![]() ![]() Tip! Thinking of just using your debit card at an ATM out of country to escape the foreign transaction fees charged by credit cards? Unfortunately, that’s not a lot better. This can really add up, when you figure in food, accommodation, ticket prices and transportation. If you travel anywhere outside of Canada and pay using your credit card in a foreign currency, you’re likely paying the 2.5% foreign transaction fee for the privilege of using your credit card. In these cases, a credit card with no foreign transaction fee could save them a bundle. vendors can also be hit hard by these fees. Who can save by getting a credit card with no foreign transaction fee?Ĭanadian travelers like us can definitely save on foreign transaction fees, but Canadians who shop in US dollars at sites like, snowbirds who spend a good part of the year down south in the USA or Mexico, and even businesses that buy from U.S. Signup bonus of 25,000 bonus Scotia Rewards points Most Canadian travelers likely don’t even know that they’re being charged a foreign transaction fee. Sure, your credit card’s fine print may mention the fee, but honestly, who reads that? Canadian No Foreign Transaction Fee Credit Cards Comparison Table Card ![]() The tricky thing is that this foreign transaction fee isn’t listed separately on your credit card statement – it’s just hidden in the purchase amount on your credit card statement. This foreign transaction fee is 2.5% to 3% on top of any exchange rate! So, if you buy something for $1,000 USD out of Canada, a fee of 2.5% (or $25) is added to your purchase on top of the daily VISA or Mastercard exchange rate. What is a foreign transaction fee?Ī foreign transaction fee is an additional fee of 2.5% that you’re charged when making a purchase in a foreign currency. We’ve done the leg work and sorted through a long list of Canadian credit cards, and found a few great choices that don’t charge a foreign transaction fee. No foreign transaction fee credit cards in Canada 2022
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