Canadians love journey and buying, however when utilizing their bank cards exterior of Canada, many pay international transaction charges—as a lot as 2.5%—on each buy. The excellent news is there’s a wide selection of bank cards for Canadians that both provide no international transaction charges or reward with greater than sufficient money again to cowl the charges. Should you’re a frequent traveller or on-line shopper, you may save some huge cash by bringing a no international transaction price card alongside in your subsequent journey.
| Bank card | Particulars |
|---|---|
| Dwelling Belief Most popular Visa* | • No annual price • 1% money again on all Canadian purchases |
| Scotiabank Passport Visa Infinite* | • $150 (waived the primary yr) • 2 Scotia Rewards factors per $1 on journey, groceries, eating places and leisure • 1 level per $1 on all different eligible purchases |
| Scotiabank Gold American Specific* | • $120 (waived the primary yr) • 5 factors per $1 on eating, groceries and entertainment-related purchases • 3 factors on fuel, day by day transit and choose streaming companies • 1 level on every little thing else (together with all international purchases) |
| Meridian Visa Infinite Journey Rewards | • $99 annual price (waived the primary yr) • 3 factors per $1 on international foreign money purchases • 1.5 factors on on a regular basis purchases |
| Rogers World Elite Mastercard | • No annual price • 3% money again on U.S. foreign money purchases • 1.5% on all different purchases |
| Brim World Elite Mastercard | • $199 (waived within the first yr) • 2 factors per $1 spent (as much as $25,000 annual spend) |
| EQ Financial institution Card (honourable point out) | • No annual price • 0.5% money again on all of your spending • Good different to utilizing a no FX bank card |
Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial crew of skilled journalists works intently with main private finance consultants in Canada. That will help you discover the most effective monetary merchandise, we evaluate the choices from over 12 main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
At a look: This can be a simple no-forex-fee card with few perks however a good normal money again earn price and no annual price.
- Annual price: $0
- Earn price: 1% money again on all Canadian purchases
- Welcome provide: None
- Annual earnings requirement: $15,000
At a look: As the primary card from certainly one of Canada’s large banks to waive its international transaction charges, the Scotiabank Passport Visa Infinite affords robust rewards, an easy-to-understand and versatile rewards system, and severely spectacular airport lounge advantages.
- Annual price: $150 (waived for the primary yr)
- Earn charges: 2 Scotia Rewards factors per $1 spent on journey, groceries, eating places and leisure; 1 level per $1 on all different eligible purchases
- Welcome provide: earn as much as $1,100+ in worth within the first 12 months, together with as much as 35,000 bonus Scene+ factors. Supply ends 31 October 2023.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
- The Scotiabank Passport Visa Infinite is the one no-forex-fee card in Canada to additionally provide airport lounge entry. With this card, you’ll obtain a complimentary Precedence Move membership with six free airport lounge visits per yr; that’s probably the most lounge passes accessible on a card with an annual price under $200.
- Scotia’s Scene+ factors are extraordinarily versatile. You may redeem factors utilizing Scotia’s journey company or apply factors on any journey buy from just about any airline or lodge supplier as much as 12 months later.
- Redemptions for journey purchases are intuitive and as straightforward as money again in your pockets. There aren’t any sophisticated journey charts or maps, and also you’ll get the identical worth wherever you fly. However, you’ll need to redeem a minimal of 5,000 factors (equal to $50 in financial savings) at a time.
- Scotia’s journey redemptions are extraordinarily broad. Factors might be redeemed for all kinds of services, even in opposition to purchases with Uber, UberEats and Airbnb.
- The Scotiabank Passport Visa Infinite rewards high-volume spenders. Yearly that you just cost $40,000 or extra, you’ll earn a further 10,000 bonus factors ($100 worth towards journey).
- This card affords a full vary of journey insurance coverage advantages together with journey emergency medical insurance coverage, journey cancellation/journey interruption insurance coverage and extra.
At a look: The Scotiabank Gold American Specific has a powerful on a regular basis earn price, particularly on meals and transit. Mixed with its lack of international transaction charges, this card isn’t just top-of-the-line no-forex-fee playing cards however top-of-the-line total rewards playing cards in Canada.
- Annual price: $120 (waived for the primary yr)
- Earn charges: 5 factors per $1 spent on eating, groceries and entertainment-related purchases in Canada; 3 factors per $1 on fuel, day by day transit (together with buses, rideshare companies and taxis) and choose streaming companies in Canada; 1 level per $1 on every little thing else (together with all international purchases)
- Welcome provide: earn as much as $650 in worth within the first 12 months, together with as much as 40,000 bonus Scene+ factors. Should apply by October 31, 2023.
- Annual earnings requirement: $12,000
- This bank card’s earn price is severely spectacular, with an excellent five-times the factors on groceries and eating.
- Scene+ factors are versatile, straightforward to make use of and good for as much as 12 months after you make a journey buy, which suggests you’ll be able to e-book once you need and reap the rewards later.
- Redeem for journey in straightforward increments of 1,000 factors (valued at $10). There aren’t any sophisticated guidelines or exceptions to handle, and you’re going to get the identical worth regardless of the place you go.
