Canadians enjoy traveling, but when using their credit cards to make purchases outside the country, many suffer foreign transaction fees, which may be as high as 2.5% per transaction.
The good news is that a wmanyedit cards are available, and many of ‘t charge fees for foreign transactions or offer sufficient cash back to compensate for them.
If you travel frequently or purchase online often, bringing a card with no foreign transaction fees on your next trip could help you save a lot of money.
How About Some Facts?
Further information proves that you may need to send costs to your friends or relatives abroad, and you also may take advantage of online payday loans Ontario to help your close ones.
Many Canadian citizens feel the need share their costs with beloved ones. As you can see, sending money abroad is only sometimes about traveling or business.
For example, in 2017, over five hundred million dollars were sent by Canadians to their relatives and friends outside Canada.
Most of the costs went to South Asia, Oceania, Southern Asia, and non-ODA-eligible countries. Almost 600 million dollars Canadian people sent to both Americas.
According to statistics, women directed the most significant part of funds to Southeast Asia and Oceania (906 mln dollars), while men – to Southern Asia (824 mln dollars).
The least popular destination regions were Northern Africa (only 104 mln sent by men and 43 – by women) and Eastern and Southern Europe (men – 71 mln, while women – 38 mln).
Best Credit Cards Without Foreign Transaction Fees for Canadians
What are the top-quality credit cards with no international transaction fees for Canada Citizens? Well, we’ve prepared five of the most beneficial options. We’re sure you’ll find exactly what you need.
1. Brim Mastercard
If $199 per year seems to be an excessive fee, look at the basic Brim Mastercard. It offers 1% cash back on all transactions and has no yearly charge.
The fact that this card receives the same rewards on international transactions distinguishes it from other no-fee cards.
For instance, Visa’s Home Trust Preferred Card offers rewards on Canadian-dollar spending at the same 1% rate but not on purchases in other national currencies.
Even premium cards like those provided by Scotiabank, which don’t charge international transaction fees, reduce bonus categories to only 1 point for every dollar spent abroad.
2. Scotiabank Gold American Express
This is one of the top Canadian all-around credit cards. You may gain Scotia Rewards points by spending money on groceries, dining out, and entertainment.
You can earn points by spending money on gas, public transportation, and streaming services. Even in the different categories, the card only offers 1% cash back on overseas transactions. Even so, earning benefits when dining overseas is an excellent thing.
Some significant exceptions exist to the thousands of businesses across Canada that accept American Express.
Loblaws, for example, does not accept American Express, and you may be unable to use this card at several smaller independent shops, grocers, convenience stores, and restaurants. Wherever you go, Amex acceptance can be much more constrained.
3. HSBC World Elite Mastercard
This card offers a powerful combination of a high daily earning rate and recurrent yearly travel credits. They may be applied to various airline upgrades in addition to not incurring any foreign exchange costs.
The owners of this card will be given a $100 travel credit every year, which they can use to pay for anything from qualified airline baggage policy to an upgrade of a seat or an access pass to an airport lounge.
The HSBC World Elite Mastercard also comes with extensive travel insurance advantages.
With a trip duration of up to 31 days instead of the 15 days generally seen on other cards, its travel medical insurance stands out in particular. And this is a decent palette of benefits.
4. Scotiabank Passport Visa Infinite for Business
This is the best option for companies that incur high costs in USD or other foreign currencies.
Along with a $300 initial bonus, the card offers a consistent 1.5% cash back. Compared to other business credit cards, which typically have lower rewards rates and a 2.5 percent foreign transaction fee, you are paying the $199 annual cost is well worth it if your company frequently makes purchases in foreign currencies.
In addition, the card offers fantastic travel benefits. You’ll receive a complete insurance package, access to a lounge, savings on car rentals, and several Visa Infinite advantages.
Moreover, it is crucial to be aware that Mastercard and Visa will lower domestic customer transaction fees to an overall effective rate of 1.40 percent annually over five years, by recent information.
5. Meridian Visa Infinite
This is a great credit card with a below-average annual fee that offers exceptional bonuses on purchases made outside of Canada to assist you in avoiding paying foreign transaction fees.
The Meridian Visa Infinite Travel Rewards has exceptional travel insurance that surpasses even the most incredible travel credit cards. It offers up to 5 million dollars in emergency travel coverage for up to 48 days.
Although many credit card travel insurance features are only available to those 65 and older, Visa’s Meridian Infinite Travel Rewards’s urgent travel insurance coverage is open to people up to 75.
Since there are no bonus categories on this card, it might not be the most significant rewards program for people who make large purchases in typical categories like grocery, petrol, or recurring expenses.
You can avoid paying exorbitant fees for international transfers, as there are economical options. If you use one of the cards from our list, you can make your loved ones happy even easier.