5 Best No-Foreign-Transaction-Fee Cards for Canadians Travelling Abroad
For Canadians, the cheapest no-FX-fee option is the Scotiabank Gold American Express ($120 a year, $12,000 minimum income), while the Scotiabank Passport Visa Infinite + ($150) adds lounge passes. Most big-bank cards still tack on about 2.5% to every foreign purchase, as National Bank's fee page confirms, so on $3,000 of spending abroad that is roughly $75 you can avoid.
- Scotiabank Gold Amex: $120/yr, best rewards, but Amex acceptance abroad is patchier.
- Scotiabank Passport Visa Infinite +: $150/yr, six lounge passes, Visa works nearly everywhere.
- Scotiabank Passport Visa Infinite Privilege: $599/yr, ten lounge visits and a $250 travel credit.
- Wealthsimple Visa Infinite: $0 with a $4,000 monthly deposit, otherwise $240/yr.
- KOHO Everything: $14.75/month, prepaid, so no credit check.
1. Scotiabank Gold American Express
Scotiabank says it charges no foreign transaction fees, "only the exchange rate applies," and the card needs just $12,000 in personal income. Fee is $120 a year, waived with an eligible Ultimate or Preferred Package account; see the official card page. Carry a Visa as backup abroad.
2. Scotiabank Passport Visa Infinite +
The Passport card costs $150 a year (rebated with the Ultimate Package) and includes six Visa Airport Companion lounge passes. Scotiabank lists a $60,000–$80,000 income guideline. Best all-round pick if you fly a few times a year.
3. Scotiabank Passport Visa Infinite Privilege
At $599 a year ($449 with an Ultimate Package), the Privilege version gives ten lounge visits and a $250 annual Scene+ Travel credit, but requires $150,000 personal income, $200,000 household income, or $400,000 in assets. Only worth it if you use the credit and lounges fully.
4. Wealthsimple Visa Infinite
Wealthsimple charges no FX fee of its own and pays 2% cash back on everything. The fee drops to $0 with $4,000 in monthly direct deposits or $100,000 in assets; otherwise it is $20 a month. Income minimums apply, so check eligibility before applying.
5. KOHO Everything (prepaid)
KOHO's Everything plan runs $14.75 a month billed yearly, has no foreign transaction fees and earns 2% cash back. It is a prepaid Mastercard rather than a credit card, so it suits people without the income for the cards above but will not build the same travel perks.
One old favourite to skip
Brim was once the go-to no-fee choice, but Flytrippers reports it moved to a 1.5% FX fee in May 2024 and cut its earn rates. Compare current lists such as Frugal Flyer's before assuming an older recommendation still holds.
People also ask
Which Canadian credit card has no foreign transaction fee and no annual fee?
Few do. Scotiabank's Gold Amex waives its $120 fee only with an eligible bank package, and Wealthsimple waives its fee with a $4,000 monthly deposit. Without those conditions, expect to pay $120 or more yearly; check the Scotiabank page for current terms.
How much is the typical foreign transaction fee in Canada?
Many issuers charge 2.5% on top of the exchange rate. National Bank states its credit card fee is 2.5%, applied to the converted Canadian dollar amount. That means $100 spent abroad costs about $2.50 extra before any rewards.
Is a prepaid card like KOHO better than a credit card abroad?
It avoids FX fees and needs no credit approval, but hotels and car rental agencies often place holds that prepaid balances handle poorly. Use it for everyday spending and keep a credit card for deposits and emergencies.
Do I need a Visa or Mastercard instead of Amex when travelling?
Visa and Mastercard are accepted in more places overseas, so pairing an Amex like the Gold with a Visa such as the Passport Visa Infinite + is a sensible backup. Always pay in local currency to avoid dynamic conversion markups.
Facts were checked against issuer and current sources as of September 29, 2026; card terms change often, so confirm before applying.
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