A prepaid travel card is an excellent alternative to carrying cash around when travelling abroad.
When issued under a license by Mastercard or Visa, you enjoy security and can conveniently make payments in millions of locations worldwide.
The top free prepaid travel card in Canada is the EQ Bank Mastercard. If you want a premium prepaid travel card (with monthly fees), consider the KOHO Extra Mastercard. This review covers how it works and some alternatives.
Best Prepaid Travel Cards in Canada
With the EQ Bank Mastercard, you earn cash back on all purchases (no limits and no categories). It waives foreign currency transaction fees and ATM transaction fees in Canada.
With the KOHO Prepaid Mastercard, you earn cash back you can cash out anytime. And when you upgrade your subscription to the “Extra” plan, you don’t pay foreign currency transaction fees.
Other prepaid travel cards worth checking out include:
- Neo Money Card
- Wise Debit
- CIBC AC Conversion Visa Card
- Wealthsimple Cash Card
EQ Bank Prepaid Mastercard
EQ Bank Card
Rewards: Earn 0.50% cash back on all purchases and up to 4.00% savings interest on your entire balance.
Perks: Free ATM transactions in Canada, no foreign currency transaction fees abroad, and unlimited transactions.
Interest rate fee: 0%
Annual fee: $0
The prepaid Mastercard from EQ Bank works for everyday transactions and when you are travelling abroad. It has no monthly or annual fees and comes with several perks, including:
- Unlimited transactions online and in-store
- 0.50% unlimited cash back on all purchases
- No foreign currency transaction fee – a saving of up to 3%
- Free ATM withdrawals in Canada at any location (ATM fees are refunded)
- Up to 4.00% interest is earned on your entire balance
- Access to free Interac e-Transfers
To get a free EQ Bank Mastercard, open a free EQ Bank Savings Plus Account online, fund it with any amount, and order a card in a few clicks.
There is no minimum balance to maintain your EQ Bank Account, and cash back earned is paid out monthly.
Also, your deposits are protected by the Canada Deposit Insurance Corporation by up to $100,000 per insured category, per depositor.
Here’s our detailed overview of the card.
KOHO Prepaid Travel Card
KOHO Extra Prepaid Mastercard
$20 sign up bonus after first purchase (use CASHBACK promo code during sign-up)
Earn 5% cash back
5% savings interest on balance
Unlimited transactions, no FX fees
Free financial coaching
$9 monthly fee
KOHO’s versatile prepaid cards are excellent for earning cash back anywhere in the world.
Compared to regular credit cards that charge anywhere from 2-3% in foreign transaction (FX) fees, you’ll only be charged 1.5% on non-Canadian dollar transactions with your free* KOHO card. And with KOHO Extra, the foreign exchange fee is completely waived.
With the standard KOHO Essential Plan, you earn 1% cash back on groceries and transportation (think public transit, gas, Uber, and more), plus up to 5% cash back at partners.
To get the travel benefits, i.e. no FX fees, you can upgrade your account to KOHO Extra. When you sign up using the CASHBACK referral code and make your first purchase, you get a $20 cash bonus.
KOHO Extra
To get more benefits from a Mastercard prepaid travel card, you can sign up for KOHO Extra at $9 monthly or $84 annually.
This plan includes access to 1.5% cash back on groceries, restaurants, and transportation, plus 0.50% cash back on all other purchases.
It waives the foreign currency transaction fee when you spend abroad, which is a saving of 1.50%.
This KOHO package also offers one free international ATM withdrawal each month and pays interest on your balance.
All KOHO prepaid travel cards come with Mastercard’s Zero Liability Policy, virtual cards, and access to support via chat and email.
You can add them to mobile wallets like Apple Pay, Google Pay, and Samsung Pay for easy payments on the go.
Cash Back Prepaid Cards Can Be Great For Travel
A prepaid card is a key component of your travel kit if you want to enjoy security and convenience while on travel status. It removes the need to carry cash on your person, and there’s no direct link with your chequing account, so your bank account won’t be drained in case of a loss.
With the EQ Bank Mastercard, you enjoy all these benefits, and the card is also accepted worldwide wherever Mastercard is accepted.
After opening an account, you get a virtual card and a physical card. You can easily lock and unlock both your virtual and physical cards in-app if needed to prevent access to your cards. It can also be added to a mobile wallet like Apple Pay.
How To Get a Prepaid Travel Card
Visit EQ Bank or KOHO to set up an account and download the app. A virtual card is available instantly for use, and a physical card is sent to you by mail.
You can fund your account using e-Transfer or online banking.
Alternative Prepaid Travel Cards in Canada
Other Mastercard and Visa prepaid travel cards you can use include:
Neo Money Card
A Neo Money card pays up to 5% cash back on your spending. The standard account has no fees and pays interest on your balance.
Neo Money Account
Unlimited 5% average cash back
No monthly fees + $20 bonus
2.25% non-promo interest rate paid on balance
Unlimited free transactions
Get a Mastercard for payments online and ATMs
Access to a no-annual-fee credit card
Wise Debit
A Wise debit card is linked to your Wise account and can be used to make payments wherever Visa is accepted.
You can make two free ATM withdrawals of up to $350 CAD monthly. Excess amounts incur a 1.75% fee.
If you have a multi-currency account with Wise, you can use the Wise Card to access these funds when abroad and pay in your preferred currency.
CIBC Prepaid Travel Card
The CIBC AC Conversion Prepaid Card holds up to 10 currencies at a time, including USD, CAD, EUR, AUD, and JPY.
One free ATM withdrawal is included each month, after which you pay a fee per withdrawal, e.g. $3.50 for Canadian dollars and $2.95 for U.S. dollar withdrawals.
Wealthsimple Cash Card
The Wealthsimple Cash Card is another Mastercard prepaid travel card for Canadians.
It does not charge extra fees for foreign spending and pays 1% cash back on purchases.
You can load your card using e-transfer or direct deposit.
FAQs
The EQ Bank Mastercard is safe. Funds deposited in your account are insured by the CDIC within specified limits, and you also enjoy Mastercard’s Zero Liability Protection. If your card is lost or stolen, you can lock it in-app to prevent unauthorized usage.
Many prepaid cards like the EQ Bank Mastercard and Neo Money Card work internationally and are accepted by millions of merchants worldwide.
A prepaid travel credit card is safer to carry around and can be used to access cash when needed.
