**This post contains affiliate links

One of the most annoying things about credit cards is the fact that most of them charge an additional fee of 2.5% when we make a purchase in a foreign currency. You’d be forgiven if you didn’t know about this since it’s not widely advertised, but the fee is rolled right into the exchange making it hard to notice. Not even all credit card providers customer service teams know about this fee which results in conflicting information.

To be clear, foreign transaction fees refer to purchases made in a foreign currency. We could be shopping online in U.S. dollars, or paying for our purchases in Euros, either way, we’re going to pay that fee. Fortunately, there are a few Canadian credit cards without foreign transaction fees that are worth applying for since it’ll save us quite a bit of money in the long run.

You may also be interested in my post about the best travel credit cards in Canada. I’ve listed out all the credit cards with the best signup bonuses to help you travel for less.

Canadian Credit Cards Without Foreign Transaction Fees

Scotiabank Passport Visa Infinite Card

  • No foreign transaction fees
  • 25,000 Scotia Rewards points ($250 value) when you spend $1,000 in the first 3 months
  • Priority Pass Standard Membership + 6 free visits per year
  • Earn 2 Scotia Rewards points per $1 spent on eligible grocery, dining, entertainment, and transit purchases
  • Earn 1 Scotia Rewards point per $1 spent on all other purchases
  • Annual bonus of 10,000 points ($100 value) if you spend minimum $40K per year
  • Included travel emergency medical, trip cancellation, and trip interruption insurance
  • Rental car collision / Loss damage insurance included
  • Hotel / Motel Burglary insurance included
  • $139 Annual fee

Finally, we have a major bank in Canada offering a travel rewards credit card with no foreign transaction fees. The Scotiabank Passport Visa Infinite Card (referral link) came as a bit of a surprise, but the timing couldn’t be better. Many Canadian travel credit cards have been either discontinued or devalued as of late, plus there’s obviously a lack of choice with it comes to credit cards with no forex fees.

The Scotiabank Passport Visa Infinite Card has a nice signup bonus, but the earn rate of points is just a touch lower than other travel rewards cards. The card does have an annual fee, but the additional benefits do make it worthwhile. Obviously, no foreign transaction fees is a major win, the 6 annual airport lounge passes are 2 more than other travel reward cards, and then there’s the travel insurance. This is a very attractive card for those who want an all in one travel rewards card with no foreign exchange fees. Read my Scotiabank Passport Visa Infinite Card review now.

Apply Now for the Scotiabank Passport Visa Infinite card

 

STACK

  • No foreign transaction fees
  • No annual fee
  • No ATM fees (ATM provider may charge a fee)
  • Discounts at a variety of merchants
  • Access to exclusive experiences
  • $25 when you sign up with my referral

STACK isn’t a credit card, it’s a prepaid Mastercard which has become one of my favourite travel cards. What makes it appealing is that it pretty much comes with no zero foreign transaction fees which includes withdrawals from foreign ATMs. That’s right, if you preload your stack with funds, you can then withdraw cash in foreign countries without paying any additional fees, although the local ATM provider may charge you a one time use fee. When you take out money, you’re basically paying whatever the Mastercard mid-market rate is at the time. To simply put it, there is no cheaper way to get the local currency when you’re abroad. As mentioned, this is a prepaid card, so you’ll need to load funds before you can use it but that should be simple enough since you can do it via E-Transfer or Visa Debit. If you sign up with my referral link, you’ll get $25 for free! This offer is $5 more than the standard referral of $20, but you must click the link via your mobile device for it to work.

Apply Now for the STACK card


Home Trust Preferred Visa

  • No foreign transaction fees
  • No annual fee
  • 1% cash back with no limits
  • Roadside assist membership
  • Visa Auto Rental Collision/Loss Damage Insurance
  • 10 transactions per day limit

With Chase pulling all their cards from the Canadian market, the Home Trust Preferred Visa (referral link) one of the few credit cards with no foreign transaction fees and no annual fee. This is the ideal card for travellers who just want a credit card with no foreign transaction fees. The 1% cash-back has no limit which is a nice bonus and the Roadside assist membership is great for those who drive. This card is not available to residents of Quebec. Read my Home Trust Preferred Visa Card review now for a deeper look at the card.

