Carrying a thick stack of money or scouring the streets for a obscure foreign money trade sales space is the sort of journey tip you’d look forward to finding in a historical past e book.
Nowadays, good travellers can skip the effort and the horrible charges by utilizing pay as you go playing cards that waive international transaction charges and work seamlessly at ATMs overseas.
Even higher, these playing cards assist Canadians dodge a standard however lesser-known entice: double foreign money conversion.
When exchanging Canadian {dollars} right into a non-USD foreign money like Korean gained or Mexican pesos, many banks and cubicles convert your funds to USD first, then to the vacation spot foreign money, charging you a markup at each steps.
And when withdrawing from an ATM, there’s yet another trick to be careful for: Dynamic Forex Conversion (DCC). It quietly inflates the trade charge if you select to be charged in your house foreign money as a substitute of the native one.
Right here’s what that entice appears like in actual life:
On this instance, the ATM gives to transform 1,000,000 IDR at a charge of 0.0000873, leading to a cost of $87.30 CAD. However on the time, the mid-market charge was nearer to 0.000084—about $84 CAD. That’s a $3+ distinction for no cause in any respect.
Earlier than we dive into the most effective pay as you go playing cards for journey, let’s take a fast have a look at how they work and why they’re such a useful gizmo for managing your cash overseas.
What Is a Pay as you go Credit score Card?
At their core, pay as you go bank cards work like a hybrid between a debit card and a bank card. You load funds onto the cardboard upfront, often by way of Interac e-Switch, debit card, invoice fee, or direct deposit, after which spend from that stability.
Not like a conventional bank card, you’re not borrowing cash. And in contrast to most chequing accounts, there are sometimes any month-to-month charges or minimal stability necessities.
Higher but, getting one doesn’t contain a arduous credit score verify (so long as you decide out of the overdraft function), and also you gained’t by accident rack up curiosity expenses, because you’re solely spending what you’ve already loaded.
Pay as you go playing cards are nonetheless a part of the Visa or Mastercard community, which implies they’re accepted virtually anyplace a daily bank card is—each on-line and in particular person.
That makes them particularly helpful for journey, the place you may want a card for lodge holds, on-line bookings, and even simply faucet funds overseas.
They’re additionally an ideal choice for college kids or newcomers to Canada who don’t but have entry to conventional credit score. Whereas some accommodations or automobile rental corporations could insist on a full bank card, many will settle for a pay as you go card if it has sufficient stability to cowl the deposit—making it a sensible workaround in conditions the place you’d in any other case be caught.
And whereas many Canadians use pay as you go playing cards as a budgeting instrument (due to modern apps and prompt transaction monitoring), in addition they serve a really particular goal for travellers: they allow you to withdraw money at international ATMs with out triggering the standard money advance charges or international trade markups that bank cards like to sneak in.
Evaluate the Greatest Pay as you go Playing cards for Canadian Travellers
With so many choices obtainable, selecting the best pay as you go card is dependent upon your journey habits, spending model, and wish for simplicity or flexibility.
Right here’s a side-by-side have a look at the highest no-FX-fee pay as you go playing cards for Canadians in 2025, highlighting their strengths, limitations, and ideally suited use instances.
Wealthsimple Pay as you go Mastercard: Modern, Easy, and No FX Charges
For those who’re on the lookout for essentially the most well-rounded pay as you go card to take in your travels, the Wealthsimple Pay as you go Mastercard is the one to beat.
It hits all the appropriate notes: no charges of any type, no international transaction charges, and no ATM withdrawal charges—a uncommon trifecta that makes it a standout for Canadians heading overseas.
Whether or not you’re travelling for per week or a number of months, this card gives a fuss-free expertise with surprisingly stable options:
- 1% money again on each buy, which you’ll be able to select to direct into money, shares, or crypto holdings (observe that the latter two choices have tax implications in the event that they rise in worth, so money again could also be preferable for a basic consumer)
- No international trade charges – a uncommon sight within the Canadian market
- No ATM withdrawal charges – aside from charges imposed by the ATM operator (many ATMs worldwide don’t cost a price); Wealthsimple additionally reimburses as much as $5 per transaction for home ATM charges in Canada (credited inside 3–4 enterprise days)
- Beneficiant ATM withdrawal limits – as much as $3,000 per day and $10,000 per week
- No month-to-month or annual charges
- Ship/obtain Interac e-Transfers with no charges (quick and as much as $5,000 per switch)
- Masses simply by way of Interac e-Switch, debit card, exterior financial institution switch, or direct deposit
- Funds are CDIC insured as much as $100,000
- Absolutely appropriate with Apple Pay and Google Pay
You don’t simply need to take my phrase for it, right here’s a real-world instance.
On April 9, 2025, I withdrew 100,000 Indonesian Rupiah (IDR) utilizing my Wealthsimple Pay as you go Mastercard. The cardboard charged me $8.49 CAD, whereas the mid-market charge on the time (in accordance with XE Forex) would have transformed the identical quantity to $8.40 CAD.
The Mastercard trade charge used was 0.000085, whereas the mid-market charge was 0.000084. In different phrases, the speed I obtained was basically at spot, with no added FX markup or withdrawal price from Wealthsimple.
