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Canadians love shuttle and buying groceries, but if the usage of their bank cards outdoor of Canada, many pay overseas transaction charges—up to 2.5%—on each and every acquire. The excellent news is there’s a sensible choice of bank cards for Canadians that both be offering no overseas transaction charges or praise with greater than sufficient money again to hide the charges. For those who’re a widespread traveller or on-line client, that you must save some huge cash by means of bringing a no overseas transaction commission card alongside to your subsequent commute.
| Bank card | Main points |
|---|---|
| House Accept as true with Most well-liked Visa* | • No annual commission • 1% money again on all Canadian purchases |
| Scotiabank Passport Visa Limitless* | • $150 (waived the primary yr) • 2 Scotia Rewards issues in step with $1 on shuttle, groceries, eating places and leisure • 1 level in step with $1 on all different eligible purchases |
| Scotiabank Gold American Specific* | • $120 (waived the primary yr) • 5 issues in step with $1 on eating, groceries and entertainment-related purchases • 3 issues on gasoline, day by day transit and choose streaming products and services • 1 level on the whole lot else (together with all overseas purchases) |
| Meridian Visa Limitless Go back and forth Rewards | • $99 annual commission (waived the primary yr) • 3 issues in step with $1 on foreign currency echange purchases • 1.5 issues on on a regular basis purchases |
| Rogers International Elite Mastercard | • No annual commission • 3% money again on U.S. forex purchases • 1.5% on all different purchases |
| Brim International Elite Mastercard | • $199 (waived within the first yr) • 2 issues in step with $1 spent (as much as $25,000 annual spend) |
| EQ Financial institution Card (honourable point out) | • No annual commission • 0.5% money again on all of your spending • Excellent choice to the usage of a no FX bank card |
Why believe us
MoneySense is an award-winning mag, serving to Canadians navigate cash issues since 1999. Our editorial group of skilled reporters works carefully with main non-public finance mavens in Canada. That can assist you to find the most productive monetary merchandise, we evaluate the choices from over 12 primary establishments, together with banks, credit score unions and card issuers. Be informed extra about our promoting and relied on companions.
At a look: This can be a simple no-forex-fee card with few perks however a good same old money again earn price and no annual commission.
- Annual commission: $0
- Earn price: 1% money again on all Canadian purchases
- Welcome be offering: None
- Annual source of revenue requirement: $15,000
At a look: As the primary card from certainly one of Canada’s large banks to waive its overseas transaction charges, the Scotiabank Passport Visa Limitless gives robust rewards, an easy-to-understand and versatile rewards machine, and significantly spectacular airport front room advantages.
- Annual commission: $150 (waived for the primary yr)
- Earn charges: 2 Scotia Rewards issues in step with $1 spent on shuttle, groceries, eating places and leisure; 1 level in step with $1 on all different eligible purchases
- Welcome be offering: earn as much as $1,100+ in price within the first three hundred and sixty five days, together with as much as 35,000 bonus Scene+ issues. Be offering ends 31 October 2023.
- Annual source of revenue requirement: Private source of revenue of $60,000 or family source of revenue of $100,000
- The Scotiabank Passport Visa Limitless is the one no-forex-fee card in Canada to additionally be offering airport front room get right of entry to. With this card, you’ll obtain a complimentary Precedence Go club with six unfastened airport front room visits in step with yr; that’s probably the most front room passes to be had on a card with an annual commission beneath $200.
- Scotia’s Scene+ issues are extraordinarily versatile. You’ll redeem issues the usage of Scotia’s shuttle company or observe issues on any shuttle acquire from just about any airline or lodge supplier as much as three hundred and sixty five days later.
- Redemptions for shuttle purchases are intuitive and as smooth as money again to your pockets. There are not any sophisticated shuttle charts or maps, and also you’ll get the similar price anywhere you fly. However, it is very important redeem at least 5,000 issues (identical to $50 in financial savings) at a time.
- Scotia’s shuttle redemptions are extraordinarily large. Issues will also be redeemed for all kinds of services and products, even in opposition to purchases with Uber, UberEats and Airbnb.
- The Scotiabank Passport Visa Limitless rewards high-volume spenders. Annually that you just rate $40,000 or extra, you’ll earn an extra 10,000 bonus issues ($100 price towards shuttle).
- This card gives a complete vary of shuttle insurance coverage advantages together with shuttle emergency health insurance, commute cancellation/commute interruption insurance coverage and extra.
At a look: The Scotiabank Gold American Specific has an excellent on a regular basis earn price, particularly on meals and transit. Mixed with its loss of overseas transaction charges, this card isn’t just one of the most absolute best no-forex-fee playing cards however one of the most absolute best general rewards playing cards in Canada.
- Annual commission: $120 (waived for the primary yr)
- Earn charges: 5 issues in step with $1 spent on eating, groceries and entertainment-related purchases in Canada; 3 issues in step with $1 on gasoline, day by day transit (together with buses, rideshare products and services and taxis) and choose streaming products and services in Canada; 1 level in step with $1 on the whole lot else (together with all overseas purchases)
- Welcome be offering: earn as much as $650 in price within the first three hundred and sixty five days, together with as much as 40,000 bonus Scene+ issues. Will have to observe by means of October 31, 2023.
- Annual source of revenue requirement: $12,000
- This bank card’s earn price is significantly spectacular, with an excellent five-times the issues on groceries and eating.
