The best credit cards with no foreign transaction fees – May 2026

Q: What is the best Visa credit card in Canada with no foreign transaction fee?

There are several credit cards with no conversion fees:- Scotiabank Passport™ Visa Infinite+ Card; - Scotiabank Gold American Express® Card; - Scotiabank Platinum American Express® Card; - Scotiabank Passport Visa Infinite Privilege Card;

Q: Why do most Canadian credit cards charge a 2.5% foreign transaction fee?

The 2.5% fee is split between Visa or Mastercard's 1% network conversion fee and an additional 1.5% markup added by the Canadian issuing bank. Banks frame it as a cost-recovery charge, but in practice it's pure margin — it's why a card without FX fees can save you hundreds of dollars on a single international trip. On a $5,000 vacation, that's $125 lost just to currency conversion. The Scotiabank Passport™ Visa Infinite Card and the Scotiabank Gold American Express® Card waive these fees entirely, while the KOHO Prepaid Mastercard Extra Plan offers zero FX fees with no annual fee at all.

Q: Should I always pay in local currency or in Canadian dollars when traveling?

Always choose local currency. The option to pay in Canadian dollars at a foreign terminal or ATM is called Dynamic Currency Conversion (DCC), and the merchant or ATM operator typically applies a markup of 3% to 8% on top of an inflated exchange rate — far worse than the 2.5% your bank would have charged. Even if your card has no foreign transaction fees, accepting DCC erases that benefit entirely. The same logic applies to recurring USD subscriptions like Netflix US, AWS, or Adobe billed in USD: charge them to a no-FX card like the Scotiabank Passport Visa Infinite and let your bank handle the conversion at the wholesale Visa rate.

The best credit cards with no foreign transaction fees – May 2026

These credit cards are among the only credit cards in Canada to charge no conversion fees for foreign currency transactions. You’ll save 2.5% on each foreign transaction!

Here is a table summarizing the different offers. For more details, read on or click on the name of a card.

Scotiabank Gold American Express® Card

The Scotiabank Gold American Express Card offers an excellent welcome bonus.

Until July 1, 2026, you can get up to 45,000 Scene+ points as a bonus, distributed as follows:

25,000 Scene+ points by spending $2,000 on the card within the first 3 months
20,000 Scene+ points by making $7,500 in purchases on the card in the first year

This represents a value of up to $450 for travel (including Airbnb).

With the Scotiabank Gold American Express Card, you earn 6 points per dollar spent at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà par IGA, Voilà by Safeway, Chalo! grocery stores. FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.

Also, you earn 5 points per dollar for:

Grocery stores
Restaurants
Entertainment centers

And 3 points per dollar on gas, transit and streaming services purchases.

You can redeem your points on travel purchases (flights, hotels, all-inclusive and even Airbnb). You can also use your points as cash back rewards with Scene+.

The Scotiabank Gold American Express Card also offers no foreign transaction fees, excellent insurance for your travel or purchases, concierge service, exclusive American Express benefits like the Front of the Line program.

Scotiabank Passport™ Visa Infinite +* Card

With this welcome offer for the Scotiabank Visa Infinite ^+* Passport^MC Card, you get up to 60,000 Scene+ points as a welcome bonus (a value of $600):

40,000 points after $2,000 in purchases within the first three months
10,000 points after $10,000 in purchases within the first six months
10,000 points after $40,000 in purchases in the first year

Then, each year, if you make at least $40,000 in purchases on the card, you’ll earn an annual bonus of at least 10,000 points, which represents a $100 value.

With the Scotiabank Visa Infinite +* Passport^MD Card, you earn 3 points per dollar spent at Sobeys, IGA, Safeway, Foodland, FreshCo, Voilà by Sobeys, Voilà par IGA, Voilà by Safeway, Chalo! grocery stores. FreshCo, Thrifty Foods, IGA West, Les Marchés Tradition, Rachelle Béry and Co-Op.

You also earn 2 points per dollar spent, including on foreign purchases, in the following categories:

Grocery shopping
Restaurants
Entertainment centers
Transit

The Scotiabank Visa Infinite +* Passport^MD Card is an excellent Visa credit card for these types of purchases.

These points can be used for any travel purchase at a rate of 1,000 points = $10 (flights, hotels, all-inclusive packages, and even Airbnb). You can also redeem your points as cash back with Scene+, for example, at your grocery store checkout at the same rate of 1,000 points = $10.

The Scotiabank Visa Infinite +* Passport^MD Card also offers:

No fees for foreign currency transactions
6 access to VIP airport lounges
Excellent insurance for your travels and purchases
Concierge service
Travel with confidence with 10 GB of free GigSky global mobile data for 15 days, plus access to GigSky Travel Essentials for essential apps on the go.
Cardholders also receive a free 1 GB/15-day GigSky global mobile data package annually, plus a 20% discount on future GigSky purchases.

We have named this credit card the Best Credit Card with No Foreign Transaction Fees in 2024, 2025, and 2026.

