In general, it’s always best to pay for your expenses abroad with a credit card, since you’ll benefit from the best exchange rate when travelling (the rate of the day), and you can also earn rewards points.
However, most credit cards will add a 2.5% surcharge to the exchange rate; the conversion fee. To remedy this inconvenience, arm yourself with a credit card that has no conversion fees!
However, in many countries where « cash is king », it is not always possible to rely solely on our credit cards; it becomes unavoidable to carry cash and exchange your currency.
Additionally, in some places, the merchant is within his or her rights to impose additional fees when paying by credit card; for example, in Australia.
How to Determine the Best Exchange Rate?
The term « best exchange rate » is often used to refer to the most economical rate, the one closest to the rate shown on comparison sites like Xe.com.
It’s important to understand that there is one exchange rate when buying currency and a different rate when selling it. This is why you often see two exchange values at a bank or exchange bureau.
Finally, the Mastercard and Visa networks also have their own rates for purchases. These rates are displayed on their websites, and it is possible to check previous rates and see if your card charges any conversion fees.
$500ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$500Total$500Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The Scotiabank Gold American Express Card offers an excellent welcome bonus.
Until November 1, 2026, you can earn up to 50,000 bonus Scene+ points, broken down as follows:
30,000 Scene+ points by charging $2,000 in purchases to 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 $500 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.
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* The potential value of savings and rewards during the first 12 months includes the value of the welcome offer, the potential value of points earned in the first year and the value of foreign transaction fee savings as of May 22, 2026:
$300 in travel rewards (30,000 bonus Scene+ points) for new Scotiabank Gold American Express Cardholders who make purchases totaling $2,000 in the first 3 months
$200 in travel rewards (20,000 bonus Scene+ points) for making purchases totaling $7,500 in the first 12 months
$59 in foreign transaction fee savings based on the average annual amount of foreign currency purchases made per account over the last 24 months (saving on the 2.5% foreign transaction fee typically charged by other credit card issuers);
$398 corresponding to the potential value of points earned in the first year (38,500 Scene+ points) based on the average amount of purchases made, per account, over the last 24 months, assuming an average spend of 28% of purchases in categories eligible for accelerated earn rates of 6X, 5X and 3X points.
Maximum potential value after the first year = $957 (rounded to $950)
The actual value of offers, savings realized and rewards earned will vary depending on card usage and eligibility for offers. Conditions apply.
1 Offer Description and Conditions: The 50,000 Scene+ points offer (the « Offer ») applies only to new Scotiabank Gold American Express credit card accounts (the « Accounts ») opened between July 2, 2026, and November 1, 2026 (regardless of the date you apply for the account), subject to the conditions below. All other program terms and conditions continue to apply during the Offer period. The Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offer.
To qualify for the 30,000 bonus Scene+ points (the « 30,000 Bonus Points Offer »), you must make eligible purchases totaling at least $2,000 within three months of the account opening date. To qualify for the 20,000 additional bonus Scene+ points (the « 20,000 Additional Bonus Points Offer »), you must make $7,500 in eligible purchases on your new account during the first year (twelve months). Eligible purchases mean purchases, less refunds, returns and any other similar credits, and exclude payments, cash advances (including balance transfers and quasi-cash transactions), interest charges, card fees and other fees.
Fulfillment of the Annual Bonus: Bonus points will be credited to the Scene+ account within approximately eight weeks after you qualify for a bonus, provided the account is open and in good standing. In the case of a joint account with a primary borrower and a co-borrower, bonus points will be credited as follows: (i) the 30,000 bonus points and the 20,000 additional bonus points will be credited to the Scene+ account linked to the account of the borrower who made the transaction that reached the eligible purchase threshold ($2,000 or $7,500) within the appropriate timeframe (the first three months or the first 12 months). If a supplementary cardholder makes the transaction that reaches the eligible purchase threshold for the 30,000 bonus points or the 20,000 additional bonus points, the bonus points will be credited to the Scene+ account linked to the primary borrower’s account. Points can be transferred between the Scene+ accounts of a primary borrower, co-borrower or supplementary cardholder by contacting Scene+. An account is in good standing if it is not delinquent, the credit limit is not exceeded, and the holder(s) have complied with the terms of the Revolving Credit Agreement applicable to the account. All other program terms and conditions continue to apply during the Offer period. The Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offer.
Eligibility and exclusions: You are not eligible for the Offer if you are currently a primary or secondary cardholder of a Scotiabank personal credit card or if you have been within the past two years, including if you transfer your balance from an existing Scotiabank personal credit card account, and if you are a Scotiabank employee. Subject to the exclusions mentioned above, Scotiabank small business credit cardholders are eligible for this Offer.