Apply Now for the Home Trust Preferred Visa


Rogers World Elite Mastercard

  • No annual fee
  • Earn 2% cash back on Rogers products and services
  • Earn 1.75% cash back on all other purchases made in Canadian dollars
  • Earn 4% cash-back on purchases made in foreign currencies
  • Comprehensive travel insurance package for 10 days (3 days for those aged 65+)
  • Purchase Protection and Extended Warranty
  • Personal income requirement of $80,000 or a household income of $150,000 to qualify

Some people may be turned off since this is a Rogers branded card, but when you look at the details, it’s a pretty impressive card. Although you’re technically paying the foreign transaction fee of 2.5%, you get 4% cash-back on purchases made in foreign currencies so you end up ahead by 1.5%. You’ll also get 2% cash-back on Rogers products and services, as well as 1.75% cash back on all other purchases made in Canadian dollars. That’s pretty impressive for a no fee card which is why it’s also one of the best cash back cards in Canada. Read my review of the Rogers World Elite Mastercard for my full thoughts on the card.

Your cash-back can only be applied to your Rogers bill, the Shopping Channel, purchases at Rogers branded stores and other Rogers-owned products e.g. Blue Jays tickets. That being said, you’re allowed to contact Rogers Bank in December every year to request a statement credit which will be applied to your account in January.

Rogers Platinum Mastercard

  • No annual fee
  • Earn 2% cash back on Rogers products and services
  • Earn 1.25% cash back on all other purchases made in Canadian dollars
  • Earn 3% cash back on purchases made in foreign currencies

The Rogers Platinum Mastercard (referral link) has fewer perks compared to the Rogers World Elite Mastercard, but it has a lower income requirement which will make it easier for many people to qualify. With this card, you get 3% cash back on all purchases made in a foreign currency, 2% unlimited cash back rewards on Rogers products and services, 1.25% unlimited cash back rewards on all other eligible purchases which isn’t bad at all. You can read my full review of the Rogers Platinum Mastercard here.

Fido Mastercard

  • No annual fee
  • Earn 2% cash back on Rogers products and services
  • Earn 1.25% cash back on all other purchases made in Canadian dollars
  • Earn 3% cash back on purchases made in foreign currencies

There used to be some minor differences between the Fido Mastercard and the Rogers Platinum Mastercard, but with the recent changes, they both offer the exact same benefits. They’re literally the same card with the exception of a different name. It makes no difference which card you apply for, but since the Rogers World Elite Mastercard offers the most benefits of the three Rogers cards, you’re better off applying for that card.

HSBC Premier World Elite Mastercard

  • $149 annual fee (HSBC Premier clients receive a $50 annual fee)
  • No foreign transaction fees
  • 20,000 welcome bonus points
  • 10,000 additional points when you spend $1,000 in the first 90 days of membership
  • $100 annual travel enhancement credit
  • 3% in travel rewards on all eligible travel purchases, 1.5% on all other eligible purchases
  • 31-day travel insurance coverage
  • Mastercard Airport Experiences Provided by LoungeKey (fee per visit still applies)
  • 10% discount on select hotel bookings on your card with Expedia and Agoda
  • Unlimited Wi-Fi through Boingo at over 1 million hotspots worldwide

The HSBC Premier World Elite Mastercard is now available to people who have an annual income of $80K or a household income of $150K. This is a huge change as the card used to only be available to HSBC premier clients.

What you’ll notice is that of all the cards with no foreign exchange fees, the HSBC Premier World Elite Mastercard offers the most benefits. The signup bonus is worth $150 and can be redeemed on any type of travel booked using your credit card. The 3% in travel rewards is one of the highest rates of return for travel when compared to credit cards that have a similar annual fee. I love how the travel insurance covers you for 31 days when most cards cap at 15 days. Plus, who doesn’t like a discount on select hotel books through Expedia? Read my HSBC Premier World Elite Mastercard review now.

Best Credit Cards Canada