Scotiabank Passport® Visa Infinite Privilege* Card

With this welcome offer for the Scotia Passport Visa Infinite Privilege Card, you can earn up to 100,000 bonus Scene+ points (a $1,000 value):

30,000 points by making at least $3,000 in everyday eligible purchases in your first 3 months.
45,000 points after $20,000 in purchases in the first six months
25,000 points by making an eligible purchase in the 14th month after account opening

With the Scotiabank Passport Visa Infinite Privilege Card, you earn:

3X Scene+ points for every $1 in eligible travel purchases
2X Scene+ points for every $1 in eligible purchases at dining and entertainment establishments
1X Scene+ points for every dollar spent on all other eligible purchases

Including on foreign purchases, with no foreign transaction fees.

The Scotiabank Passport Visa Infinite Privilege Card is an excellent Visa credit card for this type of purchase.

These points can be used against any travel purchase at the rate of 1,000 points = $10 (flights, hotels, all-inclusives and even Airbnb). You can also redeem your points for cash back at Scene+, for example, at your local grocery store checkout at the same rate of 1,000 points = $10.

The Scotiabank Passport Visa Infinite Privilege Card also offers:

No fees for foreign currency transactions
10 complimentary airport lounge visits per year
$250 annual travel credit
Excellent insurance for your travels and purchases
Concierge service

Scotiabank®* Platinum American Express® Card

For a limited time, by subscribing to Scotiabank Platinum American Express^® Card, you can earn up to 80,000 points. That’s a value of $800 for trips including Airbnb.

With Scotiabank Platinum American Express^® Card, you earn 2 points per dollar spent on all your purchases. You can redeem your points on travel purchases (flights, hotels, all-inclusive and even Airbnb). And you can also use them for other rewards in the Scene+ program, such as cash back.

What’s more, with this card you pay no fees for foreign currency transactions, and you get 10 free accesses to airport VIP lounges like Priority Pass and Premium Plaza.

And you get excellent insurance for your travels or purchases, concierge service, and exclusive American Express Offers (American Express Invites Program).

KOHO Prepaid Mastercard Extra Plan

Special offer:

Enter the code KOHOMILES when applying for your card.
Get 3 months of Extra Plan for free ($18 off per month) and $20 cash back

The KOHO Prepaid Mastercard with Extra Plan (formerly KOHO Premium Prepaid Mastercard) gives you more cash back:

1.5% on food, drinks, groceries, and transportation
0.25% on all other purchases
Up to 5% cash back at selected partner merchants

Your funds earn 2.5% interest (calculated daily, paid monthly) and are protected by CDIC. The card is also accepted at Costco.

For your travels, take advantage of zero FX fees on foreign purchases.

Choose between two payment options for the Extra Plan:

$18/month, billed monthly
$144/year, billed annually (equivalent to $12/month)

Frequent Asked Questions about credit cards

Here are some frequently asked questions in the milesopedia community about credit cards in Canada.

What is the best Visa credit card in Canada with no foreign transaction fee?

There are several credit cards with no conversion fees:

What is the best Visa credit card with no foreign transaction fee?

The best no-conversion-fee VISA credit card is the Scotiabank Visa Infinite + Passport Card.

What is the best American Express credit card with no foreign transaction fee?

The best American Express credit card with no foreign transaction fees is the Scotiabank Gold American Express^® Card.

What is the best-prepaid card with no foreign transaction fee?

The best-prepaid card with no foreign transaction fee is the KOHO Extra Mastercard. With this prepaid card, you can earn up to 1% cash back on your purchases. And you pay no conversion fees for your foreign currency transactions.

Read all about the KOHO Mastercard prepaid card.

Why do most Canadian credit cards charge a 2.5% foreign transaction fee?

The 2.5% fee is split between Visa or Mastercard’s 1% network conversion fee and an additional 1.5% markup added by the Canadian issuing bank. Banks frame it as a cost-recovery charge, but in practice it’s pure margin — it’s why a card without FX fees can save you hundreds of dollars on a single international trip. On a $5,000 vacation, that’s $125 lost just to currency conversion. The Scotiabank Passport™ Visa Infinite Card and the Scotiabank Gold American Express^® Card waive these fees entirely, while the KOHO Prepaid Mastercard Extra Plan offers zero FX fees with no annual fee at all.

Should I withdraw cash abroad with my no-FX-fee credit card?

It’s almost never worth it. Even with a no-FX-fee credit card, cash advances trigger a separate fee of around $5 per withdrawal, plus interest from day one at rates of 21% or higher — there is no grace period. The right tool is a debit card with low or no foreign ATM fees, like one tied to an EQ Bank account or a multi-currency card. Use your no-FX credit card for purchases, and reserve cash withdrawals for situations where cards aren’t accepted (street markets, taxis in some countries, small cafés). If you absolutely need cash on a credit card, pay it back immediately to limit interest charges.

Should I always pay in local currency or in Canadian dollars when traveling?

Always choose local currency. The option to pay in Canadian dollars at a foreign terminal or ATM is called Dynamic Currency Conversion (DCC), and the merchant or ATM operator typically applies a markup of 3% to 8% on top of an inflated exchange rate — far worse than the 2.5% your bank would have charged. Even if your card has no foreign transaction fees, accepting DCC erases that benefit entirely. The same logic applies to recurring USD subscriptions like Netflix US, AWS, or Adobe billed in USD: charge them to a no-FX card like the Scotiabank Passport Visa Infinite and let your bank handle the conversion at the wholesale Visa rate.