Rates and Fees: The current annual fee is $120 for the primary card and $29 for each additional card (including those issued to joint account holders and additional cardholders). The preferred annual interest rates currently applicable to the account are: 21.99% on purchases and 22.99% on cash advances (including balance transfers and quasi-cash transactions). Rates, fees, features and benefits, which are described in the application statement, are subject to change.
Annual fee
Primary card$120
Additional card$29
Annual income required
Individual$12,000
Household$12,000
Conversion fees
0%
Earning rate
6xWith the partner brand
5xGroceries
5xEntertainment
5xRestaurants
3xStreaming
3xTransit
3xGas & EV
1xAll spending
Value
1st Year Value$1,460
2nd Year Value$461
Card benefits
Concierge service24/7
Travel insurance
Travel medical (under 55)Up to $1,000,000 / 25 days
Travel medical (55-64)Up to $1,000,000 / 25 days
Travel medical (65+)Up to $1,000,000 / 3 days
Trip CancellationUp to $1,500
Trip InterruptionUp to $1,500
Delayed BaggageUp to $1,000
Lost BaggageUp to $1,000
Flight DelayUp to $500
Hotel BurglaryUp to $1,000
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Mobile DeviceUp to $1,000 / 1 years
Auto Rental Collision (primary)Up to $65,000 / 48 days
Dynamic Conversion Reminder: Always Pay in Local Currency!
Before we look at the different types of currency withdrawal, let’s take a look at dynamic conversion.
When you pay at a merchant with your credit card, the payment terminal may offer you to pay in local or Canadian currency.
ALWAYS choose to pay in local currency: in this case, the conversion to Canadian currency will be made at the best daily rate of Mastercard, Visa or American Express. A 2.5% conversion fee will be added (unless your card is among those that do not charge a conversion fee).
However, if you choose to pay in Canadian currency, the merchant’s exchange rate will apply PLUS all the other fees usually charged by your credit card.
Here’s an example of payment in Europe with the Scotiabank Passport Visa Infinite +* Card. For a purchase of EUR 283.80, the merchant’s payment terminal offers to convert the amount into Canadian dollars at CAD 384.55, including a 3% conversion fee:
On the transaction date of July 31, 2022, the Visa currency converter indicates that the transaction was for $372.99. You will have paid the merchant a conversion fee of $11.56!
Should you pay in Local Currency or Canadian Dollars?
When you have a choice between the local currency and your currency, it is always better to pay in the local currency. This way, you will get a better exchange rate for your purchase or withdrawal at the ATM or currency exchange bureau.
What is a cash advance when withdrawing money from a Credit Card?
Unlike purchases of goods and services, when you withdraw cash from an ATM, the issuer advances you the money. Unlike credit card purchases, interest on cash advances is charged immediately.
Ways to Save and Get the Best Exchange Rate While Travelling
There are several ways to access money in local currency. These methods each have their advantages and disadvantages.
ATM withdrawals :
Debit card
Credit card
Prepaid Card
Currency exchange :
Bank Order
Currency Exchange Bureau
Debit Card Withdrawals While Traveling
The easiest way is to withdraw your money with a debit card; you’ll get the best exchange rate (daily rate), but this will be increased by a 2.5% conversion fee.
Usually, all Canadian banks are linked to the major international networks such as Interac, Plus, Maestro and Cirrus. You’ll find these logos on the back of your card.
Very accessible worldwide
No need to worry about paying interest
No residual balance on the card to manage
Daily exchange rates
2.5% conversion fee applies
Withdrawal fee from your bank (if applicable)
ATM withdrawal fee (if applicable)
Risk of account blocking (without prior travel notification)
What Is a Currency Conversion Fee?
When you make a transaction, your issuer will use an exchange rate to convert your foreign currency purchase into Canadian dollars.
Then, most institutions will add a conversion fee of 2.5% to this exchange rate.
To get the best exchange rate, avoid these conversion fees.
Is it worth avoiding conversion fees on Exchange Rates?
The exchange rate conversion fee is 2.5% on most cards, so for every $1,000, you’ll pay a $25 fee.
For small amounts, the fee is negligible.
Travel Withdrawals with a Prepaid Card with No Conversion Fees
The best way to save on withdrawals abroad is with a prepaid card. Some cards will even allow you to load the card and then make a withdrawal in foreign currency without having to pay the conversion fee (or a lesser fee).
Like the debit card, it’s one of the best exchange rates for travel (daily rate). It is in fact the preferred way because you will avoid the conversion fees.
Very accessible worldwide
No need to worry about paying interest
No conversion fee
Daily exchange rates
Some currencies are inaccessible
Residual balance on the card to be managed
ATM withdrawal fee (if applicable)
Notably, the Wise debit card, affiliated with Visa, is a reliable solution for making withdrawals in currencies other than your local currency. Formerly known as TransferWise, Wise is a platform for international money transfers that stands out for its low fees on foreign currency withdrawals.
