As we all know, traveling can be expensive. Between flights, hotels, and spending at the destination, travel purchases can add up even when redeeming points to reduce costs along the way. While many of us will turn to credit cards to fund these expenses, relatively hidden charges, known as foreign transaction fees or foreign exchange fees when making purchases in other currencies, can add up on these purchases.
In this article, I plan to shed some light on a credit card feature that not all Canadian consumers are aware of: there are a number of cards that offer no foreign exchange fees! Canadian consumers have three main options when choosing a no foreign transaction fee card that waives this pesky 2.5% foreign transaction fee, so let’s take a look at the best no foreign transaction fee credit cards for Canadians.
What Are Foreign Exchange Fees & How Are They Calculated?
Foreign exchange fees, or FX fees, occur when we use a Canadian dollar credit card or debit card to pay for something in a foreign currency.
These fees almost always tack on an additional 2.5% fee on Canadian credit cards and quickly erase any value earned from spending on most cards, which makes avoiding them easily profitable.
At first glance, a 2.5% fee on each transaction may not seem like a big deal. However, it can be staggering if we do the math compared to a card that does not have these 2.5% fees. For every $1,000 spent, $25 will be charged over and above the goods and services purchased.
This can add up if you are spending thousands of dollars on international flights, hotels, or other travel purchases. Similarly, if you are making online purchases in foreign currencies, you can also benefit from adding a credit card with no foreign exchange fees to avoid this additional fee.
Best Credit Cards with No Foreign Transaction Fees in Canada
When it comes to Canadian credit cards which offer no foreign transaction fees as a benefit, there are three main cards: the Scotiabank Gold American Express card, the Scotiabank Passport Visa Infinite card, and the Scotiabank Platinum American Express card.
Let’s dig into each one of these cards to see the value they offer in addition to charging no foreign exchange fees.
Scotiabank Gold American Express Card
The Scotiabank Gold American Express card has recently seen a few improvements, with Sobeys switching over to the Scene+ program. It offers 5x on eats and drinks and the highest grocery multiplier of any Canadian card, with 6x at Safeway, Sobeys, and other Empire-owned eligible grocery stores.
The Scotiabank Gold American Express card earns Scene+ Rewards points and gives cardholders the opportunity to earn 5x Scene+ points on grocery, restaurant, and entertainment purchases. This card charges no foreign exchange fees.
Check out our Scotiabank Gold American Express card review for more details.
40,000 Scene+
$7,500
$280+
$120
No
Jul 1, 2025
Scene+ Rewards points are a desirable currency because there’s not a lot of planning required to extract value. They are worth a maximum of one cent per point when redeemed against travel purchases, which is how most people should be using them considering the no foreign transaction fee feature. There are no transfer partners or portals to book through, simply charge a hotel stay, flight, or other eligible travel expense to the card, log into online banking, and choose to offset the charge with your Scene+ points.
One of the unique features of this card is that it qualifies for Amex Offers. These can help offset the annual fee, which sometimes can only take one offer to do so. Last year we saw quite a few reasonable offers, including “United Spend $500, get $250 back” and “Amex Travel Spend $500 get $150 back.” Taking advantage of either of those would pay back the annual fee, so even if you take an unscheduled trip out of the country, you’re covered!
The last point I want to bring up is that this card offers 5x on entertainment and ticketing sites. If you’re a big concert fan (like my wife, hello Taylor Swift tix!), this is a multiplier unique to this card. I purchased our *very expensive* Swift tickets with my TD Aeroplan Visa Infinite Privilege card and received back 1.25 Aeroplan Points per Dollar, or about 2.5% back. I would have doubled my return on spending if I had purchased them with the Scotiabank Gold American Express card at an effective 5% earn rate.
It is important to note that if you charge in a foreign currency on this card, the bonus categories do not apply, and rewards are paid at a rate of 1 Scene+ Reward point per dollar spent.
You can also earn an additional $100 cash back if you apply and are approved for the Scotiabank Gold American Express card through Frugal Flyer Rebates. Click here to apply with this offer.
Scotiabank Passport Visa Infinite Card
The second card we recommend for avoiding foreign transaction fees, the Scotiabank Passport Visa Infinite card, can be the perfect travel companion for someone who wants a one or two-card wallet. The earning rates on this card are less rewarding, but it is full of benefits thanks to being a Visa Infinite product.
The Scotiabank Passport Visa Infinite card earns Scene+ Rewards points and offers cardholders benefits such as no foreign transaction fees and six complimentary airport lounge access passes annually.
Check out our Scotiabank Passport Visa Infinite card review for more details.
In 2024, we awarded this card as the Best Foreign Transaction Credit Card.
40,000 Scene+
$40,000
$250+
$150
No
Jul 1, 2025
This card also earns Scene+ Rewards points and shares similar earning rates as the Scotiabank Gold American Express card but only gives 3x at Empire stores and 2x on entertainment purchases. What it gives up there, it does make up for with six complimentary airport lounge passes to access DragonPass airport lounges via the Visa Airport Companion Program. It also allows access to the Visa Infinite Hotel collection, enabling you to access elite-status-like benefits without having elite status.
In addition to both of those Visa benefits, you also have access to the Visa Wine Country program, which allows access to discounted or even free tastings at some wineries. When we lived in Toronto, we could visit four wineries in Niagara that offered free tastings. It’s an underutilized perk, in my opinion!
