Best Credit Cards No Foreign Transaction Fees – Whenever you use your regular credit card to buy something in a foreign currency or use it on your travels abroad, you may incur a foreign transaction fee (also known as a foreign exchange fee or foreign exchange fee) of approximately 2.5% on the spot rate. for every purchase you make.
If you are someone who travels abroad often or makes purchases in foreign currency frequently, you can benefit from a credit card with no foreign transaction fees, which can save you a significant amount of money.
Best Credit Cards No Foreign Transaction Fees
Most credit cards with no foreign transaction fees also have additional benefits, such as travel rewards and cash back, while some offer comprehensive travel insurance. Choosing a card that fits your spending habits ensures you get the most value for every dollar you spend, along with additional benefits. We’ve listed the best no FX fee credit cards in Canada along with their benefits so you can choose the one that’s right for you.
Ocbc 90°n Travel Credit Card
Some credit cards with no foreign transaction fees in Canada have no annual fee, while others charge an annual fee that can run into several hundred dollars. Cards that don’t have an annual fee tend to have fewer benefits and rewards, while those that do charge an annual fee often come bundled with a better rewards structure and more benefits. Some annual fee cards also waive the first-year fee and offer first-year welcome bonuses.
The card you choose depends largely on your spending habits. For example, if you only want to use your credit card without FX fees for your overseas trips once or twice a year and you don’t find the card’s rewards structure useful for your needs, you can get a card with no annual fee. speed. Instead, if you occasionally travel abroad for work, a card with an annual fee but good travel benefits and insurance might be a better choice for you.
For a foreign currency transaction, the exact amount you end up paying in your local currency depends on the credit card you’re currently using. Some credit cards use the exchange rate set by credit card networks such as VISA, Mastercard and Amex and add a foreign transaction fee (usually 2.5%), while others set their own exchange rate. Some cards may not have foreign exchange fees, but may charge a much higher exchange rate for transactions. So it’s important to understand exactly how your credit card charges you for your foreign currency transactions.
It should also be noted that all major credit card networks – VISA, Mastercard and AMEX have different exchange rates and vary slightly. So the exchange rate you get also depends on your card issuer.
Canada’s Best No Foreign Transaction Fee Credit Cards For 2023
Standard credit cards charge you a foreign transaction fee to convert your foreign currency transactions into Canadian dollars before posting the fee on your credit card statement. It should also be noted that the FX fee will also apply to any refunds you receive, nor will you get back the 2.5% conversion fee you originally paid. Cards with no FX fees do not charge these fees. However, they may charge an exchange rate that is higher than the credit card network’s exchange rate.
Many Canadians frequently travel to the United States for work or shop online at American retailers. Some Canadians also have income in US dollars but pay their bills in Canadian dollars. USD credit cards are best suited for such people as these types of cards do not charge foreign exchange fees for USD transactions. Transactions are done entirely in US Dollars and payment is also done in US Dollars, saving currency conversion fees. Please note that a currency exchange fee will be charged for purchases in currencies other than USD.
There are prepaid cards in Canada that offer benefits on foreign currency transactions. Some of them are listed below along with their features.
Some credit cards may offer cashback on foreign currency transactions, which can offset the foreign conversion fee charged. Some examples of such cards are:
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Using a credit card with no foreign exchange fees for your foreign travel and foreign currency purchases can save you a significant amount of money that you can use for other expenses. Most of these cards come with additional rewards and benefits that can help you choose the best card for your needs.
The calculators and content on this page are for general information only. does not guarantee the accuracy of the information displayed and is not responsible for the consequences of using the calculator. The Platinum Card® from American Express is by far the leading premium travel card, offering rewards, perks and benefits that can add a lot of value to cardholders – whether you’re traveling or staying close to home.
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Best Travel Credit Cards For February 2023
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