Once you have created your Wise account and obtained your debit card, you can load your account with Canadian dollars and withdraw money in the local currency of the country you are in. Conversion costs are generally much lower than for conventional credit cards. In France, for example, the fee is 0.53%, while in Morocco it is 1.53%.
With the Wise Card, a no-annual-fee card, you can hold and exchange over 40 currencies directly in your Wise account.
With the Wise Card, you can spend freely in over 150 countries and withdraw cash from 2.3 million ATMs. You get 2 free monthly ATM withdrawals.
You can also take advantage of currency conversions at market exchange rates, with transparent, low fees. These fees will be much lower than those your credit card charges (generally 2.5% of the transaction).
You can manage your account easily with the Wise application. Moreover, you can manage your card with complete peace of mind by freezing and thawing it instantly. The automatic currency conversion feature ensures that you always pay the lowest possible fees when using currencies not held on your account.
Keep an eye on your currency balances within the app and receive instant notifications for added security. As a debit card, the Wise Card helps you manage your budget without accumulating debt or incurring credit charges. Opt for the Wise Card and optimize your finances on a daily basis or when you travel abroad!
Annual fee
Primary card$0
Conversion fees
0%
Finally, another option is Wealthsimple Cash, an integrated financial ecosystem that combines a checking account, a high-yield savings account, and a reloadable Mastercard. For frequent travelers, this card offers an attractive alternative to avoid conversion fees associated with foreign currency transactions.
The Wealthsimple Cash Mastercard does not charge fees for ATM withdrawals globally, although some ATMs may apply their own fees.
$25ⓘMilesopedia first-year estimateFirst-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.
Milesopedia 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.
With the Wealthsimple Prepaid Mastercard, you can access your available funds in your Wealthsimple Cash account.
With this welcome offer, you can get $25 cash back as a new Wealthsimple client. To do this, you simply need to open an account and then deposit at least $1 within 30 days.
You can invest your money in an investment account or a cryptocurrency of your choice. Also, you earn interest on your Wealthsimple Cash account balance! Wealthsimple Generation clients can earn an interest rate of up to 2.25%.
In addition, there are no foreign transaction fees for any purchase made in a currency other than the Canadian dollar and no annual fees.
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Terms and conditions apply. For the most up-to-date product details, please visit Wealthsimple.com.
Annual fee
Primary card$0
Value
1st Year Value$295
The EQ Bank Card, affiliated to Mastercard, enables you to make withdrawals abroad without conversion fees, using the network’s daily rate. Linked to a high-interest account, it offers a simple solution for accessing funds when travelling, while generating up to 4% interest on the balance (subject to conditions). Transfers from the account are instantaneous and free of charge, and teller fees are reimbursed in Canada (and abroad, only local operator fees apply). In addition, deposits are protected by CDIC up to $100,000.
With the EQ Bank Card, you pay no foreign exchange fees for purchases made abroad or in foreign currencies. This Mastercard is a reloadable prepaid card with which you can make free withdrawals at any ATM in Canada.
In addition, you earn the same excellent rate as your Personal Account, as well as 0.5% cash back on every purchase made with the EQ Bank Card.
Since it is a Mastercard, you can use it anywhere in the world as well as in Costco warehouses in Canada.
Annual fee
Primary card$0
Annual income required
Individual$0
Household$0
Earning rate
0.5xAll spending
Value
1st Year Value$135
2nd Year Value$120
Credit Card Withdrawals While Travelling
Using a credit card for ATM withdrawals can be tricky, as these transactions are considered cash advances. Therefore, careful planning is necessary to make this option cost-effective; focusing solely on obtaining the best exchange rate might not be wise if you end up paying additional fees in return!
For purchases, you have a grace period where you don’t have to pay interest; you generally have up to 21 days after the statement closes to pay your balance without incurring interest.
For cash advances, interest is charged immediately after the transaction. So, to save on travel withdrawals, it’s imperative that your balance is in the black (i.e. you don’t owe any money to the bank).
It’s also important to know that when you pay back an amount on your credit card, that money comes first to pay for your purchases. So, if you want to make a withdrawal and you have purchases to make as well, you’ll need to take them into consideration.
Here is an example of how to avoid paying interest charges when withdrawing money with a credit card:
Date
Transactions
Balance
June 13th
– $500
June 14th
+ $1,000
June 15th
– $100 (purchase)
June 16th
– $400 (withdrawal)
Interest payable
0 $
It is indeed a bigger headache to use a credit card, so why do it? The main advantage is avoiding the 2.5% conversion fee. For larger amounts, the difference is significant, as you avoid these conversion fees and get the best exchange rate when travelling.
$350ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$350Total$350Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$350Total$350Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
With this welcome offer for the Scotiabank Passport Visa Infinite +* Card +* CardMC, you’ll earn 25,000 welcome bonus Scene+ points after charging $2,000 in purchases to your account within the first three months.
