The best no foreign transaction fee credit cards in Canada for 2023 + MORE Sep 29th

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The best no foreign transaction fee credit cards in Canada for 2023
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By Keph Senett and Winston Sih on September 29, 2023Estimated reading time: 17 minutes

Canadians love travel and shopping, but when using their credit cards outside of Canada, many pay foreign transaction fees—as much as 2.5%—on every purchase. The good news is there’s a good selection of credit cards for Canadians that either offer no foreign transaction fees or reward with more than enough cash back to cover the fees. If you’re a frequent traveller or online shopper, you could save a lot of money by bringing a no foreign transaction fee card along on your next trip…

You’ve probably used an Interac e-Transfer to pay a friend back for dinner, split the rent with a roommate, send birthday money to your nephew or put money into your account at another bank. This service is quick and convenient if you’re a customer at a major bank or a credit union—but if you sign up with a neobank or fintech, your e-transfer options are generally more limited. You might not get the same nearly instant processing time or be able to transfer as much money as you want to. 

That may change in the near future. On Sept. 29, Interac announced that it is expanding access to e-Transfer services among different types of financial institutions in Canada. Wealthsimple is the first of these to be “provisionally accepted.” Before the announcement, only federally licensed financial institutions (like banks), provincially licensed credit unions and some challenger banks were direct participants in Interac e-Transfer services, says Will Keliehor, Interac’s chief commercial officer…