The best no foreign transaction fee credit cards in Canada for 2026
May 25, 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 $1,500 in first year welcome offers, rewards and savings, including up to 60,000 bonus Scene+ points¹.
Featured
Home Trust Preferred Visa
Earn 1% cashback on eligible purchases in Canada, with no caps on cashback earnings.
Featured
Scotiabank®* Gold American Express® Card
Earn up to $850 in welcome offers, first year rewards and savings value, and up to 45,000 bonus Scene+ points. *Terms apply.
Our methodology: how we choose the best credit cards
Ratehub.ca evaluates the best credit card rewards credit cards by considering overall consumer value and suitability for various types of consumers. Our evaluation methodology incorporates factors such as the card’s annual fee, rewards earning rates, ease-of-use, welcome or promotional offers, approval rates, eligibility criteria, and redemption choices. We have also considered the pros and cons of each card to help you determine which case best suits your financial needs and spending habits.
Best no foreign exchange credit cards in Canada by category
Most Canadian credit cards charge a foreign transaction fee of around 2.5% whenever you make a purchase in another currency. That means whether you’re travelling abroad, shopping from U.S. retailers, or paying for subscriptions billed in USD, you could be paying extra fees on every transaction.
You may be wondering – are there credit cards with no forex fees in Canada? Fortunately, there are a few that let you save on those pesky fees. Here are the best no foreign transaction fee credit cards in Canada for travel, rewards, cash back, and everyday foreign currency purchases:
| No FX fee credit cards | Best for | Annual fee |
| Scotiabank Passport Visa Infinite + | Travel perks and lounge access | $150 |
|---|---|---|
| Scotiabank Gold American Express | Everyday rewards and dining | $120 |
| KOHO Extra | Cash back and prepaid spending | $144 |
| Home Trust Preferred Visa | No annual fee and occasional travel | $0 |
| Scotiabank Platinum American Express | Luxury travel perks and insurance | $399 |
| Rogers Red World Elite Mastercard |
U.S. dollar purchases and cash back | $0 |
Frequently asked questions
What are foreign transaction fees?
Foreign transaction fees are charges added to credit card purchases made in a foreign currency. In Canada, most credit cards charge around 2.5% on top of the exchange rate whenever you make a purchase abroad or pay in another currency online.
While they were originally established by banks to offset the expense of processing international payments, these concerns have been largely solved by the more modern global banking system of today. Regardless, many credit cards will still charge users a foreign transaction fee, so it's important to know if your chosen card carries this charge before signing up for it (especially if you're a frequent traveller).
When are you charged a foreign transaction fee?
A foreign transaction fee is usually charged whenever you make a purchase in a currency other than Canadian dollars. This can include shopping online from U.S. retailers, paying for subscriptions billed in USD, making purchases while travelling abroad, or booking hotels and activities in another currency. Some ATM withdrawals made outside Canada may also trigger foreign transaction fees, along with additional cash advance or ATM operator charges.
Do foreign transaction fees apply to returns?
When you make an international purchase, your card issuer charges a foreign transaction fee on the original amount, and that fee typically is not refunded if you return the item. Even though the merchant may issue a full refund in their local currency, the amount that shows up back on your statement in Canadian dollars can differ from what you originally paid.
This is because the exchange rate may have changed between the time of purchase and the time of return. As a result, you could get back slightly more or less than you paid, and you’ll still be out the original FX fee (2.5%), since issuers don’t reverse it on refunded transactions. This is a big reason why it’s worth considering a no foreign transaction fee credit card in Canada.
Are no foreign transaction fee credit cards worth it?
If you travel outside your home country regularly or you frequently shop on foreign websites, it's in your best interest to choose a rewards card without any foreign transaction fees. While the fees themselves might not seem that scary on their own (usually around 2 to 3% total per transaction), those costs can quickly add up if you're using your credit card as a primary payment method while abroad or online shopping. For example, spending $5,000 annually in foreign currencies could result in roughly $125 in foreign transaction fees alone.
Can I use a no foreign transaction fee credit card in any country?
You can use a no foreign transaction fee credit card anywhere your card network is accepted, whether that’s Visa, Mastercard, or American Express. However, card acceptance can vary by country and merchant, especially for American Express. Even with a no foreign transaction fee credit card, you may still pay ATM withdrawal fees, dynamic currency conversion markups, or other local banking charges while travelling abroad.
When I’m offered to pay in local currency or to pay a converted CAD/USD amount with my credit card, what should I choose?
You’ll usually save money by paying using the local currency, because there may be a built-in cost when you choose to pay in your home currency at the point of purchase. Credit card issuers like Visa or Mastercard often get better exchange rates. Just keep the currency conversion rate in mind when you are making purchases abroad – you could use an app or web browser to know the true cost.
What are the best no foreign transaction fee credit cards?
