Best Business Credit Cards With No FX Fees in Canada 2025

Foreign transaction fees typically add 2.5% to 3% to every international purchase, costing Canadian businesses thousands annually. For companies buying from U.S. vendors, paying international contractors, or traveling for business, these fees compound quickly.

Business credit cards with no foreign transaction fees eliminate this markup. But not all "no FX fee" cards are created equal. Some waive the fee but still convert at poor rates. Others lack rewards or multi-currency functionality.

This guide compares the best business credit cards with no foreign transaction fees available to Canadian businesses in 2025, including traditional bank cards, fintech alternatives, and modern corporate card platforms. We'll break down rewards, annual fees, FX rates, and key features so you can choose the right card for your business needs.

Quick Comparison: Best Business Credit Cards With No Foreign Transaction Fees in Canada

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What Are Foreign Transaction Fees and Why Do They Matter?

Foreign transaction fees are charges (typically 2.5% to 3%) added to purchases made in foreign currencies or processed by foreign banks, even if the transaction is in CAD. These fees apply when you buy from international vendors, subscribe to U.S. software services, or make purchases while traveling abroad.

A business spending $50,000 annually on international vendors or travel pays $1,250 to $1,500 in FX fees alone. For growing companies with regular cross-border transactions, this becomes a significant operational cost that directly impacts profitability.

Some cards waive the foreign transaction fee but still convert currencies at unfavorable rates, often 2% to 3% above market. The best solutions eliminate both the fee and offer competitive FX rates, maximizing savings on every international transaction.

Best Business Credit Cards With No Foreign Transaction Fees in Canada

The following cards represent the strongest options for Canadian businesses seeking to eliminate foreign transaction fees. Each offers distinct advantages depending on your spending patterns, travel needs, and operational requirements.

1. Venn Corporate Card

Best for: Canadian businesses that need multi-currency accounts, automated expense management, and the lowest total FX costs.

Venn's corporate card goes beyond simply waiving foreign transaction fees. It automatically charges purchases in the currency you're spending in (USD, CAD, EUR, or GBP), drawing from your corresponding multi-currency account. This eliminates unnecessary conversions entirely and saves significantly more than cards that waive fees but still convert at marked-up rates.

Unlike standalone business credit cards, Venn integrates your card spend with complete financial operations. You get 1% unlimited cashback on all purchases, real-time expense tracking, OCR receipt capture, and two-way sync with QuickBooks and Xero. The card is a charge card, not credit, meaning you're spending your own funds with full visibility and control.

Features:

• $0 foreign transaction fees

• 1% unlimited cashback on all card spend

• Multi-currency card that automatically uses the currency you're paying in

• FX conversion at 0.25% to 0.45% (lowest in Canada)

• Integrated with CAD, USD, EUR, and GBP accounts

• Built-in expense management and receipt matching

• Two-way accounting sync with QuickBooks and Xero

• No minimum spend requirements

• Virtual and physical cards for team members

Annual Fee: $0 on Essentials plan

Who it's for: SMBs and startups that want to eliminate FX fees while gaining access to multi-currency accounts, automated bookkeeping, and comprehensive spend management in one platform.

2. Scotiabank Passport for Business Visa

Best for: Established businesses with existing Scotiabank relationships that prioritize travel rewards.

Scotiabank's Passport for Business Visa is one of the few traditional bank cards in Canada that waives foreign transaction fees entirely. It's designed for businesses that travel frequently and want to earn Scene+ points on international purchases without paying FX fees.

The card offers solid travel perks including airport lounge access and travel insurance. However, it lacks multi-currency functionality and requires separate products for features like USD accounts or expense tracking. The rewards structure favors travel and dining over everyday business expenses.

Features:

• $0 foreign transaction fees on purchases

• Earn 1.5 Scene+ points per dollar spent

• 6 complimentary airport lounge passes annually

• Travel medical and trip cancellation insurance

• No multi-currency account integration

• Manual expense tracking required

• Requires $60,000 personal income or $500,000 business revenue

Annual Fee: $199

Who it's for: Businesses with regular international travel that value lounge access and travel insurance over cashback or multi-currency capabilities.

3. HSBC Business Credit Card

Best for: Businesses with international banking relationships seeking global acceptance.

HSBC's business credit card eliminates foreign transaction fees and leverages the bank's global network for international acceptance. It's a straightforward option for businesses that already bank with HSBC and need a card that works seamlessly across borders.