- Scene+ issues are versatile, smooth to make use of and excellent for as much as three hundred and sixty five days after you’re making a shuttle acquire, this means that you’ll be able to e-book when you need and reap the rewards later.
- Redeem for shuttle in smooth increments of one,000 issues (valued at $10). There are not any sophisticated regulations or exceptions to regulate, and you are going to get the similar price regardless of the place you move.
- Scotia’s definition of shuttle is very large so you’ll be able to redeem for purchases even at Uber, UberEats and Airbnb.
- The Scotiabank Gold American Specific gives a complete vary of shuttle insurance coverage advantages together with shuttle emergency clinical protection, commute cancellation/commute interruption insurance coverage and extra.
- This card comes with Amex Revel in perks. Amex grants early get right of entry to to presale tickets to a variety of occasions (together with concert events and sports activities occasions), whilst Amex Gives get you further reductions and financial savings on a rotating roster of shops.
- The cardboard’s minimal source of revenue requirement is $12,000, making it available to maximum Canadians.
Meridian Visa Limitless Go back and forth Praise
At a look: This can be a aggressive mid-tier bank card with a below-average annual commission, providing spectacular shuttle insurance coverage and bonus issues on non-Canadian purchases which can mean you can save on overseas transaction charges.
- Annual commission: $99 (waived for the primary yr)
- Earn charges: 3 issues in step with $1 on purchases in a foreign currency echange; 1.5 issues in step with $1 to your on a regular basis purchases
- Welcome be offering: Earn 6 issues in step with $2 spent on purchases made outdoor Canada in foreign currency echange, and three issues in step with $2 on all different purchases.
- Annual source of revenue requirement: Private source of revenue of $60,000 or family source of revenue of $100,000
Rogers International Elite Mastercard
At a look: With a lot upper earn charges than maximum no-fee playing cards, the Rogers International Elite Mastercard in reality nets you money again on purchases in U.S. greenbacks. On the other hand, not easy non-public source of revenue ranges and spending necessities make this card inaccessible to a couple.
- Annual commission: None
- Earn charges: 3% money again on purchases made in U.S. forex; 1.5% on all different purchases
- Welcome be offering: Earn $25 money again when you’re making your first acquire inside of 3 months of getting the cardboard
- Annual source of revenue requirement: Private source of revenue of $80,000 or family source of revenue of $150,000
Brim International Elite Mastercard
At a look: Excellent rewards with out a restrict to what you’ll be able to earn, intensive insurance plans, cast perks, and no foreign currency echange charges make this a card to imagine.
- Annual commission: $199 (waived within the first yr)
- Earn price: 2 issues in step with $1 spent (as much as $25,000 annual spend; 1 level in step with $1 spent afterwards)
- Welcome be offering: This card does now not lately have a welcome be offering.
- Annual source of revenue requirement: Private source of revenue of $80,000 non-public or family source of revenue 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 allow you to keep away from pricey charges while you’re retreating or spending cash in a foreign currency echange by means of waiving all foreign currency echange charges charged by means of EQ (transactions are nonetheless matter to Mastercard’s forex conversion price). This can be a nice back-up card for the ones purchases the place bank cards aren’t permitted.
- Earn price: 0.5% money again on all of your spending
- Welcome be offering: This card does now not lately have a welcome be offering.
- Annual source of revenue requirement: None
Our technique: How we resolve the most productive playing cards
The MoneySense editorial group selects the most productive bank cards by means of assessing the price they supply to Canadians throughout more than a few classes. Our absolute best no overseas transaction commission bank cards rating is in response to an intensive checklist of card main points and contours—with a focal point on those who subject to global travellers and customers—together with overseas transaction charges, annual charges, rates of interest, welcome gives, rewards earn charges and redemption choices, annual source of revenue necessities, and perks similar to insurance plans and buy coverage. We now have additionally thought to be the professionals and cons of each and every card that will help you resolve which of them absolute best fit your monetary wishes. Our ratings are an independent supply of data for Canadians. The addition of hyperlinks from associate companions has no bearing at the effects. 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 foreign currency echange. Those charges are set by means of your bank card community similar to American Specific, Visa and Mastercard. Those charges are generally beautiful just about marketplace charges, however they’re regularly higher than what you’d get at a forex trade. You’ll to find the conversion price on your card to your bank card settlement.
Must you pay the usage of native forex or transformed forex?
Occasionally, you’ll be given the way to pay in a neighborhood forex or have the associated fee transformed to your house forex. Generally, it’s to your monetary pastime to shop for within the native forex, as a result of changing to some other forex can incur charges which can be tacked onto the acquisition worth. That is true whether or not or now not you might be the usage of a card that fees transaction charges, so in both case, you’ll be saving cash by means of conserving the forex native.
What if the usage of my no overseas transaction commission bank card isn’t an choice whilst I’m in a foreign country?
The use of a no overseas transaction commission bank card is excellent–till you need to make a purchase order from a industry that doesn’t settle for bank cards. It’s at all times good to hold some money on you only for those events, however retreating cash from an ATM too can include pricey charges. One excellent resolution is to make use of a debit card that doesn’t rate overseas transaction charges, just like the EQ Financial institution Card. Word that whilst your card may waive the charges, the ATM almost definitely gained’t. Additionally bear in mind that the usage of a bank card to withdraw money from an ATM incurs the best charges of all and must be have shyed away from aside from for emergencies.
Continuously requested questions
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