Plus, every year, earn an annual bonus of at least 10,000 Scene+ points when you charge at least $40,000 in purchases to your account. In total, the offer represents up to 35,000 Scene+ points and a value of up to $1,250 in the first year, including rewards, savings on foreign transaction fees and airport lounge access.
With the Scotiabank Passport Visa Infinite +* Card, you earn 3 points per $1 spent at Sobeys, IGA, Safeway, Foodland and participating Co-ops, and 2 points per $1 spent at other grocery stores, restaurants, eligible entertainment and eligible daily transit. You earn 1 point per $1 on all your other everyday purchases.
These points can be redeemed against any travel purchase at a rate of 1,000 points = $10 (flights, hotels, all-inclusives and even Airbnb), or as cash back with Scene+ at the same rate.
The Scotiabank Passport Visa Infinite +* Card also offers:
No fees for foreign currency transactions
6 complimentary airport VIP lounge passes
Excellent insurance for your travels and purchases
Visa Infinite* Concierge Services
We have named this credit card the Best Credit Card with No Foreign Transaction Fees in 2024, 2025, and 2026.
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* The potential value of savings and rewards during the first 12 months includes the value of the welcome offer, the potential value of points earned in the first year, the value of savings on foreign currency transaction fees and the cost of airport lounge access as of May 22, 2026:
$250 in travel rewards (25,000 bonus Scene+ points) for new Scotiabank Passport® Visa Infinite +* Cardholders who charge $2,000 in purchases to their account within the first three (3) months;
$100 in travel rewards (10,000 bonus Scene+ points) for cardholders who charge $40,000 in purchases to their account;
$50 in savings from the annual fee waiver on the first additional card for new Scotiabank Passport Visa Infinite +* Card credit card account holders;
$132 in savings on foreign currency transaction fees based on the average amount of foreign currency purchases made per active account over the past 24 months (by saving on the 2.5% foreign currency transaction fees typically charged by other credit card issuers);
$364 representing the potential value of points earned in the first year (36,400 Scene+ points) based on the average amount of purchases made per active account over the past 24 months, assuming an average spend of 21% of purchases in categories eligible for accelerated earn rates of 2X and 3X points;
$358 representing the value of complimentary membership in the Visa Airport Companion program which includes 6 airport lounge passes (based on « Preferred » membership valued at approximately $357 CAD/$259 USD). Based on the exchange rate in effect on May 22, 2026.
Maximum potential value after the first year = $1,254 (rounded to $1,250)
The actual value of offers, savings realized and points earned will vary depending on card usage and eligibility for applicable offers. Conditions apply.
1 Offer description and conditions: The 25,000 Scene+ points offer (the « offer ») applies only to new Scotiabank Passport Visa Infinite +* Card credit card accounts (the « accounts ») opened between August 4, 2026 and November 1, 2026 (regardless of the date you apply for the account) subject to the conditions below. The offer may be modified, cancelled or extended at any time without notice, and it cannot be combined with any other offer.
In addition, as a Scotiabank Passport Visa Infinite +* Cardholder, you are eligible for an annual bonus of 10,000 Scene+ points if you charge at least $40,000 in eligible everyday purchases to your Scotiabank Passport Visa Infinite +* Card account over the course of one year. Conditions apply; see below for more details.
Description and conditions of the 25,000 bonus Scene+ points offer: To be eligible for the 25,000 bonus Scene+ points offer (« 25,000 bonus points »), you must charge at least $2,000 in total eligible purchases to your account within the first three months following the account opening date.
Conditions for the annual 10,000 Scene+ points bonus: As a Scotiabank Passport Visa Infinite +* Card credit cardholder, you can earn an annual bonus of at least 10,000 Scene+ points (the « annual points bonus ») if you charge at least $40,000 in eligible purchases to your account over the course of one year (12-month period). The annual period begins on the account opening date; a new period starts again every twelve months thereafter. If you replace another Scene+-eligible credit card with the Scotiabank Passport Visa Infinite +* Card (i.e., it is not a new card or an additional card), the opening date of your original account will be carried over to your new Scotiabank Passport Visa Infinite +* Card account and your annual period under this offer will begin on the next anniversary date of your original account opening. For example, if you originally opened a Scotiabank Gold American Express® Card account on January 15, 2022 and you switch to the Scotiabank Passport Visa Infinite +* Card on July 15, 2025, your annual period under the 10,000 Scene+ points annual bonus offer will begin on January 15, 2026 (your next anniversary date) and a new period will start again on January 15 each year thereafter. You will earn 2,000 bonus Scene+ points for each additional $10,000 in purchases made during the same year once you have reached the $40,000 annual purchase threshold.
Eligible purchases means purchases, less refunds, returns and any other similar credits, and excludes payments, cash advances (including balance transfers and quasi-cash transactions), interest charges, as well as card fees and other fees.
