Let's kick things off with some fantastic debit card finds! My current travel companion of choice is the EQ Bank card, and and no, it's not only because Dan and Eugene Levy are the spokes people for it, but that is definitely a factor., it's what the card offers that truly won me over. For the first time ever, I've found a card that boasts zero fees – and that includes those pesky foreign transaction fees!
Here are the facts:
Low to No Fees:
No monthly account fees: This is a major advantage, especially compared to traditional banks that often have monthly account maintenance charges.
Free Interac e-Transfers: Sending and receiving Interac e-Transfers, a popular way to send money electronically between Canadian bank accounts, is completely free with EQ Bank.
No minimum balance requirements: You don't need to maintain a certain minimum balance in your account to avoid fees, unlike some banks.
High Interest Rates:
Competitive savings interest rates: EQ Bank consistently offers some of the highest interest rates on savings accounts in Canada. This allows you to earn more interest on your money compared to most traditional bank accounts. (Usually around 2.50%)
Easy and Accessible Banking:
Online and mobile banking: You can manage your EQ Bank account entirely online or through their mobile app, making banking convenient and accessible.
User-friendly platform: The online and mobile banking platforms are known for being user-friendly and easy to navigate.
Here's a heads-up for planning: Since deposits can take a few days to clear, it's a good idea to top up your EQ Bank account at least a week before your trip. This ensures you have plenty of travel funds ready when you need them.
Think EQ Bank might be your perfect travel companion? Click Here: referral link to learn more and sign up! As a bonus, you'll get $20 when you open an account using my referral link (and help a fellow travel enthusiast out!). For me this is the best Canadian debit card for international travel.
Next up Wise.
Let's be honest. I wasn't exactly thrilled with the fees associated with Wise. In fact, that's what initially put me off – just another travel card with fees, I thought. But here's the surprising twist: Wise actually managed to win me over, and it all goes back to their multiple currency accounts. Speaking of magic, Wise became my travel hero in a recent situation. A Lufthansa delay resulted in a refund, but the only catch? It required a SWIFT/IBAN transfer. Panic stations, right? Wrong! Because of Wise's super-easy Euro account setup, I was able to receive the refund in just a couple of days. Crisis averted, thanks to Wise! Here are some reasons you might like Wise:
Transparent Rates: No more confusion! Wise uses the mid-market exchange rate, the same rate used by banks and large institutions, ensuring you get the best possible conversion every time.
Hold and Spend Multiple Currencies: Keep your travel funds organized. The Wise card allows you to hold and spend over 40 different currencies directly from your account, eliminating the need for multiple travel cards or exchanging cash at unfavorable rates.
Seamless Transfers: Moving money internationally can be a hassle. Wise offers quick and convenient transfers between your Wise account and your Canadian bank account, so you can easily top up your travel funds.
Security & Convenience: Manage your finances with peace of mind. Wise utilizes high-security measures to protect your money and information. Plus, the user-friendly mobile app allows you to track your spending and manage your account on the go.
Beyond Travel:
While perfect for globetrotters, Wise offers benefits for anyone who deals with international finances:
Send and Receive Money Internationally: Wise facilitates quick and affordable money transfers between Canada and over 80 countries, making it ideal for sending or receiving funds from family or business partners abroad.
Hold Your Savings in Multiple Currencies: Diversify your portfolio and potentially benefit from currency fluctuations by holding your savings in different currencies within your Wise account.
Think you want to try this card out? Click Here for my referral where you will get to transfer up to $800 fee free!
Alright, let's talk about the elephant in the room – the American Express Business Platinum Card. It's no secret this card packs a hefty punch with its annual fee of $799 (ouch!). But hear me out, because so far, the perks seem to be making a serious case for themselves. Here's the deal: the Amex Business Platinum might be expensive, but the potential money-back opportunities could outweigh the cost. Let's break down what you get for that annual fee.
Statement Credits Galore: Maximize your return on investment with potential credits towards:
Travel: Airline fees, hotel stays (enrollment in programs like Fine Hotels + Resorts can unlock additional perks).
Enrollment Credits: Global Entry or NEXUS membership fees (up to $100 every four years). This can expedite your travel experience at the border.
Business Expenses: Enroll your eligible Card and earn statement credits on qualifying purchases with Dell or Indeed:
Up to $200 in statement credits annually with Dell.
Up to $300 in statement credits annually with Indeed.
Wireless Services: Enroll and earn up to $120 in statement credits each year for eligible wireless services charged to your Business Platinum Card. Spend $10 each month with eligible wireless providers and get a $10 credit.
Travel Perks: In addition to statement credits for travel purchases, you'll also enjoy:
$200 Annual Travel Credit: Access a $200 CAD Annual Travel Credit each year of your Cardmembership. It can be used toward any single travel booking of $200 or more charged to your Card and made through American Express Travel Online.
Airport Lounge Access: Relax and recharge before your flight with complimentary access to select airport lounges around the world (refer to Amex benefit details for full lounge network details). This is my favourite perk!
Reward Points: Earn 1.25 Membership Rewards® points on everyday purchases. Redeem them for flights, hotels, statement credits, gift cards, or transfer to travel partners for potentially better value.
Additional Perks
While the rewards are a major draw, the Amex Business Platinum (Canada) offers additional perks that enhance the value proposition:
Premium Travel Insurance: Travel with peace of mind knowing you have coverage for trip cancellation/interruption, baggage delay, and more (refer to Amex benefit details for full terms and coverage details).
Extended Warranty & Purchase Protection: Receive extended warranties on eligible purchases and protection against theft or accidental damage for added peace of mind.
If this sounds like the card for you Click Here to get a bonus of 20,000 Membership Rewards® points when you sign up!
Some links on this blog are affiliate links. Clicking may earn a commission (at no cost to you) that supports this blog. I only recommend products I love and use myself. My opinions are my own.
Comments