Making purchases in foreign currencies whether at home or while traveling often hides additional fees silently charged by most financial institutions. Withdrawing money while traveling is even more expensive.

There are, hopefully, ways to go about it to limit throwing your money out the window.

I won’t talk about card promotions and points here, but rather about how to limit the waste of your hard-earned money.

After further analysis, I came to the conclusion that if one maximizes their return with points, it becomes more advantageous to pay conversion feesBUT TO GET MUCH MORE POINTS!

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Some credit cards add 2.5% to the foreign currency conversion rate. 2.5% is not much, you might say. But if you make $5,000 CAD in purchases in foreign currency per year, that’s $125 that you’ve just provided to the bank.

If we consider the accumulation of points, we can easily obtain the equivalent of an additional value of 700$CA in points but spend 125$ for the currency conversion. That remains a minimum gain of 575$. I will show you a small comparison later.

Other cards will charge you up to $7.50 for each foreign currency cash withdrawal. But ATMs outside the country do not always allow you to withdraw large amounts, often limited to around $400 per withdrawal. So if you want the equivalent of CA$1,200, you end up being charged up to $30 by your local financial institution. Not to mention that the ATM’s bank may also charge you additional fees added to the transaction (these are displayed when you withdraw).

However, there is a way to save money when withdrawing cash.

I hardly ever travel with cash anymore. I prefer to make small withdrawals from a card that doesn’t charge me fees.

In any case, you should always check if your cards are accepted in your destination country. On my last trip, I checked before leaving to discover that my (defunct) HSBC card and WealthSimple were simply not accepted in Cuba. Cuba has a special situation and it is good to know before you leave so as not to be caught penniless once you arrive at your destination.

So here is my strategy for the past few years:

Credit Card Comparison Chart

Please note that the information indicated here is provided by the various institutions at the time of writing and may change without notice. Financial institutions are not responsible for keeping the content of this site up to date. Please always validate your needs before obtaining a new card.

For the following table, we will consider the following elements: - 2000$CA of purchases in foreign currencies per year - 1200$ of groceries per month - 200$ of gas per month - 500$ of restaurants per month - 400$ of travel per month ($4800/year) - 1666$ of other expenses per month 

This table includes several cards but not all of them. There are so many that it is impossible to list them all here.

Card	Annual Fees	Currency conversion fees	Access to the lounges	Points obtained per year	Value of points per year	Net value per year (Value of points – conversion fees – annual fees)
Carte CobaltMD American Express	$155.88 ($12.99/month)	2.5% ($50/an)	None	136392 pts	$2045.88	$1844
American ExpressRT Or from Scotia BankScotiaMD	120$	0%	None (Discount available when joining the Priority Pass™ program)	133992 pts	$1339.92	$1219.92
National Bank Mastercard® World Elite®	150$	2.5% ($50/yr)	Yes (Unlimited at the Banque Nationale Lounge at YUL)	136392 pts	$1227.53	$1027.53
MBNA Rewards World EliteMD MastercardMD	120$	2.5% ($50/yr)	None	115600 pts	1156$	986$
AventuraMD CIBC Visa Infinite	139$	2.5% ($50/yr)	Yes (4 DragonPass accesses included)	55992 pts	1119.84$	930.84$
Visa Infinite TDMD AeroplanMD	139$	2.5% ($50/yr)	None	55992 pts	1119.84$	930.84$
DesjardinsMD OdysséeMD Visa Infinite Privilege	295$ (Desjardins member) 395$ (Non-member)	2.5% ($50/yr)	Yes (12 accesses to the Salon Desjardins – YUL)	1207.86 BoniDollars	1207.86$	$862.86 (Member) $762.86 (Non-member)
DesjardinsMD OdysséeMD World EliteMD Mastercard	130$	2.5% ($50/yr)	Yes (8 accesses to the Salon Desjardins – YUL)	959.88 BoniDollars	959.88$	779.88$
Avion Visa Infinite RBC	120$	2.5% ($50/yr)	None	48792 pts	780.67$	610.67$
World Mastercardᴹᴰ Tangerine	0$	2.5% ($50/yr)	None	615.96$ (Varies depending on the categories selected)	615.96$	565.96$
Scotiabank Passport® Visa Infinite	150$	0%	Yes (6 DragonPass accesses included)	67992 pts	679.92$	529.92$
MastercardMD BMO Ascend World EliteMD	150$ (1st year free)	2.5% ($50/yr)	Yes (4 DragonPass accesses included)	78792 pts	525.28$	325.28$

Why save $50 when I can get over $700 in extra points?