Fulfillment of the annual points bonus: Bonus points will be credited within approximately eight weeks after you become eligible for a bonus, provided the account is open and in good standing. In the case of a joint account with a primary borrower and a co-borrower, bonus points will be credited as follows: (i) the 25,000 bonus points and the annual points bonus will be credited to the Scene+ account linked to the account of the borrower who made the transaction that reached the eligible purchase threshold ($2,000, or $40,000) within the appropriate timeframe (the first three months, or the first 12 months). If an additional cardholder makes the transaction that reaches the eligible purchase threshold for the 25,000 bonus points, or the annual points bonus, the bonus points will be credited to the Scene+ account linked to the primary borrower’s account. It is possible to transfer points between the Scene+ accounts of a primary borrower, a co-borrower or an additional cardholder by contacting Scene+. An account is in good standing if it is not past due, there is no over-limit, and the cardholder(s) have complied with the terms of the Revolving Credit Agreement that applies to the account. All other program conditions continue to apply during the offer period.
Offer eligibility and exclusions: You cannot take advantage of the offer if you are currently a primary or secondary cardholder of a Scotiabank personal credit card or have been one in the past two years, including if you transfer your balance from an existing Scotiabank personal credit card account, and if you are a Scotiabank employee. Subject to the exclusions mentioned above, small business credit cardholders are eligible for this offer.
Rates and fees: The annual fees are $150 for the primary card, $0 for the first additional card and $50 for each additional card thereafter (including those issued to joint account holders and additional cardholders). The preferred annual interest rates applicable to the account are as follows: 20.99% on purchases and 22.99% on cash advances (including balance transfers and quasi-cash transactions). The rates, fees, and features and benefits, which are described in the disclosure statement accompanying the application, may be changed.
Annual fee
Primary card$150
Additional card$50
Annual income required
Individual$60,000
Household$100,000
Conversion fees
0%
Earning rate
2xGroceries
2xRestaurants
2xTransit
2xEntertainment
1xAll spending
Value
1st Year Value$650
2nd Year Value$397
Card benefits
Concierge service24/7
Airport lounge access$240
Travel insurance
Travel medical (under 55)Up to $1,000,000 / 25 days
Travel medical (55-64)Up to $1,000,000 / 25 days
Travel medical (65+)Up to $1,000,000 / 3 days
Trip CancellationUp to $1,500
Trip InterruptionUp to $2,500
Delayed BaggageUp to $1,000
Lost BaggageUp to $1,000
Flight DelayUp to $500
Hotel BurglaryUp to $1,000
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Auto Rental CollisionUp to $65,000 / 48 days
Ordering from Your Bank
Of course, your bank can sell you foreign currency. In fact, you can place an order from your online profile.
However, this is not always the best exchange rate when compared with Mastercard and Visa rates. Then you have the option of picking up your money at the branch or having it delivered to your home for a fee. The amount will simply be deducted from your account.
No need to move (with delivery charges)
No residual balance to manage
No need to worry about the interest on cash advances
Need to travel (no charge)
Inflated exchange rate
Withdrawal limit according to your bank’s rules
Transaction fees by your bank (if applicable)
Withdrawal fee from your bank (if applicable)
ATM withdrawal fee (if applicable)
Currency Exchange Bureaus
Finally, are currency exchange bureaus a good option? In fact, exchange rates vary enormously. Some places offer a better exchange rate than your bank or a comparable rate, but you could also find very disadvantageous rates.
To obtain foreign currency through exchange bureaus, it’s important to shop around and compare; one place might offer a better exchange rate for one currency, but not for another!
Finally, exchange bureaus located at airports and tourist areas should be avoided if you aim to get the best exchange rate while travelling.
No residual balance to manage
No withdrawal fees from your bank to pay
No ATM withdrawal fee to pay
No need to worry about the interest on cash advances
Need to visit in person
Need to shop around and compare
Inflated exchange rate
Sometimes commission is added
How to Avoid or Save on Withdrawal Fees While Travelling?
When you make ATM withdrawals, you usually have to pay:
Fees charged by the ATM for the transaction
Fees charged by your bank for withdrawals
Conversion fees
When it comes to your bank’s fees, you can sometimes save on withdrawals with certain packages. However, when you’re abroad, the ATM you’ve chosen may also charge you a withdrawal fee.
Here’s a table of the foreign banks we’ve identified that don’t charge (or charge very little)! With a credit card like the Scotiabank Passport Visa Infinite + or the Wise Card, you’ll get the best exchange rate and the most savings with these banks!
