ZPlenty of seating| 19th house 2023 | Credit card,Prepaid credit cards
Prepaid credit cards give Canadians a safe way to spend money abroad. Prepaid credit cards offer the convenience of a credit card without high interest rates, you don't have to worry about your bank freezing your card if your overseas spending is flagged, and recharging is easy from anywhere in the world.
High income requirements and credit scores prevent many young people from qualifying for some of thembest travel credit cards. In answer,prepaid credit cardsissued by fintechs and large banks are becoming more and more popular. Many of these prepaid credit cards offer rewards and features that rival regular travel credit cards.
With that in mind, let's take a look at the 5 best prepaid travel cards in Canada.
- KOHO Prepaid Mastercard
- AC Conversion Visa prepaid card
- EQ bank card
- BMO Mastercard prepaid card
- Canada Post Cash Passport Mastercard
- FAQs about the best prepaid travel cards in Canada
KOHO Prepaid Mastercard
You can useKOHO Prepaid Mastercardanywhere in the world that accepts Mastercard, making it one of the most accepted andbest prepaid credit cards in canada. You can fund your KOHO Prepaid Mastercard from your Smart Spending Account, a version of the KOHO checking account that pays between 1.5% and 5% interest.
You can top up your card using Interac e-transfer or you can set up a direct deposit from your employer. The direct deposit option is a very practical feature for remote workers. KOHO also makes saving and budgeting easier with its app and is the only prepaid credit card to help you build or rebuild your credit score.
While the free KOHO Easy Card is great for shopping at home, the Extra Card offers rewards rates better suited to travel. The additional card brings you 6% back on every dollar spent on Booking.com, 2% on groceries, meals and transportation, and 0.5% on everything else, all of which are deposited directly into your Smart Account. Additionally, KOHO waives the 2.5% foreign currency transaction fee that most other cards charge for international transactions. There are also higher ATM withdrawal limits and you get one free international ATM every month which means you won't be chargedIwill reimburse you for any ATM charges taken from your account.
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KOHO Mastercard® prepaid credit card
- KOHO is a full-service app with a prepaid credit card that can be reloaded with no hidden fees.
- Get $20 by registering a free KOHO account with codeHARDBACONand make your first purchase*.
Get $20 Now!Read our review
AC Conversion Visa prepaid card
TheAir Canada Visa Conversion prepaid cardfrom CIBC is available to anyone who wants to, whether they have a CIBC account or not. The card can be easily registered online, but last-minute travelers can even get one at the CIBC Banking Center at Pearson International Airport. After registering your account, you can easily load it from the AC Conversion app with up to 10 different currencies at the same time.
In the application, you can also exchange the currencies that you have already loaded on the card for other currencies supported by it. For example, if you're Canadian in Mexico but only topped up your card with British Pounds, you can convert them to pesos through the app without having to reload your card. You can also pay in pounds, but then you will be charged 2.5%.
This prepaid credit card also saves money on exchange rates. Instead of paying a different exchange rate each time you use your card, one rate is locked in when you top it up and you can spend at the same exchange rate until you top up your card.
The use of this card is completely free and there are no conversion fees when using it. Plus, you get one free international ATM per month, and since it's a visa, it's accepted worldwide. As part of the promotion, new cardholders can get 1% cashback on all purchases until October 2023.
Limited time offer: Earn 1% on all your purchases
CIBC AC Conversion™️ Visa Prepaid Card*
No card top-up fees
No fees for receiving the card
No fees for foreign transactionsshopping
load10 foreign currencies
Use anywhere a visa is accepted
Offer:Earn 1% cashback on all purchases. Offer expires October 31, 2023.
EQ bank card
TheEQ bank cardworks like a payment card. To claim one, you must open itAccount EQ Bank Spare Plus, which bears an interest rate of 2.5% of balances.
The card is free and offers 0.5% cashback for every dollar you spend, which is paid back to your savings account as a one-time payment once a month. There are no fees for foreign transactions, but you will be charged the Mastercard exchange rate.
What sets the EQ Debit Card apart from other prepaid credit cards is unlimited international ATM withdrawals for free (just pay the ATM fee), so you never have to worry about where to get your cash when you're abroad.
