Guide: How to Save on Foreign Currency Transactions
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To withdraw cash abroad without fees, pay for purchases with a no foreign transaction fee credit card and take out cash with a prepaid card that reimburses ATM fees. The Scotiabank Passport Visa Infinite+ Card covers the first part, the Wealthsimple prepaid card the second.
This guide breaks down the three fees on an ATM withdrawal abroad, then applies them to two countries where cash is still common: Vietnam and Indonesia.
The Three Fees on a Withdrawal Abroad
Knowing the three fees on a withdrawal abroad lets you avoid the costliest ones. Here they are:
- The foreign transaction fee: 2.5% of the converted amount on most Canadian cards, credit and debit alike.
- Your issuer's fee: a flat amount per withdrawal outside Canada.
- The local ATM fee: charged by the bank that operates the machine, shown on screen.
The 2.5% rate is spelled out in issuers' own documents, such as the CIBC summary of rates and fees and the Scotiabank credit card fees page.
| Card used at the ATM | Foreign transaction fee | Your issuer's fee | Local ATM fee |
|---|---|---|---|
| Wealthsimple prepaid card | 0% | $0 | Reimbursed by Wealthsimple |
| Wise card | Varies by currency, shown before the conversion | Free up to CAD 100 withdrawn per month, then CAD 2.69 + 2.69% | You pay it |
| Tangerine debit card | 2.50% | $0 within the Global ATM Alliance, $3 elsewhere | You pay it outside the Alliance |
| Scotiabank debit card | 2.5% | International ATM access fee, waived on select accounts | You pay it outside the Alliance |
| Scotiabank no foreign transaction fee credit card, as a cash advance | 0% | $7.50 at an ATM outside Canada, plus interest from the day you withdraw | You pay it |
Sources: Wise card fees, Wealthsimple ATM fees, Tangerine fee schedule, Global ATM Alliance and Scotiabank credit card fees.
Withdraw Cash Abroad With a Prepaid Card
A prepaid card with no foreign transaction fee gives you the cheapest cash abroad. You load it in Canadian dollars and withdraw straight in the local currency, at the network rate.
The Wealthsimple prepaid card charges no foreign transaction fee and no withdrawal fee. Wealthsimple also reimburses the ATM owner's fee, anywhere in the world, with no limit on the number or the amount.
Its limits are $3,000 per day and $10,000 per week. The Visa card works in Vietnam and Indonesia; it is blocked in a short list of countries, including Cuba, Iran and Russia.
- Annual fee
- $0
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$25Total$25Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $25
- Welcome offer
- $25 cash back
Apply Now
on Wealthsimple's website
The Wise card converts your balance at the market rate, with a conversion fee specific to each currency, shown in the app before the transaction.
Withdrawals are free up to CAD 100 per calendar month. Beyond that, Wise charges CAD 2.69 plus 2.69% per withdrawal, and the local ATM fee is added on top. The card works in Vietnam and Indonesia.
Paying by Card With No Foreign Transaction Fee
A no foreign transaction fee credit card saves you $25 on every $1,000 you spend abroad. The amount is converted at the network rate, without the usual 2.5%, and every purchase still earns points.
At the payment terminal, always choose the local currency. Accept Canadian dollars and the merchant sets the rate, with its own margin on top.
In Greece recently, I saw a 10% conversion fee when paying in Canadian dollars. In euros, with my Scotiabank Passport Visa Infinite+ Card, that fee dropped to 0%.
Withdrawing Cash in Vietnam and Indonesia
In Vietnam and Indonesia, the right card and the right ATM save you up to 10% in fees on a small withdrawal. The large banks publish what they charge foreign cards, and a prepaid card that reimburses ATM fees wipes that fee out.
Vietnam: a percentage with a minimum
In Vietnam, one large withdrawal costs proportionally less than several small ones. Agribank charges 4% of the amount withdrawn, with a minimum of VND 70,000, before tax, on a Visa or Mastercard issued abroad. Its fee schedule has applied since October 15, 2025.
The math, with that minimum:
- A VND 1,000,000 withdrawal: 4% would be VND 40,000, so the VND 70,000 minimum applies, or 7% of the amount.
- A VND 2,000,000 withdrawal: VND 80,000, or 4%.
Source: Agribank card fee schedule.
Indonesia: a flat fee and the banknotes
In Indonesia, an ATM that dispenses large banknotes cuts the cost of a withdrawal by five. Bank Mandiri charges IDR 50,000 per withdrawal on a foreign Visa or Mastercard, as of February 22, 2026. The amount appears before you confirm, and you can cancel. Source: Bank Mandiri access fee notice.