The card offers basic rewards but lacks the cashback rates or travel perks of premium competitors. HSBC's advantage is its international banking infrastructure, but the card itself doesn't include multi-currency accounts or automated expense features.

Features:

• $0 foreign transaction fees

• Rewards points on purchases

• Global acceptance through HSBC network

• Standard travel insurance coverage

• Requires HSBC business banking relationship

• No integrated expense management

Annual Fee: $0 to $50 depending on account type

Who it's for: Businesses with existing HSBC accounts that need basic international purchasing power without additional fees.

4. American Express Business Platinum Card

Best for: High-spending businesses that prioritize premium travel benefits and are willing to pay for them.

The Amex Business Platinum is a premium card that waives foreign transaction fees and delivers exceptional travel perks. Cardholders get extensive lounge access, hotel status, and travel credits that can offset the high annual fee for businesses with significant travel budgets.

The card's limitation is acceptance. Amex isn't universally accepted, particularly at smaller international vendors. The rewards structure heavily favors travel and large purchases, making it less valuable for everyday business expenses or companies without frequent travel.

Features:

• $0 foreign transaction fees

• 1.25 Membership Rewards points per dollar spent

• Unlimited airport lounge access (Priority Pass, Centurion Lounges)

• Hotel elite status and travel credits

• Limited acceptance compared to Visa/Mastercard

• High earning rates on flights and hotels

Annual Fee: $799

Who it's for: Established businesses with substantial travel budgets that can maximize premium perks and offset the annual fee.

5. Brex Card

Best for: U.S.-focused startups with venture funding (limited Canadian availability).

Brex offers a corporate card with no foreign transaction fees designed for startups and tech companies. The platform includes expense management, accounting integrations, and rewards optimized for software and advertising spend.

Brex's major limitation for Canadian businesses is availability. The platform only serves U.S.-incorporated businesses with a U.S. federal tax ID. Canadian entities cannot open Brex accounts, and the platform requires venture funding or $50,000 minimum cash balance to qualify.

Features:

• $0 foreign transaction fees

• Rewards points with travel and software redemption

• Built-in expense management

• Accounting software integrations

• Only available to U.S.-incorporated businesses

• Requires venture funding or high cash balance

Annual Fee: $0

Who it's for: Venture-backed Canadian startups with U.S. operations that qualify for Brex's underwriting criteria.

6. Capital One Spark Miles for Business

Best for: U.S.-based businesses or Canadian companies with U.S. operations (note: primarily U.S. market).

Capital One's Spark Miles card is a popular U.S. business card that eliminates foreign transaction fees and offers straightforward travel rewards. It's designed for businesses that want simplicity: flat-rate miles on all purchases with no category restrictions.

The card's availability to Canadian businesses is extremely limited. Capital One primarily serves the U.S. market, and Canadian applicants typically need a U.S. business entity and credit history to qualify. It's included here for reference but isn't a practical option for most Canadian SMBs.

Features:

• $0 foreign transaction fees

• Flat-rate miles on all purchases

• Travel rewards with flexible redemption

• Employee cards at no additional cost

• Limited availability for Canadian businesses

• Requires U.S. credit history

Annual Fee: $95 (waived first year)

Who it's for: Canadian businesses with established U.S. operations and credit history.

How to Choose the Best Business Credit Card With No Foreign Transaction Fees

The right business credit card depends on how your company spends internationally, what rewards matter most, and whether you need integrated financial tools beyond the card itself.

Start by calculating your international spending. If you're spending $20,000+ annually on foreign transactions, eliminating FX fees saves $500 to $600 per year minimum. Cards with annual fees only make sense if the rewards and perks exceed that cost.

Consider whether you need true multi-currency functionality or just fee elimination. Traditional cards waive the foreign transaction fee but still convert at bank rates (often 2% to 3% above market). Platforms like Venn that offer multi-currency accounts let you hold and spend in USD, EUR, or GBP directly, eliminating conversion costs entirely.

Evaluate the total financial ecosystem. Standalone credit cards solve one problem. Integrated platforms combine no FX fees with expense management, accounting automation, and multi-currency accounts, reducing both costs and administrative work.