The best no foreign transaction fee credit cards include the Scotiabank Passport Visa Infinite, Scotiabank Gold American Express, Scotiabank Platinum American Express, and Home Trust Preferred Visa. These cards allow cardholders to avoid the standard 2.5% foreign transaction fee charged by most credit cards while still earning rewards, cash back, or travel perks. For those looking for a no annual fee option, the Home Trust Preferred Visa remains one of the few true no foreign transaction fee credit cards with a $0 annual fee.
Is there an American Express card with no foreign transaction fee?
Currently, none of the American Express cards issued directly by American Express Canada feature a 0% foreign transaction fee. While the Scotiabank Gold American Express Card and Scotiabank Platinum American Express Card charge no foreign transaction fee, these cards are part of the Scene+ rewards program rather than the American Express Membership Rewards program.
Are there any no annual fee credit cards that waive foreign exchange fees?
Yes – the Home Trust Preferred Visa has a 0% foreign transaction fee while charging $0 annual fee. You’ll also earn 1% cash back on eligible purchases in Canada, with no cap on cash back earnings.
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 60,000 points (a $600 value)
- Annual fee
$150
Perks of the Scotiabank Passport™ Visa Infinite+* Card
| Perks | Details | |
|---|---|---|
| Lounge access | Includes 6 lounge 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 | Included | 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 insured 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 insured 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 | 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 | Combined maximum $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 a maximum of $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 | $60,000 lifetime limit | 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 | 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 $1,500 in first year welcome offers, rewards and savings, including up to 60,000 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, eligible entertainment purchases and eligible daily transit 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 3X Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
- Travel with confidence using 10GB of free GigSky global mobile data for 15 days with
unlimited Travel Essentials by GigSky for essential travel apps.
Visa Infinite cardholders also continue to receive one complimentary 1GB/15-Day GigSky
global mobile data plan each year, plus 20% off future GigSky purchases with their
Scotiabank Visa Infinite+ card. - 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
- Rates, fees and other information are effective as of Jan 2, 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 one of the best travel credit cards in Canada with no foreign transaction fees thanks to its combination of premium travel perks, strong 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 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 | 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 | 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 one of the best no annual fee no foreign transaction fee credit cards in Canada because it combines $0 annual fees with broad Visa acceptance and 1% cash back on eligible purchases in Canada. The card charges no foreign transaction fees on purchases made in foreign currencies, making it a practical option for occasional travellers, online shoppers, and Canadians who regularly spend in U.S. dollars.
While it doesn’t include the airport lounge access or extensive travel insurance coverage offered by premium travel cards, the Home Trust Preferred Visa remains one of the few true no foreign transaction fee credit cards in Canada with no annual fee. Its simplicity and low cost make it especially useful as a backup travel card or for everyday foreign currency purchases.
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 45,000 points (a $450 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 $850 in welcome offers, first year rewards and savings value, and up to 45,000 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
- Apply with confidence! See if you’ll be approved before you apply – with no impact to your credit score*.
- *Instant decisions are only available for Consumer (also known as Personal) Card applications.
- Rates, fees and other information are effective as of October 31, 2025. 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: 20.99%
Cash advance: 22.99%
Balance transfer: 22.99%
The Scotiabank Gold American Express is one of the best rewards credit cards in Canada with no foreign transaction fees because it combines elevated Scene+ earning rates with strong travel benefits and everyday spending value. Cardholders earn up to 6x Scene+ points at Sobeys banner grocery stores, 5x points on dining, entertainment, food delivery, and eligible grocery purchases, plus 3x points on gas, transit, and select streaming services, making it one of the strongest everyday rewards cards in Canada for frequent spenders. Along with avoiding foreign transaction fees, cardholders also receive comprehensive travel insurance coverage, premium American Express benefits, and access to perks like Amex Offers and Front Of The Line experiences.
Best cash back card with no foreign transaction fees
based on spending $2,200/mo after $144 annual fee
- Earn rewards
0.25% – 1.5% / dollar spent
- Annual fee
$144
Perks of the KOHO Extra
| 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 | 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 | 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 1.5% cash back on groceries, eating & drinking, and transportation. Get 0.25% cash back on all other purchases plus up to 6.5% extra cash back from select merchants.
- Earn 2.5% interest on both your spending and savings accounts. Your funds will also be eligible for CDIC insurance.
- Get access to a cash advance of up to $250* at 0% interest with Cover.
- Free Credit Score.
- Grow your credit by an average of 31+ points in just 4 months with Credit Building* for $7 / month instead of $10 / month (30% plan discount)
- No Foreign Exchange fees on any purchases.
- Send money to 190+ countries with KOHO’s International Money Transfer feature and enjoy the best exchange rates, no hidden fees, and transfers that arrive within 30 minutes*
- All KOHO plans come with a free 30-day trial so you can see if it suits you.
- $144 annually
- Choose from one of the exciting card colours we offer and receive both a physical and virtual card for instant use.
- Your everyday spending and saving account with no minimum account balance, Instant e-transfers unlimited transactions
- Add your KOHO card to Apple, Samsung or Google Pay.