The maximum per withdrawal depends on the banknotes loaded in the machine:
- IDR 500,000 with IDR 20,000 notes;
- IDR 1,250,000 with IDR 50,000 notes;
- IDR 2,500,000 with IDR 100,000 notes.
On an IDR 2,500,000 withdrawal, that fee works out to 2%, versus 10% on IDR 500,000. Source: Bank Mandiri ATM FAQ.
| Card | ATM fee | Conversion | Issuer's fee |
|---|---|---|---|
| Wealthsimple prepaid card | Reimbursed | 0% | $0 |
| Wise card | You pay it | Wise's rupiah fee | Depends on your withdrawals that month |
| Scotiabank debit card, outside the Alliance | You pay it | 2.5% | International ATM access fee |
Planning a trip to Vietnam: our Vietnam travel guide.
Planning a trip to Bali: our Bali travel guide.
Withdrawing With a Credit Card in an Emergency
A credit card gets you out of a jam when you need cash right away. The withdrawal then counts as a cash advance: Scotiabank charges $7.50 at an ATM outside Canada, and 22.99% interest runs from the day you withdraw.
In an emergency, pay the amount back as soon as you can to keep interest down.
No Foreign Transaction Fee Credit Cards
Four Scotiabank cards spare you the 2.5% foreign transaction fee on every purchase abroad: the Passport Visa Infinite+ Card, the Passport Visa Infinite Privilege Card, the Gold American Express Card and the Platinum American Express Card.
The Wealthsimple Visa Infinite Card also charges no foreign transaction fees, and pays 2% cash back on purchases.
| Card | Annual fee | Welcome offer | Net gain in the first year | Lounge access |
|---|---|---|---|---|
| Scotiabank Passport Visa Infinite+ Card | $150 | Up to 35,000 Scene+ points | $100, or $200 with $40,000 spent | 6 per year |
| Wealthsimple Visa Infinite Card | $240, or $0 with your paycheque on direct deposit or $100,000 in assets | None; 2% cash back on purchases | 2% of your purchases minus the fee: pays off from $12,000 a year, from the first dollar with no fee | None |
| Scotiabank Gold American Express Card | $120 | Up to 50,000 Scene+ points | $380 | None |
| Scotiabank Platinum American Express Card | $399 | Up to 100,000 Scene+ points | $401 | 10 per year |
| Scotiabank Passport Visa Infinite Privilege Card | $599 | Up to 80,000 Scene+ points | $1 | 10 per cardholder |
Net gain: bonus earned in the first year, at $10 per 1,000 Scene+ points, minus the annual fee, before points on everyday purchases. The Passport Visa Infinite Privilege Card pays for itself mainly through its lounge access, not its bonus. Wealthsimple's invitation-only 1% Visa Infinite version charges a 2.5% foreign transaction fee unless the no-FX-fee option is chosen at sign-up.
These offers apply to accounts opened by November 1, 2026. Click a card name for its full conditions.
| Credit card | Annual fee | Welcome offer | |
|---|---|---|---|
| $150 | |||
| $240 | |||
| $120 | |||
| $399 | |||
| $599 |
The full comparison, with the other issuers, is here:
Frequently Asked Questions
Which card should I use to withdraw cash in Vietnam?
A prepaid card with no foreign transaction fee that reimburses ATM fees, such as the Wealthsimple prepaid card. At Agribank, those fees reach 4% of the amount withdrawn, with a minimum of VND 70,000.
How much does an ATM withdrawal cost in Bali?
At Bank Mandiri, the machine charges IDR 50,000 per withdrawal on a foreign card. The conversion fee and your issuer's fee come on top, unless your card waives them.
Should I accept conversion into Canadian dollars at the ATM?
No. Choose the local currency. In Canadian dollars, the ATM operator sets the rate and adds its margin, and Visa says you may decline that conversion.
Can I withdraw cash with a no foreign transaction fee credit card?
Yes, but the withdrawal is still a cash advance, with fees and interest from the day you withdraw. Keep this option for emergencies.
Do Scotiabank and Tangerine debit cards cost less abroad?
Withdrawal fees are waived within the Global ATM Alliance, on select Scotiabank accounts and at Tangerine. The 2.5% foreign transaction fee still applies in every case.
Which credit cards have no foreign transaction fees in Canada?
The four Scotiabank cards and the Wealthsimple Visa Infinite Card shown in the table above, plus other cards listed in our comparison of no foreign transaction fee cards.
Learn More
- Our comparison of the best credit cards, by need and by profile.
- Our newsletter, for fee changes and new offers.
