If you’re traveling and prefer debiting straight from your account instead of building up a credit card balance, you’ll want to compare options for international debit cards that give you flexibility and charges minimal foreign ATM fees. You’ll also want to look at the chequing account attached to the card.
When comparing the best Canadian international debit cards for travel, also check if it is a Mastercard or Visa debit card (which are accepted worldwide) and if it belongs to a bank with a strong ATM partner network. We’ve rounded up the best options to help you easily compare your options.
Best international debit card options for travelling overseas
Best debit card for getting cash at foreign ATMs: Scotiabank
Best debit card for using Mastercard debit worldwide: BMO
We’ve chosen the products on this page based on the providers available through Finder and online in the Canadian marketplace. These debit cards are not representative of the entire market. When choosing the best debit card to use overseas, we primarily considered foreign transaction fees and branch or ATM access, as well as the network a bank belongs to. No single debit card will be the best choice for everyone, so compare your options before applying.
Best international debit cards for overseas travel
With no foreign transaction fees, the EQ Bank card can save you big money when you’re travelling. The EQ Bank Card is a prepaid EQ Bank Mastercard linked to EQ Bank’s Savings Plus Account. EQ Bank does not charge any foreign currency conversion fees or exchange rate markups when you make foreign transactions, however you will incur a fee for transacting at a foreign ATM. There are also no account fees, inactivity fees or card loading fees.
Foreign transaction (admin) fee:
0%
Out-of-network ATM fee:
for domestic ATMs (If you’re charged a fee at an ATM in Canada, EQ Bank will reimburse it)
KOHO offers two account plans that come with no foreign transaction fees — the Extra and Everything plans. The KOHO prepaid card allows you to earn 4% interest on your entire balance with the Extra plan. Plus, the Extra plan lets you earn 1.5% cash back return on special categories such as transportation, groceries and restaurants, and 0.25% cash back on all other purchases.
Foreign transaction fee:
0%
Out-of-network ATM fee:
1 free international ATM withdrawal per month ($3 thereafter)
ATM Network
Cirrus (or any network that supports withdrawals using a Mastercard)
When you’re hoping to withdraw cash overseas 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 Preferred Package):
If you’re looking to make purchases overseas, a BMO Debit Mastercard may be the ticket. 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 Account):
Outside of Canada and the US: $5
Within the US: $5
ATM Network
Cirrus Network
Compare prepaid cards with no (and low) foreign transaction fees
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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 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.
Tip. If your card doesn’t waive ATM fees, save by taking out the maximum amount each time you withdraw.
Can I use my Canadian debit card in Europe?
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.
What are the benefits and drawbacks of using an international debit card while travelling?
The benefits
Access your funds anytime, anywhere. A debit card with the Visa or Mastercard logo gives you instant access to money in your bank account, no matter where you are.
Avoid fees if you use the right ATM. If you use a partner ATM, you don’t have to pay any additional fees.
Avoid international transaction fees. Just about every Canadian debit card will require that you pay currency conversion fees every time you use your card overseas. Though, some cards will waive the international fee.
Safe way to spend your money with fraud protection. Debit cards give you a safe and secure way to access money when travelling overseas, given the multiple security layers that keep your information secure.
The drawbacks
No backup. Replacing a lost or stolen debit card while travelling overseas can take up to 10 business days, and can be costly.
No emergency cash. There’s no access to cash through a cash advance facility if you find yourself in trouble and in need of funds. We recommend having a credit card on hand for emergencies.
Fees and charges. Unless you have an account that waives the foreign transaction and international ATM fees, using an debit card overseas costs a fortune, especially for frequent ATM withdrawals.
Alternatives to using an international debit card overseas
If you want to avoid relying on a debit card while travelling abroad, there are a few other options to consider:
Send a money transfer to loved ones in your destination country
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.
Use a credit card
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.
Load funds onto a prepaid travel 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.
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.
What should I consider when using a debit card while travelling?
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.
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 travelling 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.
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.
Using debit cards for international travel FAQs
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.
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.
Using a debit card when overseas does not attract any additional account keeping fees.
Yes, chip cards are generally widely accepted around the world.
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.
Julia Cameron is a freelance journalist and editor, specializing in personal finance, mergers and acquisitions and immigration law. Her writing and analysis has been featured in TechRadar, MSN, Harper's Bazaar, Time and other top media. She holds a BA in English literature from the University of Central Florida. See full bio
Jaclyn Hurst was an associate publisher at Finder. She has a Bachelor’s degree in Business from Redeemer University and a University Certificate in Management Foundations from Athabasca University. She’s as passionate about business and finance as she is about the great Canadian outdoors, organic Sumatra coffee and music. See full bio
Convenience fees can apply to debit card transactions as well as credit card payments, but only a small number of select merchants can legally charge them in Canada.
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