How did we choose the best cards?
In determining our picks for the best debit cards to use while traveling outside Canada, a number of debit cards were primarily evaluated based on foreign transaction fees and branch or ATM access.
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When comparing the best debit cards, you’ll also want to look at the chequing account attached to the card. Look for an account that offers a Mastercard or Visa debit card, which are accepted worldwide. Choose a bank that belongs to a strong ATM partner network and has reasonable foreign ATM fees.
The best checking accounts for international travel offer fee-free foreign transactions, so look for an account that offers low foreign transaction fees.
In determining our picks for the best debit cards to use while traveling outside Canada, a number of debit cards were primarily evaluated based on foreign transaction fees and branch or ATM access.
Best for getting cash at foreign ATMs
When you’re hoping to withdraw cash abroad without paying your bank every time you use an ATM, an account with Scotiabank may be the solution. Scotiabank offers free ATM access worldwide due to their membership in the Global ATM Alliance. Note that the network and the bank the ATM belongs to can still charge a fee.
Foreign transaction (admin) fee: | 2.5% |
Out-of-network ATM fee (with the Ultimate Package): | $0 |
ATM Network | Global ATM Alliance / Plus or Visa Network |
Best for making foreign purchases
For making purchases abroad, you may want to look into an Visa debit card from CIBC. CIBC is part of the Plus Network around the world and using your Visa debit card gives you access to anywhere Visa is accepted. CIBC charges fees on par with the major banks. If you prefer to spend your money directly from your chequing account rather than your credit card, this option may be for you.
Foreign transaction (admin) fee: | 2.5% |
Out-of-network ATM fee (with the Everyday Chequing Account): |
|
ATM network | Plus or Visa Network |
Best for using Mastercard debit worldwide
Use your BMO Debit Mastercard to make purchases abroad. Enjoy withdrawals from overseas ATMs in the Cirrus Network without worrying about foreign transaction fees. BMO charges fees on par with the major banks.
Foreign transaction (admin) fee: | 2.5% |
Out-of-network ATM fee (with the Performance Plan): |
|
ATM Network | Cirrus Network |
When you use your debit card overseas, or while shopping at an overseas store, you’ll generally pay for 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 transactions 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 traveling. 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:
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.
Check what options the account has for transferring money overseas — and how high the fees are.
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Which option is best for you depends on whether you favor affordability or convenience — and whether your chequing account and linked debit card are travel-friendly.
You can continue to access your regular account with a debit card without having to pre-plan or convert any cash beforehand. The drawback depends on the account you have, withdrawals, transactions and currency conversion fees — which can all add up. If your account has low or no foreign transactions fees, this tends to be the best option.
A travel card is a prepaid card you can load with multiple currencies. This is useful if you’re traveling to multiple places in one trip. You can reload the card, but it can incur a fee. These cards are useful for people who have chequing accounts with unreasonably high foreign transaction fees.
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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