Purchase | Typical Spend | With FX fees (2.5%) | With a no FX card |
| Transportation | $300 | + $7.50 | + $0 |
| Food | $700 | + $17.50 | + $0 |
| Activities | $500 | + $12.50 | + $0 |
| Shopping | $200 | + $5.00 | + $0 |
| Other | $312 | + $7.80 | + $0 |
No FX credit card savings for shopping online
When shopping online from a U.S. retailer or another international website, the amount you pay in Canadian dollars can vary depending on your credit card's foreign transaction fees and how the currency is converted.
Let's say you're buying something from a U.S. retailer for $50 USD. Assuming an exchange rate of $1 USD = $1.35 CAD, the purchase would cost $67.50 before any additional fees or exchange rate markups.
Here's how the final cost could differ depending on how you pay:
| Type of Card | Extra Fees | Total in CAD |
| No FX fee card | 2% (exchange markup) | $68.85 |
| Card with FX fees | 2% (exchange markup) + 2.5% (FX fee) | $70.57 |
| Card with dynamic currency conversion | 5% (exchange markup) | $70.88 |
To put this into perspective for travel purchases again, Statistics Canada reports that Canadians spend an average of $171 per same-day visit to the US. With a 2.5% foreign transaction fee, that adds up to $4.28 in fees per day trip.
Here’s another breakdown of annual savings if four items were purchased internationally during the year:
| Purchase | Typical Spend | With FX fees (2.5%) | With no FX card |
| Total savings with no FX card: $33.00 | |||
| Game console | $500 | + $12.50 | + $0 |
| Clothing | $500 | + $12.50 | + $0 |
| Sneakers | $200 | + $5.00 | + $0 |
| Electronics | $120 | + $3.00 | + $0 |
How much can you save annually with a no foreign transaction fee credit card?
The more you spend in foreign currencies, the more you could save by avoiding the typical 2.5% foreign transaction fee. Here's how much those savings could add up to over a year, whether you're travelling abroad or shopping online.
Here’s another breakdown of annual savings if four items were purchased internationally during the year:
| Annual foreign currency spending (CAD equivalent) | FX fees avoided |
| $1,000 | $25 |
| $2,500 | $62.50 |
| $5,000 | $125 |
| $10,000 | $250 |
| $15,000 | $375 |
When comparing no foreign transaction fee credit cards, it's worth weighing these potential savings against the card's annual fee. For example, spending $10,000 in foreign currencies could save you $250 in FX fees, which is more than the $150 annual fee on the Scotiabank Passport Visa Infinite+. However, cards like the Home Trust Preferred Visa also waive foreign transaction fees without charging an annual fee, so consider whether the rewards, travel insurance and other perks of a paid card are worth the extra cost.
What to look for in a no foreign transaction fee credit card
Outside of the obvious – no foreign transaction fees – there are a couple of other features that you'll want to look out for when shopping for a card of this type. This includes:
- Foreign rewards program: If you'll be using this card while abroad, consider one that also offers great rewards on spending outside of Canada. It's an often-overlooked detail on rewards cards, but many of their great point values and cash back rates don't apply outside of the country. There's no point in getting a credit card with no foreign transaction fees if it won't also reward you for using it in foreign countries.
- Travel perks: Along with that, check if your chosen card also comes with any travel perks, such as VIP airport lounge access, hotel upgrades, checked baggage, or rental car discounts.
- Travel insurance: If you don't already have a credit card with travel insurance, it's also a good idea to select one with a good travel insurance package to cover things like emergency medical care, lost or stolen baggage, flight delays, or trip cancellation, among others.
Should you get a US dollar credit card?
If you frequently make purchases in US dollars, it may be worth getting a US dollar credit card in Canada to avoid foreign transaction fees and inflated exchange rates. However, this option works best when you have a source of USD income, as a US dollar credit card may require you to pay your credit card bill in USD. Otherwise, you’ll still have to pay some fees and go through the hassle of converting CAD into USD.