Key factors to evaluate:

• Actual FX costs: Fee elimination vs. total conversion cost including exchange rate markup

• Rewards structure: Cashback vs. points, minimum spend requirements, category restrictions

• Multi-currency support: Ability to hold and spend in multiple currencies without conversion

• Acceptance: Visa/Mastercard vs. Amex for international vendors

• Integrated tools: Expense tracking, receipt capture, accounting sync

• Annual fees: Whether perks and rewards justify the cost

• Eligibility: Canadian availability, credit requirements, business structure requirements

Why Venn Is the Best Business Credit Card Alternative for Canadian Companies

Venn's corporate card eliminates foreign transaction fees, but that's just the starting point. The card is multi-currency, automatically charging purchases in the currency you're spending in (CAD, USD, EUR, GBP). This means if you're paying a U.S. vendor, the card draws from your USD account with no conversion. No other business card in Canada offers this functionality, and it saves significantly more than simply waiving the transaction fee.

Beyond the card, Venn provides the complete financial infrastructure Canadian businesses need to operate globally. You get real local accounts in CAD, USD, EUR, and GBP, FX conversion at 0.25% to 0.45% (the lowest rates in Canada), and 1% unlimited cashback on all card spend with no minimums. The platform includes built-in expense management, OCR receipt capture, and two-way sync with QuickBooks and Xero, eliminating the need for separate tools.

Traditional business credit cards force you to piece together solutions: one card for no FX fees, another platform for expense tracking, a separate account for USD, and manual work to reconcile everything. Venn consolidates this into a single platform with transparent pricing and no monthly fees on the Essentials plan. For Canadian businesses managing international transactions, it's the most cost-effective and operationally efficient solution available.

Conclusion

Foreign transaction fees are an unnecessary cost for Canadian businesses operating internationally. The best business credit cards with no foreign transaction fees eliminate this markup, but the strongest solutions go further by offering competitive FX rates, multi-currency functionality, and integrated financial tools that reduce both costs and administrative work.

Venn delivers the most comprehensive solution for Canadian businesses. With a multi-currency corporate card, 1% unlimited cashback, the lowest FX rates in Canada, and built-in expense management and accounting automation, Venn replaces the need for multiple products while saving money on every international transaction. Sign up for your Venn account and start eliminating foreign transaction fees today.

Frequently Asked Questions

Q: What is a foreign transaction fee on a business credit card?
A: A foreign transaction fee is a charge (typically 2.5% to 3%) added to purchases made in foreign currencies or processed by foreign banks. These fees apply even when purchasing from international vendors who charge in CAD if their payment processor is located outside Canada.

Q: Do all business credit cards charge foreign transaction fees?
A: Most Canadian business credit cards charge foreign transaction fees, but select cards from banks like Scotiabank and HSBC, as well as fintech platforms like Venn, eliminate these fees entirely. However, waiving the fee doesn't guarantee competitive exchange rates.

Q: What's the difference between no foreign transaction fee and low FX rates?
A: Some cards waive the transaction fee but still convert currencies at rates 2% to 3% above market. The best solutions eliminate both the fee and offer competitive exchange rates. Venn, for example, charges 0.25% to 0.45% for currency conversion compared to typical bank rates of 2% to 3%.

Q: Can I get a business credit card with no foreign transaction fees and cashback?
A: Yes, options like Venn's corporate card offer both no FX fees and 1% unlimited cashback with no minimum spend requirements. Some traditional cards offer points instead of cashback, which may be less flexible for business use.

Q: Are multi-currency business credit cards available in Canada?
A: Venn offers a multi-currency corporate card that automatically charges in the currency you're spending in, drawing from your CAD, USD, EUR, or GBP accounts without conversion. This is unique in the Canadian market and saves more than cards that simply waive fees.

Q: What's the best business credit card for Canadian companies with U.S. vendors?
A: Venn's corporate card with a real U.S. account lets you hold USD, pay U.S. vendors directly without conversion, and eliminate both FX fees and exchange rate markups. You also get ACH capabilities, which most Canadian "USD accounts" don't offer.

Q: Are there annual fees for business credit cards with no foreign transaction fees?
A: Fees vary widely. Venn charges $0 on its Essentials plan, while premium options like Amex Business Platinum charge $799. Scotiabank's Passport for Business charges $199. Consider whether rewards and perks justify any annual fee based on your spending patterns.

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**Disclaimer:** This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Venn Software Inc or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.