The best no foreign transaction fee credit cards in Canada for 2025

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The MoneySense editorial team selects the best credit cards by assessing the value they provide to Canadians across various categories. Our best no foreign transaction fee credit cards ranking is based on an extensive list of card details and features—with a focus on those that matter to international travellers and shoppers—including foreign transaction fees, annual fees, interest rates, welcome offers, rewards earn rates and redemption options, annual income requirements, and perks such as insurance coverage and purchase protection. We have also considered the pros and cons of each card to help you determine which ones best suit your financial needs. Our rankings are an unbiased source of information for Canadians. The addition of links from affiliate partners has no bearing on the results. Read more about how MoneySense makes money.

Pros

• Strong rewards on everyday spending: Earn up to 6 points on groceries and 5 points for every $1 spent on dining, food delivery, and entertainment—among the best reward rates for these categories. You’ll also earn 3 points per $1 on gas and transit purchases.
• Redemption window: Through the apply points to travel option, you can redeem your points retroactively for up to 12 months after you make a travel purchase.
• Comprehensive insurance benefits: The card offers robust travel insurance coverage, including $1 million in medical travel insurance, which is valid for up to 25 days.
• Eligibility requirements: You will likely need an income of $12,000 per year to qualify, making it accessible to most Canadians.

Cons

• No free lounge access passes: While the card offers a discount on Priority Pass memberships for airport lounge access, it doesn’t include free visits.
• Fewer points on foreign purchases: Purchases in a foreign currency only earn at the base rate of 1 point per $1 spent.

Pros

• No annual fee card: This is the only no foreign transaction fee credit card in Canada that doesn’t charge an annual fee.
• Flat earn rate: Earn 1% cash back on everything you buy in Canadian dollars with no limits on how much you can earn.

Cons

• No cash back on foreign purchases: You won’t earn rewards on purchases made in a foreign currency. However, the 2.5% saved on forex fees might be worth more than the rewards offered by another card. 
• Redemption schedule: Cash back is only redeemed in January (as opposed to on-demand).

Pros

• Airport lounge access: The Scotiabank Passport Visa Infinite is the only no forex fee card in Canada to also offer airport lounge access. You’ll get a complimentary Priority Pass membership with six free airport lounge visits per year; that’s the most lounge passes available on a card with an annual fee below $200.
• Straightforward rewards program: Redeeming Scene+ points for travel rewards is intuitive and as easy as cash back in your wallet. There are no complicated travel charts or maps (1,000 points is always worth $10 in travel savings wherever you travel).
• Annual bonus for high-volume spenders: Every year that you charge $40,000 or more to the card, you’ll earn an additional 10,000 bonus points ($100 value toward travel).

Cons

• Relatively high annual fee: While the Scotiabank Passport offers considerable perks, its annual fee is $150, which is among the highest on this list.
• Relatively low earn rates: Perks aside, the card’s rewards on everyday purchases in Canada—1 or 2 points per $1 on most purchases—isn’t all that impressive for a premium annual-fee card.

Pros

• Offset forex fees on U.S. purchases: Earn 3% cash back on all purchases made in U.S. dollars, both in-person and online, which is enough to offset the 2.5% foreign transaction fee. So, this is an ideal card for snowbirds or anyone who regularly travels to the United States.
• Widely accepted: You can use this card at most stores in Canada, including all the major grocers and even at Costco, which doesn’t accept Visa or Amex. 
• Flexible redemptions: Cash out as soon as you have $10 in rewards. Many cards issue cash back through statement credits once per year. 
• No annual fee: Most comparable cards charge an annual fee of $120, which offsets the rewards you earn in a typical year. 

Cons

• Still charges forex fees: Unlike “true” no foreign transaction fee credit cards, this one can only help you avoid the fees on purchases made in U.S. dollars.
• High income requirement: You’ll need an income of at least $80,000 per year (or $150,000 per household) to qualify for the card—the highest income requirement on our ranking of best no foreign transaction fee credit cards.

Pros

• Offset foreign transaction fee: The 3 points per $1 earn rate on foreign purchases means you’ll net roughly 0.5% back on anything in a non-Canadian currency (after offsetting foreign transaction fees).
• Strong base earn rate: 1.5% on Canadian purchases is  an above-average return, regardless of the category.
• Travel insurance benefits: This card includes up to $5,000,000 in emergency travel coverage for up to 48 days. And while many credit card travel insurance benefits only apply to those 65 and older, the emergency travel insurance coverage on this card applies to those up to 75 years old.

Cons

• No bonus categories: Those who tend to spend a lot in common categories like groceries, gas or recurring bills may benefit from having a different card with accelerated earn rates for these categories.

Pros

• As a pre-paid Mastercard, you essentially pay with the money you already put on the card. So this card is ideal for those Canadians who want to avoid using credit and better manage debt.
• This card can be used like a credit card, including to take out cash from a foreign ATM, but you won’t be hit with the withdrawal fees seen on credit cards.
• Pay no fees, including foreign exchange.
• You’ll earn 0.5% cash back on your international purchases, as well as on any spends in Canadian dollars, too.

Cons

• EQ Bank is an online bank, which means you can’t visit brick and mortar branches for in-person support, though support is available online.
• To access your cash, you have to preload the card by transferring funds from your savings account. You’ll be fine as long as you plan ahead and remember to do this.

Pros

• In addition to no foreign transaction fees on purchases in foreign currencies, there are no FX fees at the ATM.
• Earn 1% back in stock, crypto or cash when you use your card.
• As a prepaid Mastercard, the Wealthsimple Cash card acts like a debit card and enjoys a high level of acceptance worldwide.
• The more money you have invested with Wealthsimple, the higher your interest rate. Premium clients are those with $100,000 or more in assets, and they earn 4% interest. Generation clients with $500,000 or more earn 4.5%.

Cons

• Unlike a credit card, using your Wealthsimple Cash card doesn’t contribute to building your credit score.
• The 1% in rewards doesn’t apply to bill payments.