Mark’s favourite no foreign transaction fee credit card.
I’ve tested and reviewed almost every credit card in Canada. Without a doubt the big banks tend to have tons of hidden fees, and high fees. Unfortunately there is not much selection in Canada for no foreign transaction fee credit cards.
I travel to the USA, Europe and Mexico a lot and my 2 favourite cards to use while travelling is KOHO and Wealthsimple. Watch my video to learn why.
Mark’s Top Pick: KOHO
$0 Annual fee
$9 / month account fee
Earn high interest on your savings
I tested out 100 credit cards to find the best one for foreign spending
In this video I’m reviewing the results of my extensive credit card test (it’s seriously been going on for years now). I’m going to show you my top 3 favourite credit cards that I use when travelling because they have no foreign transaction fees.
I put each card to the test using my personal credit card checklist, but I’m also taking into account what the government of Canada outlines on how to compare interest rates.
Comparing the best:
Low Interest Card Comparison
I’ve researched and signed up for almost all Canada’s most popular credit cards to help you choose the right one. I found that my favourite no foreign transaction fee credit card was KOHO. Checkout how it compares to my other favourite cards in this table here.
| KOHO | Wealthsimple Cash Card | Neo Financial | Scotiabank Passport® Visa Infinite* Card | |
|---|---|---|---|---|
| Annual / Monthly Fee | from $9/mo | $0 | $0 | $150 |
| Foreign Transaction Fee | 0% | 0% | 2.5% | 0% |
| App Interface | 😃 | 😃 | 🙂 | 🙂 |
| Card Types | pre paid | pre paid | credit | credit |
| Best Feature | high interest savings | no fees, easy to use | no annual fee | travel points reward program |
| Rewards program | cash back | cash back | cash back | Scene points |
| Mark’s Rating | 5/5 | 5/5 | 4/5 | 4/5 |
My #1 Choice
Why You Should Consider KOHO
Pros:
- Pre paid card (no debt!)
- Cash back rewards
- No foreign transaction fees
- E-transfer enabled (send and receive)
- No annual card fees
- Earn high interest on your money
- Easy to use
Cons:
- Pre paid card (no credit issued)
- Can’t connect bank accounts for easy transfers
- Monthly account fees
My #2 Choice
Why You Need Wealthsimple
Pros:
- Pre paid card (no debt!)
- Cash back rewards
- No foreign transaction fees
- E-transfer enabled (send and receive)
- No annual or monthly card fees
- Earn high interest on your money
- Easy to use
Cons:
- Pre paid card (no credit issued)
My #3 Choice
Why I’m in Love With Neo Financial
Pros:
- Standard credit card
- Cash back rewards
- Can connect bank accounts for easy transfers
- No annual card fees, or monthly fees
- Earn high interest on your savings
- Easy to use
Cons:
- 2.5% foreign transaction fee
My #4 Choice
Why You Should Consider Scotiabank
Pros:
- Standard credit card
- No foreign transaction fee
Cons:
- It’s a big bank – expect big fees & shitty services
- Annual fee of $150
- Scene points (this points program sucks)
- Can’t connect bank accounts for easy transfers
- Bad currency conversion rate
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Credit card evaluation criteria I use
How I evaluate credit cards
Obviously looking for credit cards with no foreign transaction fees. However there are so many more variables that we should look at to determine which card suits you.
Here’s my evaluation criteria:
- Interest rate
- Annual or monthly fees
- Rewards programs
- App usability
- Hidden fine print (e.g. temporary introductory offers)
- Other fees (foreign currency conversion, cash advances, statement fees, over limit fees,
After that what I look for is companies that provide an easy to use app interface, have amazing features, and prioritize good financial habits. Typically this excludes most of the big banks, who try to hide fees, and make your money seem complex.
That’s why in my content you’ll see me gravitate towards more progressive financial technology companies like Neo Financial and KOHO.
FAQ’s on Foreign transaction Fees?
How do banks make their money without charging foreign transaction fees?
The reality is every bank and fintech company provides currency conversions during which your bank or fintech company will markup the currency conversion so they make a bit of money. However most Canadian companies (especially the big banks) will also charge you a percentage typically between 1.5 – 3%. It’s basically double taxation and in my opinion should be illegal to charge these insanely high fees. So don’t worry – the credit cards with no foreign transaction fees are still making money off you…
Should you choose pre-paid or standard credit card?
If you’re looking for a 0% foreign transaction fee card then you are most likely a Canadian that’s travelling somewhere and buying products from another country. Which is why I typically recommend using a pre-paid credit card like KOHO or Wealthsimple because you will avoid paying for cash advance fees if you use the card to take out foreign cash at an ATM or bank.
Does cancelling a card hurt your credit score?
Cancelling a card has the potential to hurt your score, but does not necessarily mean it will impact your score. When handling credit you should ensure you’re not opening and closing a lot of accounts in a short amount of time. Plus make sure you pay the full balance off every month, and never spend more than 30% of the maximum credit available to you.
My Quick Summary
At Money With Mark, you’ve got an unconventional, slightly sarcastic sidekick in the world of ‘low interest Credit Cards in Canada’ and beyond. This isn’t just about quick fixes, it’s about making informed decisions that truly benefit your financial health.
Whether you’re new to Canada or a seasoned financial nerd, you’ll find candid, reliable reviews right here. Until our next venture into finance, keep your wallets smart and never forget—your money is important.
My #2 Card: Wealthsimple
Instant virtual card access
0% foreign transaction fees
Earn high interest on savings