- Automate your savings with Goals and RoundUps. Rounding up every purchase lets you stash away some savings, while Goals make it easier to save for whatever it is that makes you happy
- Lock in savings with Vault that keeps the funds you don’t want to spend separate from your spendable balance and create custom budgets and track your spending habits.
- Interest rates are per year, calculated daily, paid monthly, and can change at any time without notice.
Ratehub’s take
The KOHO Extra card is a reloadable prepaid Mastercard that offers cash back on the most common types of everyday spending, as well as the added benefit of an interest-earning account.
Pros
- Easy cash back earning: Earn 1.5% cash back per dollar on bonus categories, plus your rewards are unlimited and don’t have monthly or annual maximums
- No FX fees: With no foreign transaction fee, this card is ideal for overseas purchases
- Flexible cash back redemptions: You can redeem cash back directly to your KOHO account with a few taps
Cons
- Annual fees: The $108 annual fee is comparable to other credit cards that offer competitive rewards and benefits
- Limited travel insurance and perks: No travel medical insurance or any substantial side perks
Eligibility requirements
Minimum credit score: 300
Minimum income: N/A
Interest rates
Purchase interest: 19.99%
Cash advance: N/A
Balance transfer: N/A
The KOHO Extra prepaid Mastercard is one of the best cash back cards in Canada with no foreign transaction fees because it combines elevated cash back rates with accessible approval requirements and straightforward foreign currency savings. Cardholders earn 1.5% cash back on categories like groceries, dining, transportation, and bills while also avoiding foreign transaction fees on purchases made abroad or in foreign currencies.
Unlike many premium travel credit cards, KOHO Extra has no minimum income requirement and is available to Canadians with a wide range of credit profiles, making it a more accessible option for students, younger Canadians, and travellers looking for a simpler alternative to traditional rewards cards. Features like international money transfers, prepaid spending controls, and no foreign transaction fees make it a practical option for Canadians who regularly spend in U.S. dollars or travel internationally.
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 80,000 points (a $800 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 $2,500* in value in the first 14 months, including up to 80,0001 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
- 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 one of the best luxury travel credit cards in Canada with no foreign transaction fees because it combines premium travel perks with comprehensive insurance coverage and elevated travel benefits for frequent travellers. Cardholders receive 10 complimentary airport lounge passes annually, extensive travel insurance coverage, premium concierge services, and no foreign transaction fees on purchases made in foreign currencies, helping reduce extra costs while travelling abroad.
The card also earns Scene+ points on all eligible purchases and offers accelerated rewards on travel bookings made through Scene+ Travel, Powered by Expedia. Premium benefits like mobile device insurance, Platinum VIP Offers, and American Express travel perks further strengthen the card’s value for Canadians looking for a more luxury-focused travel experience with strong coverage and premium service benefits.
No foreign transaction fee credit card alternatives
In addition to your typical rewards credit cards, there are also prepaid credit cards and debit cards that don’t charge foreign transaction fees. Some examples are:
- Wealthsimple prepaid Mastercard: The Wealthsimple prepaid Mastercard lets you spend funds from your Wealthsimple chequing account wherever you travel without having to pay any foreign transaction fees. Any purchases are converted into Canadian dollars using the Mastercard currency conversion rate.
- EQ Bank Card: This prepaid credit card also charges no foreign exchange fees, and can be loaded with funds from your EQ Bank Personal Account (which happens to be one of the best high-interest savings accounts in Canada).
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 you’re making payments in foreign currency, the merchant’s credit card terminal or e-commerce checkout page may offer the option to make payments in the foreign currency or in CAD. This is known as Dynamic Currency Conversion (DCC) and uses a far higher exchange rate – as much as 3 to 7% higher than the market rate.
While DCC may allow you to avoid the foreign transaction fee and credit card exchange rate markups mentioned above, you’ll often end up paying more. Plus, some cards still charge FX fees on DCC transactions, so be sure to double-check yours. In most cases, it’s better to pay in the foreign currency instead.
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 posts the transaction later, typically after 2 to 3 days. The final amount charged may be different due to fluctuations in foreign exchange rates, so you’ll be charged again while the original charge is refunded to you.
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 (let's face it – everyone spends more while on vacation), 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
Now, let’s say you’re buying something from a U.S. retailer for $50 USD. Using a no foreign transaction fee credit card to purchase in U.S. dollars when online shopping in Canada can help you avoid extra charges.
Here’s how much the same purchase would cost in CAD depending on the type of card you use – for simplicity, we’ve assumed an exchange rate of 1 USD = 1.35 CAD:
| 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 three 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: $20.50 | |||
| Game console | $500 | + $12.50 | + $0 |
| Clothing | $500 | + $12.50 | + $0 |
| Sneakers | $200 | + $5.00 | + $0 |
| Subscription service | $120 | + $3.00 | + $0 |
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.