Country
Bank
Bosnia and Herzegovina
Ziraat Bank
Colombia
Davivienda
Croatia
OTP Bank
Chili
Scotiabank
Spain
Unicaja
Indonesia
Bank BRI, BCA, BNI Bank, MayBank, BC, Mandiri
Ireland
All public banks
Japan
7-Bank/7-Eleven
Montenegro
CKB Bank, Universal Capital Bank (Hipotekarna)
Portugal
Multibanco
Sri Lanka
People’s Bank
Singapore
UOB, Maybank
Turkey
Ziraat Bank, Seker Bank
Then, for Tangerine customers, you can save on withdrawal fees at banks in the Global ATM Alliance network. Withdrawal fees are even waived at several banks: Bank of America, Barclays, BNP Paribas, Deutsche Bank, Scotiabank, and Westpac.
Finally, Tangerine’s withdrawal fees are very competitive when compared to other banks. However, you will have to pay a currency conversion fee.
So, which method should you choose to obtain foreign currency, get the best exchange rate while travelling and save on withdrawal fees?
It depends! Each method has its pros and cons. It’s up to you to decide what’s best for your situation. To help you visualize the figures for each option, here are some examples:
Need $500 in US dollars
Debit withdrawal (other)
Deit withdrawal (Tangerine)
Credit withdrawal (Scotia Passport)
Prepaid withdrawal
Bank order
Currency Exchange Bureau
Conversion fee
2,5 %
2,5 %
0%
0%
≈ 3%
≈ 3%
Withdrawal Fees
$5
$3
$7.5
$0
≈ $1.50
$0
ATM fees
$3
$3
$3
$3
–
$0
Commission
–
–
–
–
–
≈ $3
Cost of obtaining
$674.71
$672.71
$651.20
$643.70
$662.25
$663.00
In this example, you get the best exchange rate by withdrawing from an ATM using a credit card with no conversion fee or a prepaid card.
Need $50 in US dollars
Debit withdrawal (other)
Deit withdrawal (Tangerine)
Credit withdrawal (Scotia Passport)
Prepaid withdrawal
Bank order
Currency Exchange Bureau
Conversion fee
2,5 %
2,5 %
0%
0%
≈ 3%
≈ 3%
Withdrawal Fees
$5
$0
$7.5
$0
≈ $1.50
$0
ATM fees
$3
$0
$3
$3
–
$0
Commission
–
–
–
–
–
≈ $3
Cost of obtaining
$72.67
$65.67
$74.57
$67.07
$67.60
$68.00
In this example, you get the best exchange rate by withdrawing from an ATM using a Tangerine client debit card.
We can see that the savings are much greater when the sum is higher, with a better exchange rate despite transaction fees. Tangerine allows you to save money at partner locations as well.
By paying for your purchases with a no-conversion-fee credit card, you’ll get the best exchange rate for your trip.
Where can I withdraw foreign currency at the best exchange rate?
With a prepaid credit card, you can minimize transaction costs and obtain cash at the best exchange rate.
Where is the best place to exchange our money?
For currency exchanges, exchange rates are similar from one institution to another. You’ll need to shop around for an exchange bureau that stands out for its rates and doesn’t charge commission.
When is the best time to exchange currency?
When your trip is booked, do a little research on the rate trend. If the trend shows that the rate is falling against the Canadian dollar, go for it! Otherwise, wait until closer to your trip.
How much cash should I have when I travel?
To avoid theft and loss, it is suggested that you have no more than $300 in cash. This way, you can maximize your credit card purchases without conversion fees and only use cash when credit cards are not accepted.
What are the fees when withdrawing money abroad?
There are conversion and transaction fees from your bank and ATM withdrawal fees when travelling.
Should we exchange our money before leaving on a trip or while there?
It all depends on the amount, but exchange rates are generally similar. However, less common currencies are generally exchanged at a better rate locally than in Canada.
The common currencies are the US dollar, the euro, the British pound, the yen, and the yuan.
Should we use our credit card or debit card to withdraw money while travelling?
In general, a withdrawal with a prepaid credit card with no conversion fees will give you the best exchange rate when traveling with the least fees to pay.
How can I save on travel withdrawal fees?
With a no-conversion-fee credit card, you can get the best exchange rate on your purchases. Then, a prepaid credit card or a banking package with minimal transaction fees will be the winning combination for withdrawing money while traveling.
$350ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$350Total$350Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$350Total$350Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
With this welcome offer for the Scotiabank Passport Visa Infinite +* Card +* CardMC, you’ll earn 25,000 welcome bonus Scene+ points after charging $2,000 in purchases to your account within the first three months.
Plus, every year, earn an annual bonus of at least 10,000 Scene+ points when you charge at least $40,000 in purchases to your account. In total, the offer represents up to 35,000 Scene+ points and a value of up to $1,250 in the first year, including rewards, savings on foreign transaction fees and airport lounge access.