This confirms that you just’re getting very aggressive conversion charges when utilizing Wealthsimple overseas, and it’s an ideal instance of why this card stands out for worldwide use.
The app can be modern and beginner-friendly, and the bodily card comes with a clear black-and-gold design that feels extra premium than you’d anticipate from a pay as you go product.
Personally, I’m an enormous fan of what the Wealthsimple Pay as you go Mastercard at the moment gives. It feels virtually too good to be true in as we speak’s market, and I actually hope this isn’t only a buyer acquisition technique that results in nerfs down the highway.
If it stays this robust, it’ll proceed to be top-of-the-line pay as you go playing cards Canadians can carry whereas travelling.
Wealthsimple additionally gives extra advantages primarily based in your belongings beneath administration, with three tiers: Core, Premium, and Technology. You solely want $1 in belongings to qualify for the Core tier, which already consists of all the important thing options listed above.
Premium and Technology tiers, unlocked with $100,000 and $500,000 in belongings respectively, supply larger rates of interest, precedence service, and added accomplice perks like airport lounge passes, however you don’t want these to profit from the travel-friendly core options.
One factor to remember is that Wealthsimple blocks transactions and ATM withdrawals within the following nations as a consequence of sanctions or inside coverage:
Afghanistan, Bangladesh, Belarus, Central African Republic, Congo, Cuba, Democratic Republic of Congo, Eritrea, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Kosovo, Liberia, Libya, Mali, Myanmar, North Korea, Russia, São Tomé and Príncipe, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, and Yemen.
Remember to verify the official checklist earlier than making journey plans.
With beneficiant limits, a modern app, and nil charges even on the base tier, the Wealthsimple Pay as you go Mastercard earns its spot as my high suggestion for pay as you go journey playing cards in Canada.
EQ Financial institution Card: Charge-Free Performance with a Few Frictions
The EQ Financial institution Card is a sensible and reliable pay as you go choice for Canadians who wish to keep away from international transaction charges with out giving up the total performance of a conventional checking account.
Whereas it will not be the flashiest card on the market, it gives a compelling mixture of options—particularly in case you worth flexibility, safety, and curiosity in your stability.
Right here’s what makes the EQ Financial institution Card a stable journey companion:
- No international transaction charges
- No month-to-month or annual charges
- No EQ-imposed ATM withdrawal charges (solely operator charges could apply)
- Computerized reimbursement of home ATM charges (as much as any quantity)
- Earn curiosity in your stability – at the moment 1.25%, with promotions of as much as 4% if you arrange direct deposit of $2,000+ monthly
- 0.5% money again on purchases
- Masses simply out of your EQ Financial institution financial savings account (which helps Interac e-Switch, invoice funds, and direct deposit)
- Absolutely appropriate with Apple Pay and Google Pay
- Consists of full checking account options, together with cheque deposits, invoice pay, and extra
A key distinction with EQ Financial institution is the way it handles your funds: your essential stability sits in a high-interest financial savings account, and you should manually switch cash to your card stability with the intention to spend or withdraw it.
Whereas this provides a layer of management and acts as a useful security buffer in case your card is misplaced or stolen, it may possibly really feel inconvenient in case you’re making an attempt to make a fast buy or seize money on the fly.
One other key limitation to pay attention to: the EQ Financial institution Card doesn’t help Mastercard 3D Safe transactions. As extra retailers undertake this safety protocol, some on-line purchases could also be routinely declined. For those who ceaselessly store on-line, this might grow to be a recurring inconvenience.
Moreover, the EQ Financial institution app usually feels sluggish and dated. Whereas practical, the app feels noticeably slower in comparison with extra fashionable fintech platforms.
That mentioned, EQ Financial institution is a Schedule I Canadian financial institution, that means your deposits are CDIC insured as much as $100,000, providing peace of thoughts whereas travelling or storing larger balances.
For those who don’t thoughts the guide transfers and occasional app lag, the EQ Financial institution Card delivers significant worth for Canadian travellers, notably those that recognize a no-fee setup and interest-bearing stability.
Backside line: Wealthsimple wins for pure comfort, whereas EQ Financial institution wins for old-school management and safety.
Smart Card: A Area of interest however Highly effective Backup for Journey
Thirdly, we’ve got the Smart Card, which isn’t fairly as robust as the previous two choices—however nonetheless performs an necessary function for travellers who want flexibility.
Processed by means of Visa, the Smart Card can function an ideal backup, particularly in conditions the place a service provider or ATM solely accepts Visa relatively than Mastercard.
It makes use of the actual mid-market trade charge for foreign money conversions, a a lot better deal in comparison with the everyday 2.5% international transaction price charged by most Canadian banks.
Higher but, Smart shows all charges transparently and even compares their charges in opposition to conventional banks in actual time. I actually recognize this strategy and actually want extra monetary establishments would undertake this degree of transparency as a normal function.
Earlier than the launch of the Smart Card, Smart primarily targeted on serving to shoppers trade currencies at higher charges than massive banks, and this legacy reveals.
