✅ The EQ Bank Card charges no foreign exchange fees on international purchases
✅ No monthly fee and no annual fee
✅ 0.5% cash back on all purchases, in Canada or abroad
✅ No EQ Bank fees for ATM withdrawals
✅ Card balance earns interest, at the same rate as the EQ Bank account
✅ Accepted in more than 210 countries wherever Mastercard® is accepted
Why does the Utua Network recommend the EQ Bank Card?
The EQ Bank Card stands out for solving two common problems travellers face at once: the cost of currency conversion and the difficulty of withdrawing cash without extra fees. This makes it a practical option for international trips as well as purchases on foreign websites.
It’s also worth noting that the card pays cash back and still earns interest on any balance sitting idle, which is rare among prepaid products in Canada. In practice, the money loaded onto the card keeps earning until it’s spent.
No foreign exchange fees, more money to enjoy your trip!
The EQ Bank Card was designed with exactly that in mind: a reloadable prepaid card, issued by Equitable Bank, that passes on Mastercard’s exchange rate to the cardholder with no added markup, unlike most traditional cards, which can add up to 2.5% on international purchases.
Beyond eliminating that fee, the EQ Bank Card charges no monthly or annual fee, a meaningful advantage in a market where many credit cards charge substantial annual fees.
Cash back and more benefits
Cardholders also earn 0.5% cash back on every purchase, whether made in Canada or abroad, and the available balance on the card earns interest at the same rate as the EQ Bank Personal Account, which is uncommon among prepaid cards. Another strong point is the cost of accessing your own money.
EQ Bank doesn’t charge fees for ATM withdrawals and will even reimburse up to $5 CAD per withdrawal made in Canada, up to five transactions a month, even when the machine belongs to another institution. The card works in more than 210 countries wherever Mastercard® is accepted and can be added to a mobile wallet for tap-to-pay purchases.
It’s worth noting that the EQ Bank Card is issued by Equitable Bank, an institution regulated by the Office of the Superintendent of Financial Institutions (OSFI), the federal body that oversees banks in Canada, and a member of the Canada Deposit Insurance Corporation (CDIC), which protects eligible deposits up to $100,000 CAD per depositor.
This gives the product a level of security equivalent to that of traditional Canadian banks.
Author’s opinion and advice
Because it’s a prepaid card, the EQ Bank Card doesn’t involve extending credit or checking the cardholder’s financial history, meaning its use doesn’t affect your credit score. This is a positive feature for anyone who wants to keep their budget under control while avoiding the risk of debt or revolving interest charges.
Two points are worth flagging before applying for the card: the maximum balance allowed is $10,000 CAD, and you cannot deposit cash directly onto it. Like any financial product, it should be evaluated based on each person’s profile and spending habits, rather than treated as a one-size-fits-all recommendation.
It’s also important to remember that the EQ Bank Card doesn’t replace a credit card with a more robust rewards program, nor does it include travel insurance, a benefit commonly offered by premium credit cards. Before signing up, it’s worth reading the EQ Bank Card Agreement, available on the official website, to understand all the terms and any potential fee changes.
Find out today how to apply for the EQ Bank Card
If you want to take advantage of a card with no foreign exchange fees, no annual fee, and cash back on every purchase, click the button below to see how to apply for the EQ Bank Card directly on Equitable Bank’s official website. On the next page, we break down the application process and share more information to support your decision.
