Canadians love travel and shopping, but when using their credit cards outside of Canada, many pay foreign transaction (forex) fees—as much as 2.5%—on every purchase. That’s on top of the exchange rate. The credit cards you’ll find here either come with no foreign transaction fee or reward foreign-currency purchases enough to cover it.
Best no forex credit cards in Canada
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Gold: Best no forex credit card
Scotiabank Gold American Express Card
Earn up to 6 Scene+ points per $1 spent and access incredible travel perks, including no foreign transaction fee.
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Interest Rates:
20.99% purchase, 22.99% cash advance, 22.99% balance transfer
Welcome offer:
$450 value
Earn up to $$780 in value in the first 12 months, including up to 40,000 bonus Scene+ points. To qualify, apply by July 1, 2025
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Silver: Best no forex credit card
Home Trust Preferred Visa
The only no-annual-fee credit card in Canada to waive its forex fee on all foreign purchases. Earn 1% cash back on all Canadian purchases.
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Interest Rates:
21.99% purchase, 21.99% cash advance, N/A balance transfer
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Bronze: Best no forex credit card
Scotiabank Passport™ Visa Infinite Card
Save on the forex fee when spending in foreign currencies. Plus, get 6 airport lounge passes annually.
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Interest Rates:
20.99% purchase, 22.99% cash advance, 22.99% balance transfer
Welcome offer:
$250 value
Earn up to $1,100 in value in the first 12 months, including up to 40,000 bonus Scene+ points. To qualify, apply by July 1, 2025.
Best no forex cards overview
Scroll through the table to see all card details.
| Why we love it | Annual fee | Forex fee (typically 2.5%) | Rewards | Recommended income | Recommended credit score | Apply now (featured cards only) |
|
|---|---|---|---|---|---|---|---|
| Scotiabank Gold American Express
|
Impressive everyday rewards, full range of travel insurance benefits, and more | $120 | Waived for all foreign currencies | Up to 6 Scene+ points per $1 spent | $12,000 per year | 725 or higher | Apply now |
| Home Trust Preferred Visa
|
The only no fee credit card in Canada to waive forex fees on all currencies | $0 | Waived for all foreign currencies | 1% cash back on all Canadian purchases | None specified | 660 or higher | Apply now |
| Scotiabank Passport Visa Infinite
|
No forex fee and also gain airport lounge access | $150 | Waived for all foreign currencies | Up to 2 Scene+ points per $1 spent | $60,000 per year | 725 or higher | Apply now |
| Rogers Red World Elite Mastercard
|
3% cash back on U.S. currency purchases—enough to cover forex fees | $0 | Offset by rewards (on U.S. dollar purchases only) | 1.5% cash back on all Canadian purchases
3% on U.S. dollar purchases |
$80,000 per year | 725 or higher | Apply now |
| Meridian Visa Infinite Travel Rewards
|
Roughly 0.5% back on foreign currency purchases (after forex fees) and impressive travel insurance benefits | $99 | Offset by rewards (on all foreign-currency purchases) | 1.5 points per $1 spent on Canadian purchases
3 points per $1 spent on foreign purchases |
$60,000 per year | 725 or higher | Apply now |
MoneySense award winners
Dive into the pros and cons of our gold, silver and bronze-winning credit card picks. We’ve also included card options that offset their forex fee with rewards on foreign-currency transactions, plus a few bank cards that come with the same perk.
Gold: Scotiabank Gold American Express
At a glance: With an impressive earn rate, especially on groceries and dining, plus a comprehensive insurance coverage package, the Scotiabank Gold American Express is not only the best no foreign transaction fee card, but also one of the best overall travel credit cards in Canada.
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Scotiabank Gold American Express
Annual fee: $120
Welcome offer: Earn up to $780 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Offer ends July 1, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $12,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including Airbnbs). |
Silver: Home Trust Preferred Visa
At a glance: Don’t think no forex fee is worth paying an annual fee? As the only no-annual-fee card to come with this perk, the Home Trust Preferred Visa is a good option. It waives the forex fee on purchases in all foreign currencies, not just U.S. dollars.
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Home Trust Preferred Visa
Annual fee: $0
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | 21.99% on purchases, 21.99% on cash advances |
| Income required | None specified |
| Credit score | 660 or higher |
Bronze: Scotiabank Passport Visa Infinite
At a glance: Our number three pick was the first card from a Canadian Big Six bank to waive its foreign transaction fee. Today, the Scotiabank Passport Visa Infinite continues to offer strong rewards, an easy-to-understand and flexible rewards program, and seriously impressive airport lounge benefits.
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Scotiabank Passport Visa Infinite
Annual fee: $150
Welcome offer: Earn up to $1,100 in value in the first 12 months, including up to 40,000 bonus Scene+ points. Offer ends July 1, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 per year or household income of $100,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including Airbnbs). |
Best credit cards for offsetting forex fees with rewards on foreign purchases
Some credit cards in Canada that charge a foreign transaction fee may still be worth considering for foreign currency purchases. The two cards below offer rewards that offset their forex fee, leaving you with a little extra in the process.