It gives a singular function not discovered on most different pay as you go playing cards: the power to maintain, spend, and ship foreign currency on to native financial institution accounts abroad.
This could be a large benefit if you wish to convert your cash upfront.
For instance, in case you’re planning a visit to Türkiye and the Turkish Lira is at the moment undervalued in opposition to the Canadian greenback, you’ll be able to proactively convert your funds to TRY, lock within the charge, and maintain onto it till your travels.
Right here’s a fast overview of what the Smart Card gives:
- Entry to 50+ currencies to carry, convert, and spend
- Actual mid-market trade charges with low clear conversion charges (~0.35–1%)
- Visa community acceptance worldwide
- Means to ship cash on to international financial institution accounts
- Absolutely compatibale with Apple Pay and Google Pay
- No hidden charges, with real-time comparisons in opposition to banks
Nevertheless, it’s not all easy crusing.
Whereas Smart technically advertises free ATM withdrawals, the truth is extra restrictive: you’re restricted to $350 throughout two withdrawals monthly, after which charges kick in.
Past that, Smart expenses a $1.50 flat price + 1.75% of the withdrawal quantity. A price construction that feels unusually punitive in comparison with the opposite pay as you go playing cards we’ve coated.
One other vital level: including funds to your Smart account will also be deceptively difficult. When topping up, you gained’t discover an apparent free loading choice.
Nevertheless, there’s a hidden technique: by organising auto-deposit utilizing your Smart login electronic mail, you’ll be able to ship an Interac e-Switch to your Smart account at no cost. It really works completely, however Smart doesn’t precisely shout this from the rooftops.
A recurring theme on this planet of pay as you go playing cards is that the merchandise, together with the Smart Card, are accessed primarily by way of apps. Smart additionally has glorious performance on its desktop web site, not like a few of the different choices on its app.
Total, it’s no secret that Smart gives a mess of features, but it surely’s positively a double-edged sword. Whereas the pliability and foreign money management are improbable for energy customers, the system is complicated sufficient that the typical consumer may face a steep studying curve to completely maximize all the advantages.
For those who’re prepared to place within the effort, the Smart Card will be an extremely helpful backup instrument to pair with a extra simple main pay as you go card.
PC Cash Account: Now FX-Pleasant, However Nonetheless Higher for Native Use
The PC Cash Account has quietly grow to be a extra viable choice for travellers, due to a current replace that eliminated international transaction charges.
Whereas it’s nonetheless not as feature-rich as different playing cards on this checklist, it earns a spot as a stable no-fee backup, notably in case you already store inside the PC Optimum ecosystem.
Issued by PC Monetary and powered by the Mastercard community, the cardboard acts as a hybrid pay as you go account and chequing various, with reward-earning potential and full cellular pockets help.
Right here’s what you get with the PC Cash Account:
- No month-to-month or annual charges
- No international transaction charges
- $1.50 price for home ATM withdrawals outdoors PC Monetary ATMs
- $3.00 price for worldwide ATM withdrawals
- Earn 10 PC Optimum factors per greenback spent at Loblaw banner shops
- Earn 5 PC Optimum factors per greenback spent on all different purchases
- Free Interac e-Transfers
- Apple Pay and Google Pay appropriate
Whereas the 1% earn charge at Loblaw shops is engaging, the bottom 0.5% earn charge elsewhere isn’t notably aggressive in comparison with another pay as you go or cashback playing cards. And though international transaction charges have been eradicated, the flat ATM charges ($3 internationally) can nonetheless add up in case you’re withdrawing money ceaselessly overseas.
That mentioned, there’s one other sweetener: PC Monetary additionally often runs bonus factors promotions at Loblaw banner shops if you pay with a PC Monetary product, together with the PC Cash Account. These promotions can supply a simple method to increase your Optimum factors stability even quicker in case you often store at affiliated shops.
Because of no FX charges, free e-Transfers, and powerful grocery integration, the PC Cash Account is now far more traveller-friendly than it was once. It’s nonetheless greatest fitted to home on a regular basis use, however it may possibly additionally function a helpful backup for infrequent journey or on-line spending, particularly for these already invested within the PC Optimum program.
Conclusion
Pay as you go playing cards have come a great distance from being area of interest budgeting instruments to changing into genuinely helpful companions for travellers. Whether or not you’re trying to dodge international transaction charges, withdraw native foreign money with out money advance expenses, or just keep away from the chance of carrying a bank card, there’s a pay as you go choice that matches the invoice.
For many Canadians, the Wealthsimple Pay as you go Mastercard stands out as the most effective all-around alternative—it’s easy, fee-free, and rewarding.
EQ Financial institution provides a layer of management and financial savings account integration, whereas Smart gives unmatched flexibility for multi-currency travellers, albeit with a steeper studying curve.
In the meantime, the PC Cash Account has grow to be a surprisingly respectable backup card, particularly for PC Optimum fanatics and home consumers.
Every card has its personal strengths and trade-offs, however the important thing takeaway is that this: you not have to depend on money exchanges or bank card charges when travelling. With the appropriate pay as you go card (or combo of two), you’ll be able to preserve issues safe, easy and cost-effective