- Scotia’s definition of journey is extraordinarily broad so you’ll be able to redeem for purchases even at Uber, UberEats and Airbnb.
- The Scotiabank Gold American Specific affords a full vary of journey insurance coverage advantages together with journey emergency medical protection, journey cancellation/journey interruption insurance coverage and extra.
- This card comes with Amex Expertise perks. Amex grants early entry to presale tickets to a variety of occasions (together with concert events and sports activities occasions), whereas Amex Affords get you extra reductions and financial savings on a rotating roster of shops.
- The cardboard’s minimal earnings requirement is $12,000, making it accessible to most Canadians.
Meridian Visa Infinite Journey Reward
At a look: This can be a aggressive mid-tier bank card with a below-average annual price, providing spectacular journey insurance coverage and bonus factors on non-Canadian purchases which is able to show you how to save on international transaction charges.
- Annual price: $99 (waived for the primary yr)
- Earn charges: 3 factors per $1 on purchases in a international foreign money; 1.5 factors per $1 in your on a regular basis purchases
- Welcome provide: Earn 6 factors per $2 spent on purchases made exterior Canada in foreign exchange, and three factors per $2 on all different purchases.
- Annual earnings requirement: Private earnings of $60,000 or family earnings of $100,000
Rogers World Elite Mastercard
At a look: With a lot larger earn charges than most no-fee playing cards, the Rogers World Elite Mastercard truly nets you money again on purchases in U.S. {dollars}. Nevertheless, demanding private earnings ranges and spending necessities make this card inaccessible to some.
- Annual price: None
- Earn charges: 3% money again on purchases made in U.S. foreign money; 1.5% on all different purchases
- Welcome provide: Earn $25 money again once you make your first buy inside 3 months of getting the cardboard
- Annual earnings requirement: Private earnings of $80,000 or family earnings of $150,000
Brim World Elite Mastercard
At a look: Good rewards with no restrict to what you’ll be able to earn, intensive insurance coverage protection, strong perks, and no international trade charges make this a card to think about.
- Annual price: $199 (waived within the first yr)
- Earn price: 2 factors per $1 spent (as much as $25,000 annual spend; 1 level per $1 spent afterwards)
- Welcome provide: This card doesn’t at present have a welcome provide.
- Annual earnings requirement: Private earnings of $80,000 private or family earnings of $150,000
Honourable point out: EQ Financial institution Card
At a look: OK, OK, this isn’t a bank card, however a pay as you go debit card. Nonetheless, the EQ Financial institution Card may help you keep away from pricey charges once you’re withdrawing or spending cash in a international foreign money by waiving all international trade charges charged by EQ (transactions are nonetheless topic to Mastercard’s foreign money conversion price). This can be a nice back-up card for these purchases the place bank cards aren’t accepted.
- Earn price: 0.5% money again on all of your spending
- Welcome provide: This card doesn’t at present have a welcome provide.
- Annual earnings requirement: None
Our methodology: How we decide the most effective playing cards
The MoneySense editorial crew selects the most effective bank cards by assessing the worth they supply to Canadians throughout varied classes. Our greatest no international transaction price bank cards rating relies on an intensive record of card particulars and options—with a give attention to people who matter to worldwide travellers and consumers—together with international transaction charges, annual charges, rates of interest, welcome affords, rewards earn charges and redemption choices, annual earnings necessities, and perks similar to insurance coverage protection and buy safety. We have now additionally thought of the professionals and cons of every card that can assist you decide which of them greatest fit your monetary wants. Our rankings are an unbiased supply of data for Canadians. The addition of hyperlinks from affiliate companions has no bearing on the outcomes. Learn extra about how MoneySense makes cash.
What’s the conversion price on my bank card?
A bank card conversion price is a surcharge you pay for purchases in a international foreign money. These charges are set by your bank card community similar to American Specific, Visa and Mastercard. These charges are normally fairly near market charges, however they’re usually higher than what you’d get at a foreign money trade. You could find the conversion price to your card in your bank card settlement.
Do you have to pay utilizing native foreign money or transformed foreign money?
Generally, you’ll be given the choice to pay in a neighborhood foreign money or have the value transformed to your house foreign money. Typically, it’s in your monetary curiosity to purchase within the native foreign money, as a result of changing to a different foreign money can incur charges which might be tacked onto the acquisition worth. That is true whether or not or not you’re utilizing a card that expenses transaction charges, so in both case, you’ll be saving cash by preserving the foreign money native.
What if utilizing my no international transaction price bank card isn’t an possibility whereas I’m overseas?
Utilizing a no international transaction price bank card is nice–till you wish to make a purchase order from a enterprise that doesn’t settle for bank cards. It’s at all times good to hold some money on you only for these events, however withdrawing cash from an ATM may include pricey charges. One good answer is to make use of a debit card that doesn’t cost international transaction charges, just like the EQ Financial institution Card. Word that whereas your card may waive the charges, the ATM in all probability received’t. Additionally bear in mind that utilizing a bank card to withdraw money from an ATM incurs the very best charges of all and needs to be averted apart from emergencies.
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