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EQ Bank review

Updated September 28, 2026 · DebitCue Editorial Team · Facts checked September 26, 2026

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Our verdict

EQ Bank suits people who travel often and want to spend abroad without extra cost. The monthly fee is CAD 0 and the currency conversion fee is 0%, and the card sits at 1 of 259 brands on that measure. You get a low cost card with one clear weak spot at the cash machine.

Key facts

Best for
Travellers and everyday spenders who want a card with no monthly charge and no conversion cost.
Monthly fee
CA$0 (Source, checked September 26, 2026)
Currency conversion fee
0% (Source, checked September 26, 2026)
Free ATM withdrawals
CA$0 (Source, checked September 26, 2026)
Card type
Prepaid (Source, checked September 26, 2026)
Cashback rate
0.5% (Source, checked September 26, 2026)
Card network
Mastercard (Source, checked September 26, 2026)
Features
Travel
Official website
eqbank.ca

Credit cards

Currency conversion fee
0% (Source, checked September 26, 2026)
Features
Travel

Pros and cons

Pros

  • No recurring cost to hold the card: the monthly fee is CAD 0
  • Spending abroad adds no conversion charge: the currency conversion fee is 0%
  • Strong ranking on the cost measures, at 1 of 419 on monthly fee and 1 of 259 on conversion fee
  • Purchases earn cashback at a rate of 0.5%

Cons

  • Cash machine use is the weak spot, with free ATM withdrawals of CAD 0 and a ranking of 41 of 115
  • The reward is a single perk, with cashback at 0.5% as the only listed offer
  • The feature list is narrow, holding just the travel feature
EQ Bank

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Scored 9.0 / 10 by DebitCue.

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Who it suits

  • People who pay in other currencies regularly and want a conversion fee of 0%
  • Everyday spenders who would rather not pay a monthly charge, since it is CAD 0
  • Card users who are happy with a small cashback rate of 0.5%

Who should look elsewhere

  • People who take out a lot of cash, since free ATM withdrawals are CAD 0
  • Anyone wanting a debit card rather than a prepaid card, where Skrill is worth a look instead
  • Savers chasing a wider reward set than a single travel focus

How it compares on our data

On the measures that matter most for cost, EQ Bank sits near the top: 1 of 419 brands on monthly fee, and 1 of 259 on currency conversion fee. Free ATM withdrawals tell a different story, placing it at 41 of 115. So the card wins on holding and travel costs, and trails on cash machine access.

Fees and FX

The monthly fee is CAD 0, so keeping the card in your wallet costs nothing month to month. The currency conversion fee is 0%, which means purchases in another currency are charged without an added conversion margin. For a traveller, that pairing is the whole appeal: you spend the local amount and the card does not add a foreign transaction charge on top.

How EQ Bank compares

Where EQ Bank is available

Available
Canada

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does it cost to hold the EQ Bank card?+

The monthly fee is CAD 0, so there is no recurring charge for keeping the card open. In our data the brand ranks 1 of 419 on that measure, which puts it among the cheapest cards to hold.

Is there a charge for spending in another currency?+

The currency conversion fee is 0%, so card purchases abroad carry no added conversion cost. EQ Bank ranks 1 of 259 on that measure, making it a strong pick for travel spending.

How many free ATM withdrawals are included?+

Free ATM withdrawals come to CAD 0, so this is the one area where the card is less competitive. It ranks 41 of 115 on free withdrawals, well below the top of that table.

What type of card is it?+

It is a prepaid card, so you load the balance before spending rather than drawing on a bank account in credit. The listed feature is travel, which is why the card is pitched at travel use.

Which card network does it run on?+

The card runs on the mastercard network, so it is accepted wherever Mastercard cards are taken, in Canada and abroad. That matters for travel, where the currency conversion fee is 0%.

Does spending earn any rewards?+

Purchases earn cashback at a rate of 0.5%, which is a modest earn rather than a headline perk. Set against a monthly fee of CAD 0, the card earns its keep on cost rather than on rewards.

Sources

Compiled from 2 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Protection.

EQ Bank

EQ Bank

Travellers and everyday spenders who want a card with no monthly charge and no conversion cost.

9.0/10See alternatives