Credit cards

Cobalt^MD American Express

• Card Type: Credit Card
• Annual Fee: 155.88$ billed 12.99$/month
• Annual Interest Rate: 20.99% on purchases 21.99% on cash advances
• Currency conversion fee rate: 2.5%
• Additional Cards: No annual fee
• Minimum income to be eligible: 0$
• Minimum credit limit: $1000
• Points
  • 5 times the points on purchases in restaurants, bars and bistros
  • 3x the points on streaming services
  • 2x points on travel and transportation purchases
  • 1x points on all other purchases
• Transfer partners
  • Aeroplan
  • Asia Miles
  • British Airways Executive Club
  • Etihad Guest
  • Flying Blue
  • Hilton Honors
  • Marriott Bonvoy
• Insurance – Cobalt Card – Protection Offered | American Express Canada
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance up to age 64
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
    • Hotel or Motel Burglary Insurance
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

American Express^RT Or from Scotia BankScotia^MD

• Card Type: Credit Card
• Annual fee: 120$
• Annual Interest Rate: 20.99% on purchases 22.99% on cash advances
• Currency conversion fee rate: 0%
• Additional cards: $29/year
• Minimum income to be eligible: 0$
• Access to airport lounges: Yes
• Points
  • 6 points/$ on purchases at Sobeys, Safeway, FreshCo, Foodland and many other grocery stores
  • 5 points/$ in restaurants and other grocery stores
  • 5 points/$ for eligible entertainment purchases
  • 3 points/$ on public transport and gas
  • 3 points/$ on streaming services
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
    • Hotel or Motel Burglary Insurance
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

National Bank Mastercard^® World Elite^®

• Card Type: Credit Card
• Annual fee: 150$
• Annual Interest Rate: 20.99% on purchases 22.49% on cash advances
• Currency conversion fee rate: 2.5%
• Additional cards: 50$/year
• Minimum income to be eligible: 80 000$ (or 150 000$ family)
• Access to airport lounges: Yes
• Minimum credit limit: 5000$
• Points
  • Up to 6 points/$ on purchases at grocery stores and restaurants
  • 2 points/$ on gas and electric charging
  • 2 points/$ on travel
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

Mastercard^MD World Elite^MD récompenses MBNA

• Card Type: Credit Card
• Annual fee: 120$
• Annual Interest Rate: 20.99% on purchases 20.99% on cash advances
• Currency conversion fee rate: 2.5%
• Additional cards: 50$/year
• Minimum income to be eligible: 80 000$ (or 150 000$ family)
• Access to airport lounges: No
• Minimum credit limit: 5000$
• Points
  • 5 points/$ on purchases at grocery stores, restaurants and digital media
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance
    • Price Guarantee

Aventura^MD CIBC Visa Infinite

• Card Type: Credit Card
• Annual fee: 139$
• Annual Interest Rate: 20.99% on purchases 21.99% on cash advances
• Currency conversion fee rate: 2.5%
• Additional cards: 50$/year
• Minimum income to be eligible: 60 000$ (or 100 000$ family income)
• Access to airport lounges: Yes
• Minimum credit limit: 5000$
• Points
  • 1.5 points/$ on purchases at gas stations, electric vehicle charging, grocery stores and pharmacies
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
    • Hotel or Motel Burglary Insurance
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

Visa Infinite TD^MD Aéroplan^MD

• Card Type: Credit Card
• Annual fee: 139$
• Annual Interest Rate: 20.99% on purchases 20.99% on cash advances
• Currency conversion fee rate: 2.5%
• Additional cards: 75$/year
• Minimum income to be eligible: 60 000$ (or 100 000$ family income)
• Access to airport lounges: No
• Points
  • 1.5 points/$ on purchases at gas stations, grocery stores and eligible Air Canada purchases
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
    • Hotel or Motel Burglary Insurance
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

Desjardins^MD Odyssée^MD Visa Infinite Privilege

• Card Type: Credit Card
• Annual fees: 295$ for Desjardins members, 395$ for non-members
• Annual Interest Rate: 11.9% on purchases 12.9% on cash advances
• Currency conversion fee rate: 2.5%
• Additional cards: 95$/year
• Minimum income to be eligible: 150 000$ (or 200 000$ family)
• Access to airport lounges: Yes
• Minimum credit limit: 5000$
• Bonidollars
  • 4% on purchases at restaurants, entertainment and alternative transportation
  • 3% on grocery purchases
  • Up to 3% on travel purchases
  • 1.75% on other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