EQ bank card
- Without payments
- Earn 2.5% interest on all your money
- Get 0.5% cashback on all purchases
Open a Savings Plus account to get a free EQ bank card.
Open an account
BMO Mastercard prepaid card
The BMO Prepaid Mastercard is not free, but it has some extra features that make it worth the money. For an annual fee of $6.95, which is much cheaper than some other BMOstravel credit card, you get purchase insurance and extended warranty, interest-free purchases and cash advances. A 2.5% currency conversion fee applies to all foreign transactions.
While this card is not free, it is one of the strongest prepaid credit cards on the market, backed by a world-renowned bank and Mastercard's extensive network. Some people may find the annual fee a fair price for insurance and extra peace of mind with a card that is internationally recognized.
Canada Post Cash Passport Mastercard
Few travelers know that Canada Post can issue prepaid credit cards. It is backed by Vancity Credit Union, supports 7 currencies and is accepted worldwide wherever Mastercard is available.
Unfortunately, this card is not free and comes with a few fees. Many fees are easily avoidable, but some are not. The card costs $15 to register, plus a $3 top-up fee and a $3 ATM withdrawal fee. The 3.25% currency exchange fee only applies to non-supported currencies, which means paying in pesos won't cost you anything if you top up your card with pounds.
With this card, you have access to Mastercard's 24/7 global support. You can also get a backup of issued cards if yours is lost or stolen, and state-of-the-art security can prevent anyone who finds your card from using it.
FAQs about the best prepaid travel cards in Canada
What is a prepaid travel card?
A prepaid travel card works like a credit card, but instead of spending money and paying it back later, you top up your card first and can only spend a predetermined amount. When your card balance is $0, you need to add more money to keep using it.
Are prepaid travel cards a good idea?
Prepaid travel cards are a safe and convenient way to spend abroad. If it's lost or stolen, you don't have to worry about someone collecting thousands of dollars that you won't be able to pay back, it's easy to top up anywhere in the world, and many prepaid travel cards now offer cashback rewards.
Where can I get a prepaid travel card?
Prepaid travel cards can be obtained in many different places around the world, including grocery stores, pharmacies, banks,credit unions, petrol stations or online. The best place to look for a prepaid travel card is your bank or financial technology company.
What is the best prepaid card for international travel?
Any prepaid travel card supported by the Mastercard or Visa network is the best way to spend money abroad, as both companies are widely accepted around the world. Each of the cards on this list has features and benefits that make spending abroad cheaper, safer and more convenient.
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About the Author: Meagen Seater
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What prepaid cards are available in Canada? ›
- Best Prepaid Credit Cards in Canada for May 2023.
- CIBC AC Conversion Visa Prepaid Card.
- Wealthsimple Cash.
- EQ Bank Card.
- KOHO Extra Prepaid Mastercard.
- KOHO Prepaid Mastercard.
- Home Trust Secured Visa.
- BMO Prepaid Travel Mastercard.
Although your gift card will not be accepted at locations outside of Canada, it is welcome at wherever Visa cards are accepted within Canada.What card should I use in Canada? ›
Both have lots of ATMs within Singapore, both offer fantastic exchange rates for the Canadian dollar and both offer 'no international transaction fees'. What credit cards are accepted in Canada? Mastercard and Visa are the 2 most commonly accepted credit cards in Canada.What is the best prepaid card with no foreign transaction fee? ›
The best prepaid card with no foreign transaction fee is the Bluebird® American Express® Prepaid Card. The card's foreign ATM fee is lower than the foreign ATM fee on similar prepaid cards, and it does not charge a fee on purchases processed outside of the U.S., which saves you money.Will a US prepaid Visa work in Canada? ›
Visa Reloadable Prepaid cards can be used anywhere Visa cards are accepted, in store or online.Is there a prepaid card that works internationally? ›
It's a Prepaid Visa card that allows you to load foreign currency onto. Visa Travel Cards are replaceable and can be used worldwide at merchants that accept Visa cards or to obtain local currency at any ATM that displays a Visa symbol.Where can I use my Vanilla prepaid card Canada? ›
Vanilla® Prepaid benefits
Vanilla® Prepaid Mastercard® or Visa® cards can be used anywhere Mastercard and Visa are accepted, including international locations.
