Best No Foreign Transaction Fee Credit Cards in Canada
Scotiabank Gold American Express
The Scotiabank Gold American Express card waives foreign transaction fees on all purchases made outside Canada. Cardholders earn up to 6 Scene+ points for every dollar spent on groceries, dining and entertainment, and 1 point per dollar on most other purchases. The annual fee is $120. Interest rates are 21.99% on purchases, 22.99% on cash advances and 22.99% on balance transfers. A minimum personal income of $12,000 per year and a credit score of 725 or higher are required to qualify. Scene+ points are valued at $0.01 when redeemed for travel, store purchases or food and drink at Cineplex and Scene partners. The welcome offer provides up to $950 in combined value, including as many as 50,000 bonus Scene+ points, provided the spending conditions are met by the offer deadline of November 1, 2026.
Home Trust Preferred Visa
The Home Trust Preferred Visa is the only no‑annual‑fee credit card in Canada that completely waives the 2.5% foreign transaction fee on purchases in any foreign currency. It also pays 1% cash back on all Canadian‑dollar spending. Interest rates are 21.99% on purchases and 21.99% on cash advances; balance transfers are not applicable. There is no specified income requirement, but a credit score of at least 660 is recommended. The card does not currently feature a welcome bonus.
Scotiabank Passport Visa Infinite +
This Scotiabank card eliminates foreign transaction fees and includes six complimentary Priority Pass airport lounge visits each year. Cardholders earn Scene+ points on all purchases, with a value of $0.01 per point when redeemed for travel on any airline or hotel, including Airbnbs. The annual fee is $150. Interest rates are 20.99% on purchases, 22.99% on cash advances and 22.99% on balance transfers. Applicants must meet one of the following income thresholds: a personal income of $60,000–$80,000 or more, a household income of $100,000–$150,000 or more, or assets under management of $250,000–$300,000 or more. A credit score of 725 or higher is required. The welcome offer can deliver up to $1,500 in value during the first year, including as many as 60,000 bonus Scene+ points, if the spending conditions are satisfied by August 3, 2026. Additionally, charging $40,000 or more to the card each year triggers an anniversary bonus of 10,000 Scene+ points, worth $100 toward travel.
Other Cards that Offset Foreign Exchange Fees
Rogers Red World Elite Mastercard
Although this Mastercard charges the standard 2.5% foreign transaction fee, it offers 3% cash back on purchases made in U.S. dollars, effectively giving cardholders a net 1% reward on U.S. spending. The card has no annual fee. Interest rates are 25.99% on purchases, 27.99% on cash advances and 27.99% on balance transfers. A minimum personal income of $80,000 per year and a credit score of 725 or higher are required. No welcome bonus is currently available.
Meridian Visa Infinite Travel Rewards
The Meridian Visa Infinite Travel Rewards card waives its $99 annual fee for the first year. It pays 3% rewards on foreign‑currency purchases, which exceeds the 2.5% FX fee by 0.5%. Cardholders also earn 1.5% back on Canadian spending and receive a suite of travel‑insurance benefits, including emergency medical coverage for travellers over 65. Interest rates are 19.5% on purchases and 21.99% on cash advances. A personal income of at least $60,000 per year and a credit score of 725 or higher are needed to qualify. New cardholders can receive 7,000 bonus Meridian points when they open any Meridian Visa card, an offer that ends May 31, 2025. Meridian points are worth $0.01 when redeemed for travel.
EQ Bank Card
The EQ Bank Card is a prepaid Mastercard that charges no annual fee and does not impose foreign exchange fees on purchases or ATM withdrawals. Cardholders earn 0.5% cash back on every purchase, including those made abroad, and can earn between 2.5% and 4% interest on cash held in the linked EQ Bank savings account. As a prepaid product, there are no interest rates, income requirements or credit‑score checks.
Wealthsimple Cash Card
Similar to the EQ Bank Card, the Wealthsimple Cash card is a prepaid Mastercard with no annual fee. It waives service and exchange fees on foreign purchases and pays cash back on all spending (the exact rate is not disclosed in the source material). Card balances earn up to 2.75% interest, which helps offset any costs associated with currency conversion. There are no interest rates, income requirements or credit‑score prerequisites for this product.
How We Choose the Best Cards
To identify the top credit cards for avoiding foreign transaction fees, we compared the return on spending against any annual fee, evaluated card acceptance abroad (favouring networks with wide international coverage), and considered valuable travel perks such as airport lounge access. Affiliate links do not influence the rankings; the selection is based solely on the features and benefits described above.
Understanding Foreign Exchange Fees
When you use a credit card to pay in a foreign currency, the transaction amount is converted to Canadian dollars at a rate set by the card network, which is typically slightly higher than the inter‑bank market rate. In addition, the card issuer adds a foreign currency transaction fee of about 2.5% on every purchase not made in Canadian dollars. This combined cost can significantly increase the price of overseas spending unless you use a card that either waives the fee or offers rewards that more than offset it.
Tips to Minimize Fees on Foreign Purchases
• Use a no‑FX‑fee card whenever the merchant accepts cards; otherwise, pay with local‑currency cash.
• If a zero‑fee card is not available, choose a card whose rewards rate on foreign purchases exceeds the 2.5% fee (for example, a card offering 3% cash back on U.S. dollars).
• Always opt to pay in the local currency when given the choice between local and home‑currency pricing; dynamic currency conversion usually adds a markup of 3% to 5%.
• Be aware of ATM and withdrawal fees, which can include both the foreign transaction fee and the operator’s surcharge, and remember that cash advances start accruing interest immediately unless the card has been overpaid.