Desjardins^MD Odyssée^MD World Elite^MD Mastercard

• Card Type: Credit Card
• Annual fee: 130$
• Annual Interest Rate: 20.9% on purchases 21.9% on cash advances
• Currency conversion fee rate: 2.5%
• Additional cards: 40$/year
• Minimum income to be eligible: 80 000$ (or 150 000$ family)
• Access to airport lounges: Yes
• Bonidollars
  • Up to 3% sur les achats en épicerie
  • Up to 2% on purchases in restaurants, entertainment alternative transportation
  • 1.5% on other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

Avion Visa Infinite RBC

• Card Type: Credit Card
• Annual fee: 120$
• Annual Interest Rate: 20.99% on purchases 22.99% on cash advances
• Currency conversion fee rate: 2.5%
• Fees on cash advances: 5$ per withdrawal
• Additional cards: 50$/year
• Minimum income to be eligible: 60 000$ (or 100 000$ family income)
• Access to airport lounges: No
• Points
  • 1.25 points/$ on travel-related purchases
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
    • Hotel or Motel Burglary Insurance
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee
    • Mobile Device Insurance

World Mastercardᴹᴰ Tangerine

• Card Type: Credit Card
• Annual fee: 0$
• Annual Interest Rate: 19.95% on purchases 19.95% on cash advances
• Currency conversion fee rate: 2.5%
• Minimum income to be eligible: 0$
• Access to airport lounges: Yes
• Return
  • Up to 2% on purchases in 2 selected categories
  • 0.5% on other purchases
• Insurance
  • Travel insurance
    • Theft and damage insurance for rental cars
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee

Visa Infinite Passeport^MC Banque Scotia

• Card Type: Credit Card
• Annual fee: 150$
• Annual Interest Rate: 20.99% on purchases 22.99% on cash advances
• Currency conversion fee rate: 2.5%
• Cash advance fees: 7.50$ per withdrawal
• Additional cards: 0$/year for the first, 50$/year for the others
• Minimum income to be eligible: 60 000$ (or 100 000$ family income)
• Access to airport lounges: Yes
• Minimum credit limit: 5000$
• Points
  • 3 points/$ on purchases at Sobeys, Safeway, FreshCo, Foodland and many other grocery stores
  • 2 points/$ in restaurants and other grocery stores
  • 2 points/$ for eligible entertainment purchases
  • 2 points/$ on public transport and gasoline
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance 65 years and over
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
    • Hotel or Motel Burglary Insurance
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee

Mastercard^MD BMO Ascend World Elite^MD

• Card Type: Credit Card
• Annual fee: 150$
• Annual Interest Rate: 20.99% on purchases 21.99% on cash advances
• Currency conversion fee rate: 2.5%
• Additional cards: 50$/year
• Minimum income to be eligible: 80 000$ (or 150 000$ family)
• Access to airport lounges: Yes
• Points
  • 3 points/$ on purchases at Sobeys, Safeway, FreshCo, Foodland and many other grocery stores
  • 2 points/$ in restaurants and other grocery stores
  • 2 points/$ for eligible entertainment purchases
  • 2 points/$ on public transport and gasoline
  • 1 point/$ on all other purchases
• Insurance
  • Travel insurance
    • Travel Medical Insurance
    • Medical insurance up to age 64
    • Travel cancellation insurance
    • Trip interruption insurance
    • Travel accident insurance
    • Flight delay insurance
    • Baggage Delay Insurance
    • Baggage loss or theft insurance
    • Theft and damage insurance for rental cars
    • Hotel or Motel Burglary Insurance
  • Other insurances
    • Extended warranty
    • Purchase Protection Guarantee

Comparison table of prepaid and debit cards

Prendre note que les informations indiquées ici sont fournies par les différentes institutions au moment de l'écriture et peuvent changer sans préavis. Les institutions financières ne sont pas responsables de garder à jour le contenu de ce site. Veuillez toujours valider vos besoins avant d'obtenir une nouvelle carte.
*Les cartes de débits listées sont celles que j'ai personnellement testées. Les autres institutions peuvent avoir des caractéristiques plus ou moins similaires.*

Card	Monthly Fee	Currency conversion fees	Travel withdrawal fees	Fees added for 4 withdrawals of 250$CA abroad
WealthSimple	0$	0%	0$	0$
EQ Bank	0$	0%	0$	0$
Desjardins Visa Debit – Checking account without transaction plan	0$	2.5%	3$ (North America) 5$ (Elsewhere in the world)	37$ (North America) 45$ (Elsewhere in the world)
TD Visa Debit – Minimum Checking Account	3.95$	2.5%	3$ (North America) 5$ (Elsewhere in the world)	37$ (North America) 45$ (Elsewhere in the world)