Best No Foreign Transaction Fee Credit Cards

If you travel or shop in other currencies a lot, foreign transaction fees add up fast.

Most traditional credit cards charge around 2.5–3% on every purchase made in a foreign currency—on top of the exchange rate.

No foreign transaction fee credit cards skip that extra markup, so more of your money goes toward your trip or purchase instead of bank fees.

1. KOHO Everything Plan: A No FX Fee Alternative

KOHO Everything isn’t a traditional credit card—it’s a prepaid Mastercard®.

With the KOHO Everything Plan, you get:

• Grow your savings with 3.5% interest, one of the highest rates in Canada

• Earn a 2% cash back rate on groceries, eating, drinking, and transportation and 0.5% cash back on everything else

• There are no foreign exchange fees, so you save on international purchases and travel

• 3GB of free data included (Provided by Airalo), top up anytime

• Unlimited transactions and free e-transfers

• No minimum balance required, ever

2. Scotiabank Passport Visa Infinite Card

Premium travel rewards card with no foreign transaction fees, strong travel insurance, and built-in Priority Pass lounge access (limited free visits per year).

Earns Scene+ points on everyday spending and travel, with an annual fee aimed at frequent travellers who value perks like lounge access and no-FX.

3. Scotiabank Gold American Express Card

Travel leaning rewards card that also charges no foreign transaction fees, with high Scene+ earn rates on categories like groceries, dining, entertainment, and recurring bills.

It’s great for people who put a lot on their card each month and travel periodically.

4. Home Trust Preferred Visa

A no annual fee card that’s popular mainly because it waives foreign transaction fees on purchases and offers a simple flat cash back rate on eligible spending.

It’s a more bare bones option. Fewer travel perks than premium cards, but attractive if you want no FX fees without paying an annual fee.

5. Scotiabank Platinum American Express Card

High-end, high-fee travel card with no foreign transaction fees, elevated Scene+ earn rates on most spending, and a big suite of premium travel benefits.

It’s designed for heavy spenders and frequent travellers who will actually use the perks enough to justify the annual fee.

What are Foreign Transaction Fees?

Foreign transaction fees are extra charges added when you:

• Pay in a non Canadian currency, or

• Make purchases processed through a foreign payment network

They usually show up as:

• A percentage fee (e.g., 2.5%) on the converted amount

• Sometimes bundled into the exchange rate, making your effective rate worse

On a $2,000 trip, a 2.5% FX fee is an extra $50 in pure fees. Do that a few times a year and it’s like paying a hidden annual fee just for travelling.

Why People Look for No FX Fee Credit Cards

No foreign exchange fee cards are popular because they:

• Make travel cheaper (no markup on every restaurant, hotel, and transit tap)

• Help with online shopping from foreign sites (USD, EUR, GBP, etc.)

• Make costs more predictable, since you’re closer to the real exchange rate

Pairing no FX fees with cash back or rewards is ideal—that way you’re not paying extra fees, and you’re getting something back.