This card does come with a $150 annual fee, so if you’re not taking full advantage of the lounge visits or other Visa perks and are open to having more than one or two cards, you may want to look elsewhere.
You can also earn an additional $125 cash back if you apply and are approved for the Scotiabank Passport Visa Infinite card through Frugal Flyer Rebates. Click here to apply with this offer.
Scotiabank Platinum American Express Card
The Scotiabank Platinum American Express card is most likely the least favorable option on this list, as it commands a much higher annual fee of $399 and has similar benefits to the Scotiabank Passport Visa Infinite card.
The Scotiabank Platinum American Express card earns Scene+ Rewards points and offers cardholders benefits such as no foreign transaction fees and ten complimentary airport lounge access passes annually.
Check out our Scotiabank Platinum American Express card review for more details.
80,000 Scene+
$10,000
$401+
$399
No
Oct 31, 2025
The Scotiabank Platinum American Express card earns 2 Scene+ Rewards points per dollar spent regardless of category. On the other hand, it does offer 10 complimentary airport lounge passes to access Priority Pass and Plaza Premium airport lounges, such as the Plaza Premium Lounge at Edmonton International Airport.
The much higher annual fee is hard to justify for this card compared to the other two options above, but depending on your lifestyle, you might see value in adding it to your wallet.
You can also earn an additional $0 cash back if you apply and are approved for Scotiabank Platinum American Express card through Frugal Flyer Rebates. Click here to apply with this offer.
Bonus: Rogers Red World Elite Mastercard
The Rogers Red World Elite Mastercard is a bonus addition to this list, as it doesn’t conventionally offer no foreign transaction fees as a benefit. Instead, it offers 3% cash back on purchases made in US Dollars, making these transactions effectively free of foreign exchange fees while earning a net 0.5% cash back.
With the Rogers Red World Elite Mastercard® Rogers, Fido and Shaw postpaid customers can earn 2% cash back on all eligible purchases and get a 1.5x redemption bonus on Rogers, Fido and Shaw purchases – a 3% cash back value.
$0 cash back
$0
$0+
$0
Yes
–
Do note that this earning rate only applies to purchases made in US Dollars, meaning it is not a great card to use outside of North America. However, if the majority of your travels see you visiting the United States, the Rogers Red World Elite Mastercard is a great option with no annual fees to add to your wallet.
You can also earn an additional $50 cash back if you apply and are approved for the Rogers Red World Elite Mastercard through Frugal Flyer Rebates. Click here to apply with this offer.
Is Signing Up for a No Foreign Transaction Fee Credit Card Worth It?
This question will have to be answered by every traveler individually, as it does depend on where you’re traveling and what your spending patterns look like. For most points enthusiasts, we enjoy maximizing our points with first class and business class trips across the globe. This often means paying for hotels, food, and activities in foreign currency.
For example, if you charge $5,000 in foreign transaction expenses on the Scotiabank Passport Visa Infinite card, that’s $125 saved that you would be out of pocket when using a credit card that charges foreign transaction fees. The money that you would use to pay foreign transaction fees can quickly add up to a nice dinner out in most destinations!
If you don’t travel internationally or make purchases in currencies outside of Canadian dollars, there might still be a place for these cards in your wallet. Not only do they save on foreign transaction fees, many of them also offer other valuable benefits beyond no foreign exchange fees such as complimentary airport lounge access, which can offset the annual fee.
Conclusion
Foreign transaction fees are annoying and cause most consumers to pay more than they must when traveling abroad. Whether you’re looking for an extra card to add to your wallet specifically for this use case or an all-in-one solution, Canada has a few options to help save you money. If you’re ready to branch out into the US market, these cards can help you save on foreign transaction fees and offer more deeply discounted travel.
Until next time, never pay full price for travel, and don’t pay any foreign transaction fees!
Frequently Asked Questions
In most cases, yes. Hotel bills alone, never mind activities at your destination, are always billed in local currency. The 2.5% fee adds up quickly and can quickly outweigh the cost of another annual fee on a specialty credit card. Remember that these cards offer great benefits besides their 2.5% advantage!
Always the local currency. Every time. When a business offers to do this for you, they’ll often give an exchange rate marked up by at least 5%. I have even seen markups in the 10% range, personally.
The rate is calculated when your transaction takes place and will fluctuate with the world markets. Using major transaction processors like Amex, MasterCard, and Visa, rates are always fair.
Using a credit card allows an added layer of protection on purchases such as hotels, car rentals, etc. In addition, by taking out large sums of cash to pay for everyday items, you will pay ATM fees through your bank account and the local ATM itself. Not to mention the ability to “lock” your credit card if it is lost or stolen.
It will depend on where you visit. Visa has the largest network of accepted merchants, but Mastercard is accepted in a few more countries. American Express is close to both in terms of merchant acceptance but needs to catch up with about 70 fewer countries accepting the processor.
Most major destinations and countries will take all three major networks, and you’ll only run into acceptance issues off the beaten path.

Daniel Burkett

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Another free option is to use the Wealthsimple Cash Mastercard which has no fees.
True, a good free option with no credit inquiry.
You will get a lower return on spend than these credit card options, however.