The best* debit card for traveling overseas

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.

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.

Best debit cards for overseas travel

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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

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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):	Outside of Canada and the US: $5 Within the US: $3
ATM network	Plus or Visa Network

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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):	Outside of Canada and the US: $5 Within the US: $5
ATM Network	Cirrus Network

What happens when you use your debit card overseas

When you use your debit card overseas, or while shopping at an overseas store, you’ll generally pay for extra fees.

• For purchases

  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.

• For ATM withdrawals

  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.

  • Tip. If your card doesn’t waive ATM fees, save by taking out the maximum amount each time you withdraw.

What are the benefits and drawbacks of using a debit card while traveling?

What should I consider?

Before you open a new travel-friendly chequing account with a debit card, consider the following:

• International ATMs. Check if the bank is part of the Global ATM Alliance, a group that allows account holders to use international ATMs with no added fees.
• Travel insurance. Some debit cards come with complimentary travel insurance that comes in handy if you lose or misplace luggage or are confronted by a medical emergency or flight cancellation.
• Travel rewards. Visa and Mastercard debit cards give cardholders access to a range of special global offers and promotions.
• International money transfers. Check what options the account has for transferring money overseas — and how high the fees are.
• Zero liability. Some cards — like Visa and Mastercard — have zero liability policies in place, so that you’re not held liable in the case of fraudulent or suspicious transactions. You should always notify your bank when you plan to leave the country. This way they can expect purchases from abroad.

What happens if I think my account has been scammed overseas?

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.

How do I send funds to someone overseas?

Check what options the account has for transferring money overseas — and how high the fees are.

How do I link a debit card to a PayPal account?

Alternative travel money options

Many travelers like to have more than one way to access their money while overseas. Other popular options include:

• Credit cards. Using a credit card overseas makes sense if you need access to credit, and in such a scenario you should look for a card that charges little to no foreign transaction fees. Plus, a credit card is handy if you need more funds than expected in the case of an emergency. However, avoid overspending and keep in mind that everything you buy will need to be paid back, usually with interest.
• Prepaid travel cards. A prepaid travel card can be a good way to load multiple currencies on one card. Plus, you can avoid the negative impact of fluctuating exchange rates by locking the rate in at the time of loading. Keep in mind though that loading and reloading your card can incur a fee and it can take up to a few days for the funds to appear on your card.
• Traveler’s cheques. 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.

Should I use a debit card or a travel card?

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.

Are you searching for travel cards instead?

Bottom line

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.

Frequently asked questions

• What should I do if I lose my debit card when traveling overseas?

  If you lose your Mastercard or Visa debit card overseas, you can call and report to a representative. You can also call the local toll-free number, which would vary depending on the country you’re in.

• What information do I need to initiate an international transfer using my bank account?

  You’ll have to provide the recipient’s complete name and address, the recipient’s bank’s name and address and bank account number, along with the amount you wish to transfer.

• Do I have to pay any ongoing fees to use a debit card when overseas?

  Using a debit card when overseas does not attract any additional account keeping fees.

• Can I use chipped cards when traveling to other countries?

  Yes, chip cards are generally widely accepted around the world.

• Can I still access Canadian bank websites when overseas?

  Yes, in most cases you’ll be able to access your internet banking account from just about anywhere in the world. Speak to your bank about accessing your money overseas before you begin your journey just to be sure that your funds will be available whenever you need them.