Rogers Red World Elite Mastercard
At a glance: With much higher earn rates than most no-fee credit cards, the Rogers Red World Elite Mastercard charges a 2.5% foreign transaction fee—but it also nets you 3% cash back on purchases in U.S. dollars, so you end up with an extra 1% in rewards.
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Rogers Red World Elite Mastercard
Annual fee: $0
Welcome offer: None at this time.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $80,000 per year |
| Credit score | 725 or higher |
Meridian Visa Infinite Travel Rewards
At a glance: This is a competitive mid-tier credit card with a below-average annual fee, offering better-than-average travel insurance and 3% in rewards on foreign-currency purchases, which effectively offsets the 2.5% foreign transaction fee.
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Meridian Visa Infinite Travel Rewards
Annual fee: $99
Welcome offer: Earn 7,000 bonus rewards points and pay no annual fee for the first year, including on additional cards. Must apply by December 31, 2024.
Card details
| Interest rates | 19.5% on purchases, 21.99% on cash advances |
| Income required | $60,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Meridian point = $0.01 when redeemed for travel. |
Best no forex fee bank card alternatives
It’s not only Canadian credit cards that can help you save on forex fees. The bank card alternatives below come with the same perk, meaning you can accomplish the same goal without putting purchases on credit.
EQ Bank card
At a glance: The EQ Bank Card can help you avoid costly fees when you’re withdrawing or spending money in a foreign currency by waiving all foreign exchange fees charged by EQ (transactions are still subject to Mastercard’s currency conversion rate). This is a great back-up card for those purchases where the credit card in your wallet isn’t accepted.
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EQ Personal Account
Annual fee: $0
0.5% cash back on all purchases
Pay no forex fees on purchases
Earn 2.5%-4% interest on your cash deposits
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | None (this is a prepaid card) |
| Income required | None |
| Credit score | None |
Wealthsimple Cash card
At a glance: The Wealthsimple Cash account doesn’t charge service fees—or exchange fees on purchases made in foreign currencies. Plus, at a minimum of 3.5% interest for Core clients (Premium and Generation clients earn more), the interest rates make this a solution to consider. Plus, you earn rewards on your spending.
Wealthsimple Cash
Annual fee: $0
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | None (this is a prepaid card) |
| Income required | None |
| Credit score | None |
Frequently asked questions
How are credit card foreign transactions processed?
Using your credit card to pay in a foreign currency often ends up being costlier than you think. Here’s why:
Foreign currency conversion. The transaction amount is converted from the local currency to Canadian dollars by the credit card network, using a credit card conversion rate that’s slightly higher than market rates. You can check the Mastercard currency exchange rate and Visa foreign exchange rate online. Amex foreign exchange rates vary by card and country of issue, so check your credit card agreement.
Foreign transaction fee. This fee is charged by the credit card issuer and typically ranges around 2.5% of each foreign currency transaction. The fee is applied to every purchase made in a currency that’s not Canadian dollars—even when you shop online. This is the fee you’ll eliminate by using a no forex fee card.
Dynamic currency conversion. Sometimes, you’ll be given the option to pay in a local currency or have the price converted to your home currency at the point of sale. This is known as dynamic currency conversion (DCC), and it eliminates both the foreign currency conversion and foreign transaction fee. This makes you think you’re saving money, but DCC typically uses an exchange rate with a significant markup (around 3% to 5%) so each transaction becomes even more expensive.
How to avoid credit card foreign transaction fees
1. Always pay in the local currency
As explained above, dynamic currency conversion almost always costs more. Whenever you’re asked if you’d like to pay using the local currency or your home currency, always choose the local currency.
2. Use a no forex fee credit card
Whether you travel overseas frequently or simply enjoy shopping online from international stores, foreign transaction fees can quickly add up. To illustrate how much you can save while travelling by using a credit card with no overseas fee, imagine spending €1,000 during a trip to Europe:
| Regular credit card (CIBC Dividend Visa Infinite) |
No FX fee credit card (Scotiabank Passport Visa Infinite) |
|
|---|---|---|
| Amount spent (EUR) | €1,000 | €1,000 |
| Amount in CAD (Visa exchange rate) | $1,509.32 | $1,509.32 |
| Foreign transaction fee (2.5%) | $37.73 | $0 |
| Total charged | $1,547.05 | $1,509.32 |
| Rewards value | 1% cash back ($15.09 value) | 1509 Scene+ points ($15.09 value) |
In addition to saving on foreign exchange fees, a no forex fee credit card may also earn you more rewards. If you use the Scotiabank Passport Visa Infinite featured in this example, any spending on groceries, dining, entertainment, and transit will earn 2X the points — even overseas.
3. Don’t withdraw cash using your credit card
Using a no foreign transaction fee credit card is great—until you’re overseas and purchasing from a business that doesn’t accept credit cards. If you aren’t carrying cash in the local currency, withdrawing cash from an ATM using your credit card will incur hefty fees: in addition to the foreign transaction fee and ATM fee charged by the overseas ATM, you’ll immediately incur cash advance interest charges.
One solution is to use a debit card that doesn’t charge foreign transaction fees, like the EQ Bank Card. This way, you’ll get cash based on the bank’s exchange rate and pay only the overseas ATM fee.
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