Where can I use Visa Debit? Visa Debit is accepted online and in mobile apps, over the phone, and by mail at participating merchants in Canada. Visa Debit is accepted by US and International online, in mobile apps, telephone, and mail order retailers that accept Visa.Does Canada accept Visa cards? ›
Major credit cards are accepted at most retailers across Canada, so if you have a Visa or a Mastercard, you shouldn't have any problems. Just make sure you have a credit card without foreign transaction fees.What is the best way to pay when visiting Canada? ›
Most casual visitors to Canada should use their credit cards for purchases and make larger ATM local currency withdrawals at Canadian banks, but frequent travelers should talk to their banks about the best debit and credit cards for these purposes.
Do I need to bring cash to Canada? ›
There are no restrictions on the amount of money you can bring into or take out of Canada, nor is it illegal to do so. However, any time you cross the border, you must declare any currency or monetary instruments you have in your possession that are valued at CAN$10,000 or more.Should I use cash or credit card in Canada? ›
Use the credit card instead of cash wherever possible. Credit card issuers typically charge fees for international transactions and you may get the best exchange rate and fees lower than those associated with exchanging cash.What are the disadvantages of using a prepaid travel card abroad? ›
Foreign transaction fees, among others
Further, prepaid travel cards may also charge a card purchase fee, ATM withdrawal fee, higher foreign ATM withdrawal fee, inactivity fee and a fee to get any remaining balance back by check.
Quite simply, you can save a lot of money with a travel credit card. If it's your main card on holiday, then you can potentially save a fortune in fees. Specialist travel cards do not charge fees for foreign spending, unlike most everyday credit cards.Are there any prepaid cards without fees? ›
Bluebird® American Express® Prepaid Debit Account
The Bluebird® American Express® Prepaid Debit Account is known for its lack of fees — including no monthly fee, foreign transaction fee, card transaction fee, overdraft fee, or inactivity fee.
At the end of the day, a US visa can't grant entry into Canada, but visiting the great north is still possible. You can check what documents you need with iVisa. Simply enter your country of residence and Canada as the destination to find travel requirements and application steps.Why are prepaid cards not accepted? ›
You don't have enough money left on your card. You haven't activated or registered your card. The address you gave to make an online or phone purchase is different from the address you have on file with your prepaid card provider.Can I go to Canada with a US resident card? ›
As of April 26, 2022, lawful permanent residents of the United States must show these documents for all methods of travel to Canada: a valid passport from their country of nationality (or an equivalent acceptable travel document) and. a valid green card (or equivalent valid proof of status in the United States)What is the best debit card for Travelling overseas? ›
- 86 400 Spend Account.
- Citi Global Currency Account.
- Great Southern Bank Everyday Edge Account.
- HSBC Everyday Global Account.
- ING Orange Everyday.
- Macquarie Transaction Account.
- Suncorp Bank Everyday Options Account.
- UBank USpend.
Whether you're traveling to Europe, the United Kingdom or here in the U.S., consider a prepaid travel card instead of carrying cash. Prepaid travel cards can keep you on budget, get you a better exchange rate and protect you from fraud or theft.
How do I redeem my Vanilla gift card in Canada? ›
- Visit the platform of the retailer you want to purchase from.
- At checkout, select Credit or Debit as a payment option.
- Input your Vanilla Visa card number. ...
- Input the price of items you want to purchase.
- Click on the prompt indicating to complete the purchase.
