Scotiabank vs Rogers vs Wealthsimple vs Wise
The best ways for Canadians to spend USD without getting dinged by 2.5% foreign exchange fees.
Comparison at a Glance
| Feature | Scotiabank Passport Visa | Rogers World Elite Mastercard | Wealthsimple Card | Wise Card |
|---|---|---|---|---|
| Card Type | Credit Card | Credit Card | Prepaid (Visa/Mastercard) | Prepaid Visa |
| FX Fee | 0% | 2.5% (Offset by Cashback) | 0% (Only ~0.3% Network Spread) | ~0.48%-0.55% Conversion Fee |
| Rewards on USD | Scene+ Points (1-3x) | 3% Cashback (Net +0.5%) | No Cashback (0% FX Markup) | None |
| Annual Fee | $150 | $0 | $0 | $0 |
| Income Requirement | $60k / $100k Household | $80k (Requires Rogers/Fido) | None | None |
| Standout Perk | 6 Airport Lounge Passes | Highest Earn Rate for Rogers Subs | Simplest to Use, Good APY on Cash | Mid-Market Rate, Send/Hold CAD & USD |
Trip Cost Calculator
What does a $2,000 USD trip actually cost you? Here is the math for each card compared to a typical Canadian credit card charging a 2.5% FX fee.
Assuming an exchange rate of $1 USD = $1.35 CAD. So $2,000 USD = $2,700 CAD base cost.
- Typical Bank Card: $2,700 + $67.50 (2.5% FX fee) = $2,767.50 CAD
- Scotiabank Passport: $2,700 + $0 FX fee = $2,700 CAD (Plus you earn Scene+ points!)
- Rogers World Elite: $2,700 + $67.50 FX fee - $81 (3% cashback) = $2,686.50 CAD (You actually make money on the spread!)
- Wealthsimple Card: ~$2,700 + ~$8 (Network Spread) = ~$2,708 CAD
- Wise Card: $2,700 + ~$15 (0.55% fee) = ~$2,715 CAD
Deep Dive: Pros & Cons
1. Scotiabank Passport Visa Infinite
The best all-in-one travel credit card for Canadians. It drops the FX fee entirely while offering premium travel perks.
Pros
- 0% Foreign Transaction Fee
- 6 Complimentary Lounge Passes/year
- Earns Scene+ Points (great for groceries/travel)
- Excellent travel insurance package
Cons
- $150 Annual Fee
- $60,000 individual income requirement
How to get it: Apply at scotiabank.com
2. Rogers World Elite Mastercard
A loophole favorite for Rogers, Fido, or Shaw customers. While it charges a 2.5% FX fee, it pays out 3% cashback on USD purchases, netting you +0.5% back. Note: If you don't meet the $80k income, the Rogers Red Mastercard offers a similar structure but with slightly lower perks.
Pros
- Net positive 0.5% return on USD spending
- No annual fee
- Strong 5% earn rate on eligible Rogers services on eligible Rogers services
Cons
- Must be a Rogers, Fido, or Shaw customer
- $80k income requirement (for the World Elite tier)
- Still charges the initial 2.5% fee before cashback
How to get it: Apply at rogersbank.com
3. Wealthsimple Chequing Card
A straightforward prepaid card tied to your Wealthsimple Cash account. They charge 0% FX fees, though the network (Visa/Mastercard) will still apply a tiny 0.2-0.4% spread. They are currently transitioning from Mastercard to Visa.
Pros
- No annual fee, no income requirements
- 0% bank FX fee
- 0% foreign exchange markup from Wealthsimple (only microscopic network rate applies)
- Earn high interest on your balance before spending
Cons
- Prepaid card (doesn't build credit)
- Subject to small network exchange rate spreads
4. Wise Card
The king of multi-currency. You can convert CAD to USD at the mid-market rate with a transparent ~0.55% fee, hold it in your account, and spend like a local anywhere in the world.
Pros
- Uses the real mid-market exchange rate
- Hold multiple currencies simultaneously
- No annual fee, no income requirements
- Great for receiving foreign payments too
Cons
- Prepaid card
- No rewards or cashback on spending
- Conversion fee (~0.55%) is slightly higher than Wealthsimple's network spread
Which Card is Right For You?
For Frequent Travelers ($60k+ Income): Go with the Scotiabank Passport Visa. The lounge passes and travel insurance alone justify the $150 annual fee if you travel even a couple of times a year.
For Rogers/Fido Customers ($80k+ Income): The Rogers World Elite Mastercard is a no-brainer. Earning a net +0.5% return on US purchases with no annual fee is an unbeatable combo.
For the Simplest, No-Fee Setup: The Wealthsimple Card is phenomenal. You just load CAD, spend USD, and pay practically no fees with zero foreign exchange markups.
For Digital Nomads & Multi-Currency Users: The Wise Card shines if you need to manage multiple currencies, receive money internationally, or lock in exchange rates ahead of time.
Want more details on USD strategies?