When comparing the best Canadian international debit cards for travel, there are several factors to consider, like whether they is Mastercard or Visa cobranded, what ATM networks you’ll have access to and—of course—what fees they charge.
That’s why we rounded up the best international debit cards and prepaid cards for travel to the US and overseas so you can easily compare options and find the best card for your next adventure.
BMO Performance Chequing Account
Yes, you can use your Canadian debit card in the US, just like you would use it in Canada. The only difference is that you may be charged a foreign transaction fee (usually 2.5%) for each purchase and the funds will be debited from your account in CAD based on whatever the conversion rate is at that moment.
Of course, you can avoid being charged the foreign transaction fee by using a debit card or prepaid card that doesn’t charge that fee, like the EQ Bank Card.
Yes, you should be able to use your Canadian debit card in Europe at most point-of-sale terminals and ATMs. Some common networks used in both Canada and Europe include Visa’s Plus and MasterCard’s Cirrus networks. You can check your debit card for a logo showing its corresponding ATM network.
If you have any doubts, call your bank to see if its network extends to Europe or if it has partner banks in Europe.
Keep in mind that you’ll have to pay a foreign transaction fee and potentially a margin on top of the exchange rate when you use your debit card in Europe.
The option that is best for you depends on whether you favor affordability or convenience.
Debit cards offer the convenience of continued access to your regular accounts without having to pre-plan or transfer funds beforehand. The drawback is that most bank debit cards charge currency conversion fees and transaction fees. If your account has low or no foreign transaction fees, this tends to be the most straightforward option.
Prepaid cards for travel typically come with no fees for transactions, whether at home or abroad, which can help you save while travelling internationally. Using a prepaid card can be the best option for someone whose chequing account charges a foreign transaction fee.
When you use your debit card overseas, or while shopping at an overseas store, you’ll generally pay extra fees.
Your chequing account will usually charge a foreign transaction fee when you purchase something in a foreign currency. You may also have to pay a margin on the exchange rate, which means that your bank sells you foreign currency at a higher price than you’d pay elsewhere.
Debit card readers in stores and hotels can often detect that you’re using a card from another country, and they may ask to debit the purchase in CAD dollars rather than the local currency. While this can help you save on foreign transaction fees, it often means you’ll pay a significantly worse exchange rate, and it’s generally the more expensive option.
Avoid making frequent ATM withdrawals while travelling. Even if you have an account that does not charge for you for international ATM withdrawals, local operator fees still apply.
Your normal bank account will usually charge the following fees: foreign ATM fee, foreign transaction fee, exchange rate markup and, in most cases, the ATM itself will charge a third-party fee. These fees can make withdrawing money at a foreign ATM very expensive.
If you want to avoid relying on a debit card while travelling abroad, there are a few other options to consider:
There are many online money transfer services that support sending money internationally in a wide range of currencies. If you’re visiting friends or family, consider sending them funds in the currency you intend to spend. When you arrive, they can withdraw the money from their accounts or arrange for a cash pickup.
Charge expenses to a travel credit card with no foreign conversion fee. You can avoid putting yourself at risk by carrying cash on your person, plus you can earn travel rewards that can be applied to your credit card bill or your next trip.
By charging travel costs to your card, you may also be able to take advantage of complimentary travel insurance for lost baggage, flight delays, medical emergencies and other contingencies. Note that credit cards come with different terms and rewards, so compare your options carefully before applying for your next card.
Prepaid travel cards are much like debit cards in that you only spend the money you have. There is no credit involved. However, unlike debit cards prepaid cards don’t draw funds directly from your bank account.
Instead, you withdraw or transfer funds from your bank account and load up your prepaid card. See what types of prepaid travel cards your bank offers, or check out the Visa Travel Card, which can be used anywhere Visa is accepted worldwide.
These used to be one of the most popular options, but they’re quickly fading from favor. While each cheque comes with a unique number and it’s not difficult to replace if lost, the bulkiness of carrying around multiple cheque does not work in their favor. In addition, you have to cash these cheque before you get access to funds.
Before you open a new travel-friendly chequing account with a debit card, consider the following:
If you think you’ve been a victim of fraud, contact your bank or card issuer immediately to cancel the card and begin the process of recouping any lost funds.
Use a globally accepted debit card to gain access to your money without the temptation of overspending. The fees and rates that come with using your card will vary, so compare your options to ensure the cost doesn’t outweigh the benefits.
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Get competitive exchange rates and pay no foreign transaction fees when you spend money internationally with this fee-free debit card.
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