The One Vanilla Prepaid Card provides consumers with an easy, safe, and convenient way to handle money. Unlike a credit card, One Vanilla does not require credit or paper forms to be filled out.How do I reload my Vanilla prepaid card in Canada? ›
Bring your prepaid card and money to the register at a location near you and present your card to the cashier to add funds* to your prepaid card. The cashier will ring up the sale and load your funds directly to your prepaid card.Is it better to exchange money in US or Canada? ›
When you travel to Canada, it is best to pay in local currency (CAD) instead of USD. We show you the top three benefits of paying with CAD. Find out how you can save money on your overseas trip and avoid unnecessary currency exchange fees.Is Wells Fargo available in Canada? ›
Wells Fargo & Company provides financial services in Asia, Canada, and Latin America through its duly authorized and regulated subsidiaries.Do Mastercard debit cards work in Canada? ›
Debit Mastercard is accepted by international online retailers that accept Mastercard as well as participating online retailers in Canada.Can you use cell phone in Canada? ›
Canada Cellular Phones (Mobile Telephones)
Mobile phone service, or cellular, or cell phone service in Canada is the same as the U.S.A., but different from that in the rest of the world. If using your phone from home, roaming charges can be expensive. Check with you service provider if they offer any roaming packages.
All of Canada uses the Canadian dollar, however certain retailers throughout the country will accept the US dollar as a form of payment for goods. We highly suggest you to use the local currency to pay for goods and services.Does Canada accept US passport card? ›
Entry into Canada: Canadian law requires that all persons entering Canada carry proof of citizenship and identity. A valid U.S. passport, passport card, or NEXUS card satisfies these requirements for U.S. citizens. Children under 16 only need proof of U.S. citizenship.How can I avoid international fees in Canada? ›
A good rule of thumb is to have the card charged in the local currency to avoid conversion fees and to choose a card that doesn't charge foreign transaction fees for all purchases made abroad. Cash withdrawals from international ATMs are also subject to fees.
Do you tip in Canada? ›
Gratuities are seldom included in Canadian restaurants. It is customary to tip approximately 15-20% on the total bill before tax, less for poor service, more for truly exceptional service. Many restaurants may charge an automatic 15-18% gratuity for larger groups.How do I show money for a tourist visa in Canada? ›
Proof of funds:
If you are paying for your own trip, you must submit proof of sufficient funds to cover your travel and expenses in Canada. Provide the following: Original bank statements from your personal account for the past six months; • The last 6 months of pay slips.
While you can withdraw money from any ATM with your debit card, you can deposit cash into your accounts only at ATMs operated by your own financial institution or via select machines owned by banks or credit unions in their partner networks.How much spending money will I need for a week in Canada? ›
It's hard to advise on how much spending money you should budget for as everybody has different tastes and spending habits. A good guideline is between $250 and $300 (Canadian Dollars) per week.How many dollars can I bring to Canada? ›
Any time you enter or leave Canada, you must declare any money or monetary instruments, such as stocks, bond or cheques that you are carrying valued at $10,000 or more.Is it cheaper to pay cash in Canada? ›
Cash transactions are the least expensive way to make payments for goods and services. You will get the best deal when you pay with cash because there are no hidden fees.Where do you put your money when flying? ›
Money belts and neck wallets — those flat, cloth pouches that fit under your clothes — are the traditional ways to carry money safely while you're traveling. They're meant to escape the notice of pickpockets and muggers, and some even have RFID blocking to keep your credit card and passport information safe.Do I need to let my bank know I'm Travelling? ›
Yes! It's hugely important for customers to inform their bank of their travel plans in advance. This helps to protect against fraudulent activity and ensures that you have access to your funds while you are away. Be aware of any limits on the amount of money that can be withdrawn or spent while you are abroad.What is the difference between travel card and prepaid card? ›
The main difference between the two is that a travel credit card uses borrowed money, paid off in monthly instalments. This could be a great option if you need some more flexibility with your money. Meanwhile, a prepaid travel card is preloaded with your money, converted into the required currency.What is one drawback to a prepaid card? ›
There are only a few downsides to using prepaid cards, but they are significant. Prepaid cards come with fees. Cardholders may have a lot of fees, including activation fees, transaction fees, ATM withdrawal fees, reloading fees, monthly fees, or inactivity fees. Check the fine print on the card for fee types.
