Which Credit Cards Have No Foreign Transaction Fees?

When using a travel credit card abroad as a Canadian, you would think that you’d be well equipped for all your travel purchases.

However, the strange reality is that almost all travel-focused credit cards (and, in fact, almost all Canadian credit cards in general) come with an additional foreign exchange fee on top of the imposed exchange rate.

With the cost of everything from airfare to hotels to restaurants going up, this additional fee feels extra burdensome and can really add up over the course of a trip.

The good news is that there are some great credit cards out there that offer no foreign transaction fees as part of their perks and benefits package.

In this article, we’ll share our favourite credit card with no foreign transaction fees, and highlight a few other notable cards that we think you might like.

Canada’s Best Credit Card with No Foreign Transaction Fees

Foreign transaction fees are an additional fee charged by your credit card that’s added to purchases made while you’re abroad or any time you pay in an international currency (e.g., paying US dollars on a website purchase).

In Canada, foreign transaction fees are typically 2.5%. This is equivalent to $2.50 (all figures in CAD) for every $100 you spend.

This means that when you make a purchase overseas or in a foreign currency, the charge on your monthly statement will include not only the foreign exchange based on your bank/credit card’s rate, but it will also include the 2.5% fee.

If you travel often or find yourself making a lot of purchases in a foreign currency, it may benefit you to have a credit card in your wallet that doesn’t levy foreign transaction fees so that you can save the 2.5% each time.

Below, we’ll explore the details of our favourite credit card with no foreign transaction fees, and we’ll take a quick look at a few other notable cards that offer no foreign transaction fees as well.

Scotiabank Passport® Visa Infinite* Card

Our pick for the best Canadian credit card with no foreign transaction fees is the Scotiabank Passport® Visa Infinite* Card.

As a Visa card, the Scotiabank Passport® Visa Infinite* Card is widely accepted, making this card suitable for all types of purchases.

Not only does this card offer no foreign transaction fees, but it also allows you to earn Scene+ points – one of the best…