With the Scotiabank Passport Visa Infinite +* Card, you earn 3 points per $1 spent at Sobeys, IGA, Safeway, Foodland and participating Co-ops, and 2 points per $1 spent at other grocery stores, restaurants, eligible entertainment and eligible daily transit. You earn 1 point per $1 on all your other everyday purchases.
These points can be redeemed against any travel purchase at a rate of 1,000 points = $10 (flights, hotels, all-inclusives and even Airbnb), or as cash back with Scene+ at the same rate.
The Scotiabank Passport Visa Infinite +* Card also offers:
No fees for foreign currency transactions
6 complimentary airport VIP lounge passes
Excellent insurance for your travels and purchases
Visa Infinite* Concierge Services
We have named this credit card the Best Credit Card with No Foreign Transaction Fees in 2024, 2025, and 2026.
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* The potential value of savings and rewards during the first 12 months includes the value of the welcome offer, the potential value of points earned in the first year, the value of savings on foreign currency transaction fees and the cost of airport lounge access as of May 22, 2026:
$250 in travel rewards (25,000 bonus Scene+ points) for new Scotiabank Passport® Visa Infinite +* Cardholders who charge $2,000 in purchases to their account within the first three (3) months;
$100 in travel rewards (10,000 bonus Scene+ points) for cardholders who charge $40,000 in purchases to their account;
$50 in savings from the annual fee waiver on the first additional card for new Scotiabank Passport Visa Infinite +* Card credit card account holders;
$132 in savings on foreign currency transaction fees based on the average amount of foreign currency purchases made per active account over the past 24 months (by saving on the 2.5% foreign currency transaction fees typically charged by other credit card issuers);
$364 representing the potential value of points earned in the first year (36,400 Scene+ points) based on the average amount of purchases made per active account over the past 24 months, assuming an average spend of 21% of purchases in categories eligible for accelerated earn rates of 2X and 3X points;
$358 representing the value of complimentary membership in the Visa Airport Companion program which includes 6 airport lounge passes (based on « Preferred » membership valued at approximately $357 CAD/$259 USD). Based on the exchange rate in effect on May 22, 2026.
Maximum potential value after the first year = $1,254 (rounded to $1,250)
The actual value of offers, savings realized and points earned will vary depending on card usage and eligibility for applicable offers. Conditions apply.
1 Offer description and conditions: The 25,000 Scene+ points offer (the « offer ») applies only to new Scotiabank Passport Visa Infinite +* Card credit card accounts (the « accounts ») opened between August 4, 2026 and November 1, 2026 (regardless of the date you apply for the account) subject to the conditions below. The offer may be modified, cancelled or extended at any time without notice, and it cannot be combined with any other offer.
In addition, as a Scotiabank Passport Visa Infinite +* Cardholder, you are eligible for an annual bonus of 10,000 Scene+ points if you charge at least $40,000 in eligible everyday purchases to your Scotiabank Passport Visa Infinite +* Card account over the course of one year. Conditions apply; see below for more details.
Description and conditions of the 25,000 bonus Scene+ points offer: To be eligible for the 25,000 bonus Scene+ points offer (« 25,000 bonus points »), you must charge at least $2,000 in total eligible purchases to your account within the first three months following the account opening date.
Conditions for the annual 10,000 Scene+ points bonus: As a Scotiabank Passport Visa Infinite +* Card credit cardholder, you can earn an annual bonus of at least 10,000 Scene+ points (the « annual points bonus ») if you charge at least $40,000 in eligible purchases to your account over the course of one year (12-month period). The annual period begins on the account opening date; a new period starts again every twelve months thereafter. If you replace another Scene+-eligible credit card with the Scotiabank Passport Visa Infinite +* Card (i.e., it is not a new card or an additional card), the opening date of your original account will be carried over to your new Scotiabank Passport Visa Infinite +* Card account and your annual period under this offer will begin on the next anniversary date of your original account opening. For example, if you originally opened a Scotiabank Gold American Express® Card account on January 15, 2022 and you switch to the Scotiabank Passport Visa Infinite +* Card on July 15, 2025, your annual period under the 10,000 Scene+ points annual bonus offer will begin on January 15, 2026 (your next anniversary date) and a new period will start again on January 15 each year thereafter. You will earn 2,000 bonus Scene+ points for each additional $10,000 in purchases made during the same year once you have reached the $40,000 annual purchase threshold.
Eligible purchases means purchases, less refunds, returns and any other similar credits, and excludes payments, cash advances (including balance transfers and quasi-cash transactions), interest charges, as well as card fees and other fees.