What are the risks of prepaid cards? ›
Fraudsters can also use prepaid cards to carry out scams, such as card cracking or card testing. In these schemes, fraudsters use stolen or fake card information to load money onto the prepaid cards, then quickly withdraw the funds before the bank detects the fraud.What is the easiest travel card to use? ›
Wells Fargo Autograph℠ Card. Bank of America® Travel Rewards credit card. Capital One VentureOne Rewards Credit Card. Chase Sapphire Preferred® Card.Is it better to get a travel money card or cash? ›
Why use a prepaid travel card? It's safer. A prepaid card is similar to having cash on you but it's safer than carrying around too much or leaving it in your hotel even if it's in the room safe. This is the main advantage of carrying one of these cards as your money is safe if the card is lost or stolen.What prepaid card can be used anywhere? ›
Access your money anytime with ease
A reloadable Visa Prepaid card is the quick, easy and secure way to pay online or in person. The all-purpose Visa Prepaid card is a prepaid card that you can use to withdraw cash, pay bills or make purchases anywhere Visa Debit cards are accepted, in-person or online.
Visa® Gift Cards
Recipients can use the card to buy what they want, when they want. Because it's a prepaid card, spending is limited to the initial amount of money you place on the card at the time of purchase. Cards may be loaded with $10 (minimum) - $1,000 (maximum).
A prepaid Visa activation fee is a fee that is charged to the buyer of the prepaid card to put value onto the card. It occurs when you first purchase the card. At grocery stores, it is typically a $4.95 fee on top of the amount on the gift cards.Can you use vanilla prepaid cards in Canada? ›
Vanilla® Prepaid benefits
Vanilla® Prepaid Mastercard® or Visa® cards can be used anywhere Mastercard and Visa are accepted, including international locations.
Bottom line. The PayPal Cash Card is not available in Canada. Right now, only US PayPal account holders with US bank accounts and Social Security numbers can get a card.Is Walmart gift card in Canada? ›
Walmart Canada gift cards
Available card amounts include $5, $10, $25, $50, $100 and $250 denominations. Your Walmart gift card balance never expires, so you can use part of it now and save the rest for later.
Yes, Prepaid Cards Work For PayPal – But Not For Recurring Payments. PayPal accepts any prepaid card that has a Visa, Mastercard, American Express, or Discover logo.
Can a US gift card be used in Canada? ›
Most gift cards can be used only in the country where they were issued. If you need to send a gift card to someone abroad, there are several options. You can buy a gift card from a retailer in their country.Can I use a US PayPal account in Canada? ›
🗽 Can I use my US PayPal account in Canada? Yes. From a user's perspective, PayPal can be used in Canada in just the same way as in the US and around the world.What places in Canada accept PayPal? ›
|ASOS||Go to ASOS|
|Banggood||Go to Banggood|
|Bed Bath & Beyond||Go to Bed Bath & Beyond|
|Best Buy||Go to Best Buy|
PayPal and our new Xoom service offer the flexibility, speed and security you need to send money worldwide. Choose from a variety of convenient options to transfer funds internationally – all with amazing rates.How do gift cards work in Canada? ›
When you buy a gift card, you don't pay tax on the gift card. The retailer will charge tax when you buy a taxable item with the gift card. For example, you pay tax on a sweater you buy with a gift card, the same as you would when you pay with cash or credit.What is equivalent of Walmart in Canada? ›
Based on the success of the US format, Walmart Canada has focused on expanding Supercentres from new or converted locations, offering groceries which puts them in the same market as supermarket chains such as Loblaws, Real Canadian Superstore, Atlantic Superstore, Your Independent Grocer, No Frills, Metro, Sobeys, ...What is the Canadian version of Walmart? ›
If you insist on a purely Canadian one, it would be Loblaws/Superstore. However, it isn't really a general department store. They sell mostly groceries with a small amount of clothing and household items.Does Canada use venmo? ›
Venmo is not available in Canada. In order to sign up for Venmo, you and the person you're sending money to or receiving money from needs to be located in the U.S. You also have to have a U.S. phone number.Does Canada use Cash App? ›
No Cash App doesn't work in Canada. To use Cash App both the sender and the receiver must be residents of the US and UK. This means you cannot send or receive money from someone in a different country.Does Canada use Apple Pay? ›
Yes, you can. Apple Pay is accepted anywhere contactless payments are accepted, which includes Canada. Apple Pay can be used to pay for transportation, apps, and purchases in stores. Customers of TD and Scotia can now use Apple Pay with their credit and debit cards.