The 7 Best No Foreign Transaction Fee Credit Cards in Canada for 2023

You may not realize it, but most credit cards in Canada come with foreign transaction fees when you buy stuff abroad and online. So every time you make a transaction in a foreign currency, you are charged a 2.5% to 3% fee in addition to the exchange rate. Fortunately, no foreign transaction fee credit cards exist! Check out our list below to save money on your next trip. This list is part of our analysis of the best credit cards in Canada, from travel to premium or easy to get credit cards. If you cannot find the right card for you among our lists, use our credit card comparison tool.

1. Rogers World Elite Mastercard – Best for Cash Back on USD Purchases

The Rogers World Elite Mastercard is a no-annual-fee credit card with a high cashback rate for all your pruchases in U.S. dollars. Eligibility requirements are high. You must have a minimum personal income of $80,000 per year or a household income of $150,000. This card also offers a welcome bonus of $25 in cashback. To get this bonus, make your first purchase within three months of receiving your card.

Specifically, you’ll earn 1.5% cashback on all your purchases, no matter which currency, and a 3% cashback on all eligible purchases in U.S. dollars, which will soon wipe out most fees associated with currency conversion!

The Rogers World Elite Mastercard offers an attractive range of insurance benefits, including collision and damage insurance for car rentals and an extended warranty and purchase protection which could come in handy in the event of a glitch with your mobile device. When you’re outside Canada or simply out-of-province, the Rogers World Elite Mastercard covers you for emergency medical care, trip interruption and trip cancellation. You’ll also receive a free Mastercard Travel Pass, giving you access to 1,300 airport lounges worldwide at a cost of $32 USD per visit.

2. EQ Bank Card – Best No Fee Card

The EQ Bank Card offers a range of benefits to its users. First, do not worry about the fact that EQ doesn’t have its own ATM machines, because it provides free ATM access within Canada. EQ Bank even covers any surcharges or out-of-network fees imposed by ATM providers in Canada. Second, for every purchase made using the EQ Bank Card, users receive 0.5% cash back, which is deposited onto the card monthly.

Moreover, the EQ Bank Card offers the advantage of earning a competitive interest rate of 2.5% to 3% on every dollar into your account. The card is also free from various fees, such as transaction fees, foreign transaction fees, monthly fees, and inactivity fees. When making purchases in foreign currencies, you only pay the Mastercard currency conversion rate at the time of the transaction, avoiding the typical 2.5-3% surcharge imposed by most credit cards.

3. Scotiabank Gold American Express – Best for Lounge Access

The American Express Gold Scotiabank no foreign transaction fee credit card is the most attractive on our list when it comes to earning rewards points. You earn 6 Scene points for every dollar you spend at participating grocery stores like Sobeys, Safeway, FreshCo, Foodland, and more. Then, you get 5 points at other eligible grocery stores, restaurants and fast food outlets, as well as for ready-to-eat meal service and meal delivery subscriptions. You also earn 5 points for every dollar spent on entertainment products, such as movie or theatre tickets.

Otherwise, you also get 3 points for every dollar you spend on gas or public transportation, including cabs and Uber, as well as on certain streaming services, such as Netflix. Finally, you also earn 1 point for every dollar on all your other purchases. The Scotiabank Gold American Express credit card offers the opportunity to quickly earn points on your everyday purchases.

The card gives you access to several American Express services, including the Amex Preferred program. This program gives you access to exclusive pre-sales for concerts and other events, and seats reserved for American Express customers. Travellers also receive a discount on the Priority Pass program, which gives them access to more than 1,200 airport lounges worldwide.

4. KOHO Prepaid Mastercard – Best for Combining Spending and Savings Accounts

Unlike the other cards on this list, the KOHO Mastercard is a prepaid card. That means you can only spend the money you put on it, which is especially good for people who have trouble managing their credit. However, it offers many of the benefits of a regular credit card. In order to avoid paying FX fees, you must subscribe to the Extra or to the Everything plan.

The best part is the cash back system. When you subscribe to the Extra or Everything plan, you earn 2% cash back on groceries, transportation, eating and drinking (including take-out and delivery). The program also offers discounts of up to 6% at select partners, including Booking.com. And for all your other purchases, you earn 0.5% off. So it’s a great choice for getting money back on your spending.

In addition to having no foreign currency conversion fees, the card gives you one free withdrawal outside of Canada per month. Another great feature of this card is the access to an in-house financial coach to answer your questions, about your budget, for example.

5. Home Trust Preferred Visa – Best for Hotel Reservations

Annual Fee: None

Interest Rate: 21.99% on purchases and cash advances

Cash Back: 1%

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The Home Trust Preferred Visa card is an interesting travel credit card. First, you pay no exchange fees on foreign transactions whether you shop in person or online. You can also request a guaranteed hotel reservation anywhere in the world, which is rare for a card with no annuel fee. Your room will be held for you even if you arrive late! The Visa Preferred Home Trust card also offers 1% cash back on all eligible purchases and there is no cap on your spending. The total amount earned every year will be automatically applied as a statement credit in January.

6. Mastercard Brim- Best for Access to Boingo Wi-Fi

Annuel Fee: None

Interest Rate: 19.99% on purchases and balance transfers, 21.99% on cash advances

Reward rate: 1 Brim Reward Point per $1 in purchases

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The Brim Mastercard credit card is perfect for those who want an affordable and convenient card. It has no annual fee and every dollar you spend gives you one Brim Reward Point. Brim doesn’t work with purchase categories, but rather with an interactive online marketplace where users can take advantage of exclusive offers from partners and the ability to multiply their points based on their shopping habits.

The first time you use the service, you get 200 points as a welcome gift. In addition to waiving currency conversion fees, the Mastercard Brim also offers travellers free access to one million Wi-Fi points with Boingo. It also comes with an online app to manage your spending.

7. Loop Mastercard – Best for Small Businesses

Fees: $0-$199/month depending on your subscription plan

Interest Rate: 24.99% on purchases, cash advances and balance transfers

Rewards: 1 Loop point per $1 spent

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Loop offers modern era banking for businesses. The multi-currency Loop credit card allows you to spend in CAD, USD, EUR and GBP without incurring foreign transaction fees on your purchases. Your business can get up to 20 virtual cards and 2 physical cards on the basic (free) plan. You will also earn 1 Loop point on all card spend, that you will be able to redeem for gift cards.

You are allowed to settle any balance you owe in the currency of your choice. This way, you can avoid any unwanted currency conversions. For instance, if you have a CAD account, you can still make purchases in foreign currencies. It’s only at the end of your billing period that you can decide to convert money into the currencies you owe. In this case, Loop offers global foreign exchange conversion with a 0.5% mark-up.