How Much Can You Save on FX Fees This Summer?

Many Canadians rely on credit cards while travelling, but those cards can add unexpected costs. Regular credit cards frequently tack on extra charges for purchases made in foreign currencies and for some ATM withdrawals. Those fees accumulate quickly and are rarely included in a traveller’s budget.

If you want to avoid these added costs, consider using a prepaid travel card such as the EQ Bank Card. EQ Bank does not add foreign exchange (FX) fees or international ATM withdrawal fees, which helps keep more of your money available for experiences instead of bank charges. To make it actionable, try this simple travel challenge: aim to recover $100 in fees on your next trip and spend it on something enjoyable. Here’s how to spot the most common fee traps and avoid them.

Fees to watch out for while travelling

Below are common situations where credit-card-related fees often appear—and practical alternatives to help you avoid them.

Online bookings

Booking flights, hotels or tours online in a foreign currency can trigger a foreign exchange fee on many standard credit cards—commonly around 2.5% of the purchase price. For example, a $500 hotel reservation could incur roughly $12.50 in FX charges, which adds up across multiple bookings and travellers.

Tip: Use a card that charges only the network’s exchange rate and no extra FX fee. The EQ Bank Card applies the Mastercard exchange rate and does not add an extra FX surcharge. It also offers 0.5% cash back on every purchase.

Airport currency booths

It’s tempting to change money the moment you land, but airport exchange kiosks typically offer unfavourable rates and hidden fees. If you pay at these kiosks with a regular credit card, you may face both the airport’s poor rate and your card issuer’s FX fee.

Tip: Avoid airport kiosks when possible. Load local currency onto a prepaid travel card or use a card that applies the standard Mastercard rate without extra FX fees. The EQ Bank Card uses the Mastercard rate and does not tack on additional FX charges for purchases.

Automated bank machines

Withdrawing cash from foreign ATMs can trigger several fees: an FX fee from your bank or card issuer, an ATM operator service fee, and sometimes an additional fee from the foreign bank. Those fees stack up, especially if you make frequent withdrawals.

Tip: Look for a bank or card that doesn’t add an extra international ATM service fee. EQ Bank does not charge an added service fee for international ATM use and will reimburse certain ATM service charges imposed by other banks within Canada, which can be especially useful for domestic cash needs.

Foreign point-of-purchase sales

Everyday purchases—meals, taxis, shopping, or market transactions—processed on a point-of-sale terminal in a foreign currency are another common source of FX fees for cardholders using standard credit or debit cards.

Tip: Use a widely accepted prepaid card that does not add a foreign exchange surcharge. The EQ Bank Card is accepted wherever Mastercard is, charges no extra 2.5% FX fee, and provides 0.5% cash back on purchases. Additionally, balances linked to an EQ Bank Personal Account earn interest according to the account terms.

Reclaim your travel money: Practical steps

If your goal is to save $100 in travel fees, start by examining where you currently lose money: online bookings, airport exchanges, foreign ATMs and POS purchases. Reducing or eliminating the FX and ATM fees in these categories can quickly add up to significant savings that you can put toward an extra night out, a memorable excursion, or simply padding your travel budget.

Getting started with the EQ Bank Card is straightforward:

• Open and fund an EQ Bank Personal Account.
• Order the free EQ Bank Card through your account.
• Activate the card, transfer funds from your Personal Account to the card, and use it for purchases while travelling.
• Track your savings and use the cash back and interest features where applicable.

Fees shouldn’t eat into the money you’ve set aside for experiences. Use a card that minimizes FX and ATM charges so more of your budget goes to travel—meals, attractions and memories—instead of bank fees.

Read more about travel:

• Top ways that credit card fees sneak into your trip
• Prepaid cash back cards: A new way to manage your spending
• How to find cheap flights to anywhere
• 5 inexpensive travel destinations while the Canadian dollar is weak