Fulfillment of the annual points bonus: Bonus points will be credited within approximately eight weeks after you become eligible for a bonus, provided the account is open and in good standing. In the case of a joint account with a primary borrower and a co-borrower, bonus points will be credited as follows: (i) the 25,000 bonus points and the annual points bonus will be credited to the Scene+ account linked to the account of the borrower who made the transaction that reached the eligible purchase threshold ($2,000, or $40,000) within the appropriate timeframe (the first three months, or the first 12 months). If an additional cardholder makes the transaction that reaches the eligible purchase threshold for the 25,000 bonus points, or the annual points bonus, the bonus points will be credited to the Scene+ account linked to the primary borrower’s account. It is possible to transfer points between the Scene+ accounts of a primary borrower, a co-borrower or an additional cardholder by contacting Scene+. An account is in good standing if it is not past due, there is no over-limit, and the cardholder(s) have complied with the terms of the Revolving Credit Agreement that applies to the account. All other program conditions continue to apply during the offer period.
Offer eligibility and exclusions: You cannot take advantage of the offer if you are currently a primary or secondary cardholder of a Scotiabank personal credit card or have been one in the past two years, including if you transfer your balance from an existing Scotiabank personal credit card account, and if you are a Scotiabank employee. Subject to the exclusions mentioned above, small business credit cardholders are eligible for this offer.
Rates and fees: The annual fees are $150 for the primary card, $0 for the first additional card and $50 for each additional card thereafter (including those issued to joint account holders and additional cardholders). The preferred annual interest rates applicable to the account are as follows: 20.99% on purchases and 22.99% on cash advances (including balance transfers and quasi-cash transactions). The rates, fees, and features and benefits, which are described in the disclosure statement accompanying the application, may be changed.
Annual fee
Primary card$150
Additional card$50
Annual income required
Individual$60,000
Household$100,000
Conversion fees
0%
Earning rate
2xGroceries
2xRestaurants
2xTransit
2xEntertainment
1xAll spending
Value
1st Year Value$650
2nd Year Value$397
Card benefits
Concierge service24/7
Airport lounge access$240
Travel insurance
Travel medical (under 55)Up to $1,000,000 / 25 days
$990ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Apply with confidence — no impact on your credit scoreⓘApply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
The Marriott Bonvoy® American Express®* Card is the best credit card in Canada for free hotel nights.
New Cardmembers can earn up to 110,000 Marriott Bonvoy® points with the current offer:
Earn 80,000 points after you spend $6,000 on your Card in your first 6 months of Cardmembership.
Plus, earn 30,000 points by making a purchase during your 15th month of Cardmembership.
This offer ends on September 22, 2026. The annual fee is $120, and there is no annual fee on Additional Cards, so you can add a partner or a family member at no extra cost.
Every year after your first Card anniversary, you receive an Annual Free Night Award good for a redemption of up to 35,000 points at eligible hotels and resorts worldwide. At a valuation of 0.9 cents per Marriott Bonvoy point, that certificate is worth roughly $315, which on its own more than covers the $120 annual fee. That is the main reason to keep this Card year after year instead of cancelling it.
To get the most out of the certificate, aim it at a night that would otherwise price close to the 35,000 point ceiling.
The Card also gives you 15 Elite Night Credits each calendar year and automatic Marriott Bonvoy Silver Elite status. Those credits count toward the next Elite tier, so you begin every year 15 nights ahead of where you would otherwise start.
You move up to Gold Elite status automatically when you reach $30,000 in purchases on the Card in a year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your Card.
Marriott Bonvoy points are generally valued at 0.9 cents each. On that basis, the 110,000 point welcome offer is worth about $990, and an Annual Free Night Award used at its full 35,000 point ceiling is worth about $315.
Marriott Bonvoy points pull their weight on free nights rather than on gift cards or merchandise, which is why this Card should be judged on the hotel stays it produces.
You earn 5 points per dollar on eligible purchases at participating Marriott Bonvoy hotels and 2 points per dollar on all other purchases. Points can be redeemed for free nights with no blackout dates at more than 7,000 hotels around the world.
The Card carries a solid package of coverages: $500,000 travel accident insurance, flight delay, baggage delay, lost or stolen baggage and hotel or motel burglary at $500 each, car rental theft and damage up to $85,000 for rentals of up to 48 days, Purchase Protection for 90 days and a one year Extended Warranty.
Two things to plan around: the 2.5% foreign transaction fee on purchases made in a foreign currency, and the 21.99% purchase interest rate, which makes this a Card to pay in full every month. Like all American Express Canada Cards, no minimum income is published for this Card, and you can see whether you would be approved before you apply, with no impact on your credit score.
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American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.
Annual fee
Primary card$120
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
5xMarriott Bonvoy hotels
2xAll spending
Value
1st Year Value$1,437
2nd Year Value$312
Travel insurance
Delayed BaggageUp to $500
Lost BaggageUp to $500
Flight DelayUp to $500
Hotel BurglaryUp to $500
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Auto Rental Collision (primary)Up to $85,000 / 48 days
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Our reviews and rankings are based on an objective assessment. Advertisers do not influence our content. We may receive compensation through some links; our analysis and opinions remain independent.
