Foreign transaction fees are one of the most avoidable travel costs. Most Canadian credit cards tack on a 2.5% surcharge on every purchase made in a foreign currency — whether you are physically abroad or just shopping online from a US retailer. This guide focuses specifically on the best cards that eliminate that fee entirely.
The Rogers World Elite is exceptional because it combines zero foreign transaction fees with a zero effective annual fee (waived when you spend $15,000/year) and actually pays you cash back on foreign purchases. At 3% back on foreign currency spending with no FX fee, you come out ahead on every international transaction.
The Scotiabank Passport Visa Infinite removes the foreign transaction fee and adds valuable extras: 6 complimentary Priority Pass airport lounge visits per year, comprehensive travel insurance, and strong Scene+ points earning on grocery and dining. At $150/year, it pays for itself quickly for travellers who use the lounge visits.
The HSBC World Elite Mastercard earns 3x points on travel and dining with no foreign transaction fee. Points transfer to airline loyalty programs for potentially high-value redemptions. Comes with comprehensive travel insurance and Mastercard World Elite benefits.
Brim Financial's credit cards eliminate foreign transaction fees across all three tiers — Free, World, and World Elite. The free Brim card is ideal as a travel backup with no annual cost. Brim also allows installment payments on large purchases and has a clean mobile app for tracking spending.
| Card | Annual Fee | FX Fee | Best Earn Rate | Insurance |
|---|---|---|---|---|
| Rogers World Elite | $0–$99 | 0% | 3% foreign cash back | Basic |
| Scotiabank Passport Visa Infinite | $150 | 0% | 3x grocery/dining | Comprehensive |
| HSBC World Elite | $149 | 0% | 3x travel/dining | Comprehensive |
| Brim Free | $0 | 0% | 1x everywhere | None |
| Brim World Elite | $199 | 0% | 2x everywhere | Yes |
Many Canadians underestimate how much they spend in foreign currencies. Beyond international travel, the FX fee applies to:
A Canadian who spends $500/month on US subscriptions and online shopping pays roughly $150/year in foreign transaction fees — without ever leaving the country.
If you want to avoid FX fees on debit purchases and ATM withdrawals abroad, dedicated travel accounts like Wise and Revolut offer excellent exchange rates. Note that KOHO's prepaid Mastercard does charge a 2.5% foreign transaction fee, so it is better suited for domestic use while a no-FX credit card handles your international spending.
Before your trip, make sure your home banking has zero fees. KOHO gives Canadians a no-fee account with cash back on everyday spending — so you have more money for travel. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYAThe decision comes down to how much you travel and what other features you value:
Any of these cards will save you hundreds compared to using a standard Canadian card abroad. Eliminating the 2.5% FX fee is one of the highest-impact, lowest-effort financial optimizations available to Canadians who travel or shop internationally.