Credit cards with no foreign transaction fees Canada: Many Canadians are in for a nasty surprise after traveling abroad. The bad news is that most Canadian credit card companies add a 2.5%-3% foreign transaction fee to every purchase made by cardholders outside the country. The good news is that select credit cards in Canada waive the offset or fee so you may not be charged anything.
Unlike the US, where credit card issuers increasingly waive foreign transaction fees entirely, FX fees typically represent a much larger portion of Canadian credit card companies’ revenue streams than they shy away from. The fact is that Canadians travel outside Canada more frequently than Americans who travel outside the US, so it is easier for a US issuer to waive FX fees than a Canadian issuer. For a quick comparison: 30% of Americans have passports compared to 70% of Canadians.
The brim is a Canadian fintech company that offers two MasterCards with different benefits and annual fees: the Brim MasterCard ($0 annual fee) and the Brim World Elite MasterCard ($199 annual fee). Although they have different earning rates and benefits, both cards charge no foreign transaction fees.
We believe the Brim Mastercard is the best credit card with no foreign transaction fees, reasonable earning rates (1% back in Brim Rewards on everything), and some insurance benefits, including extended warranty and mobile device insurance. $500). Brim also offers additional rewards at select retailers and includes free Global Bingo Wi-Fi access.
Scotiabank Gold American Express Card
If you want your card to earn you lots of rewards without annual foreign transaction fees, look no further than the Scotiabank Gold American Express Card. This card earns 5% cashback on all grocery, restaurant, food delivery, and entertainment purchases. It makes an impressive 3% back on all gas, transit and streaming service purchases All other purchases still earn a respectable 1% back. The only complaint about this card is that it’s an American Express: it usually works in Canada and the US Well accepted in the US (with some exceptions), but if you travel internationally often, it may not be accepted as opposed to Visa or MasterCard.
Scotia Passport Visa Infinite Card
If you’re a serious traveler who spends a lot in foreign currencies – the Scotiabank Passport Visa Infinite Card is the travel card you’re looking for. Not only does it include foreign transaction fees – but it also includes comprehensive travel insurance, 6 free airport lounge passes, and a direct rewards program.
We chose it as our best overall card (above the Scotiabank Gold American Express Card) because, while it has a low reward earning rate, it’s a Visa card, so it’s accepted virtually anywhere credit cards are accepted (except Costco!) American Express. However, getting both cards can make a good combination if you valuable rewards. You can use the Scotia Passport Visa Infinite for locations that don’t accept Amex and use the ScotiaGold American Express Card everywhere for up to 6 lounge passes – and even better rewards! They both use the same rewards system so redeeming points is very easy.
$5 in any country outside of Canada, the US, or Mexico. There is no service charge at TD Bank, or AMCB ATMs There is no service fee if you have TD All-Inclusive Banking Plan or TD Wealth Personal Banking Account.
While most Canadian credit cards include foreign transaction fees, there are many credit card options that waive these fees as one of their perks/benefits.
The best credit cards with no foreign transaction fees: Best for cash back: Alliant Cashback Visa® Signature Credit Card. Best for dining out and restaurants: Capital One Savor Cash Rewards Credit Card. Best for luxury travel: Chase Sapphire Reserve®
The easiest way to avoid foreign transaction fees is to use a debit or credit card that waives foreign transaction fees when you travel abroad.
Scotiabank is the best option if you do most of your traveling to one of the 40 countries that have Global Alliance ATMs. The nice thing about Alliance is that you don’t pay any fees from your home bank (in this case, Scotia), or local bank fees. It’s free! Scotiabank has two basic options and I’ve accounted for both.
The average exchange fee in Canada is about 1.5 percent of the transaction value, with fees typically falling between one and 2.5 percent. These chargesThe makeup of loans can be complex, but they usually end up with the issuing bank Credit card networks receiving a very low proportion of transactions.
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