If you’re travelling abroad and using your credit cards for most purchases, foreign transaction (forex) fees can really take a bite. That’s because card issuers charge around 2.5% on every foreign purchase—on top of the exchange rate.
You can avoid this fee by using a card that waives it. Alternatively, you could offset the fee with a credit card that offers more than 2.5% back in rewards on those purchases. There’s a lot of valuable information to cover, so let’s get started.
What is the best no foreign exchange fee credit card in Canada?
We’ll cut to the chase and show you the best 0% forex change fees cards currently available.
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Gold: Best no forex credit card
Scotiabank Gold American Express Card
Earn up to 6 Scene+ points per $1 spent and access incredible travel perks, including no foreign transaction fee.
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Annual Fee:
$120
Interest Rates:
20.99% purchase, 22.99% cash advance, 22.99% balance transfer
Welcome offer:
$500 value
Earn up to $1,050 in welcome offers, first year rewards and savings value, including no annual fee in your first year, and up to 50,000 bonus Scene+ points.
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Silver: Best no forex credit card
Home Trust Preferred Visa
The only no-annual-fee credit card in Canada to waive its forex fee on all foreign purchases. Earn 1% cash back on all Canadian purchases.
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Annual Fee:
$0
Interest Rates:
21.99% purchase, 21.99% cash advance, N/A balance transfer
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Bronze: Best no forex credit card
Scotiabank Passport
Visa Infinite Card
Save on the forex fee when spending in foreign currencies. Plus, get 6 airport lounge passes annually.
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Annual Fee:
$150
Interest Rates:
20.99% purchase, 22.99% cash advance, 22.99% balance transfer
Welcome offer:
$350 value
Earn$350 in travel rewards (35,000 bonus Scene+ points) for new Scotiabank Passport Visa Infinite Card clients who spend $2,000 within the first 3 months
Anniversary bonus:
$100 value
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Gold: Scotiabank Gold American Express
With an impressive earn rate—especially on groceries, dining, and entertainment—plus a comprehensive insurance coverage package, the Scotiabank Gold American Express is not only the best no foreign transaction fee credit card, but also one of the best overall travel credit cards in Canada. The card earns Scene+ points, which you can redeem for travel, movie tickets or concessions, groceries, gift cards, statement credits, and more.
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Scotiabank Gold American Express
Annual fee: $120
Rewards: 1 – 6 Points per dollar
- 6 points per $1 at Sobeys-affiliated stores
- 5 points per $1 on dining, entertainment and groceries
- 3 points per $1 on gas, transit and streaming
- 1 point per $1 on everything else
- Pay no FX fees on foreign purchases
Welcome offer: Earn up to $1,050 in value in the first 12 months, including up to 50,000 bonus Scene+ points. Offer ends October 31, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | $12,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel, store purchases and food and drink at Cineplex and Scene partners |
Pros and cons
Pros
- Excellent rewards: 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, transit, and streaming services.
- Long travel 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 valid for up to 25 days.
- Low income requirements: You only need an income of $12,000 per year to qualify for the card, making it accessible to most Canadians. Note that you will still need a good credit score.
Cons
- No free lounge 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 earn at the base rate of 1 point per $1 spent.
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Silver: Home Trust Preferred Visa
As the only no forex card on our list that doesn’t charge an annual fee, the Home Trust Preferred Visa is a good option. It waives the 2.5% fee on purchases in all foreign currencies (not just U.S. dollars) and even includes 1% cash back on all Canadian dollar purchases.
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Home Trust Preferred Visa
Annual fee: $0
Rewards: 1% cash back
- 1% on all purchases in Canada
- Pay no FX fees on foreign currency purchases
Welcome offer: This card does not have a welcome bonus at this time.
Card details
| Interest rates | 21.99% on purchases, 21.99% on cash advances |
| Income required | None specified |
| Credit score | 660 or higher |
Pros and cons
Pros
- No annual fee: This is the only no foreign transaction fee credit card in Canada that doesn’t charge an annual fee.
- Decent flat earn rate: Earn 1% cash back on everything you buy in Canadian dollars with no caps on how much you can earn.
- Low income requirements: The low $15,000 annual income requirement makes this card accessible for many Canadians.
Cons
- No cash back on foreign purchases: You won’t earn rewards on purchases made in a foreign currency, but the 2.5% saved on forex fees might be worth more than the rewards offered by another card.
- Fixed redemption schedule: Cash back is only redeemed in January rather than on-demand.
Bronze: Scotiabank Passport Visa Infinite
Our third pick (and second Scene+ choice) was the first card from a big Canadian bank to waive its foreign transaction fee. Today, the Scotiabank Passport Visa Infinite continues to offer strong rewards, a flexible and easy-to-understand rewards program, a hefty welcome bonus, and seriously impressive airport lounge benefits.
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Scotiabank Passport Visa Infinite
Annual fee: $150
Rewards: 1 to 3 points per dollar
- 3 Scene+ points per $1 spent at Sobeys stores
- 2 points per $1 on groceries, dining, entertainment and transit
- 1 point per $1 on all other eligible purchases
Welcome offer: Earn up to $1,350 in value in the first 12 months, including up to 45,000 bonus Scene+ points. Offer ends October 31, 2025.
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | Personal income of $60,000 per year or household income of $100,000 per year |
| Credit score | 725 or higher |
| Point value | 1 Scene+ point = $0.01 when redeemed for travel on any airline or hotel (including Airbnbs). |
Pros and cons
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—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, no matter where you travel).
- Annual bonus: Every year that you charge $40,000 or more to the card, you’ll earn an additional 10,000 bonus points, which is a $100 value toward travel.
- Generous insurance coverage: Enjoy 11 types of insurance coverage, including travel accident, trip delay, and rare emergency medical coverage over 65.
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 an annual card with a premium fee.
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How we determine the best cards
To select the best cards in this specialized category, we evaluated several key factors that are important when looking for a credit card that waives or offsets the foreign transaction fee. First, we considered the return on spending and weighed that against any annual fee. We also looked at acceptance (and excluded cards like Amex that might not be accepted abroad) and other valuable travel perks like lounge access. The addition of links from affiliate partners has no bearing on the results in this ranking. Read more about the MoneySense selection process and about how MoneySense makes money.
Other top cards for foreign purchases
Some credit cards in Canada that do charge a foreign transaction fee may still be worth considering. The cards below offer rewards that offset their forex fee, leaving you with a little extra money in the process.
Rogers Red World Elite Mastercard
Why we love it: The 3% return on USD spending more than offsets a 2.5% FX fee.
Things to note: With much