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Canadians wondering how best to pay for items in U.S. dollars amid spring break season have several options, with savings on currency conversion all the more critical as the loonie hovers near 22-year lows. 

Credit cards to save on exchange fees

Credit cards often offer the most sensible way to spend abroad, says Barry Choi, who runs the Money We Have personal finance and travel website.

They typically charge foreign transaction fees of about 2.5% on each purchase—a cheaper option than those done via debit card or ATM.

“A lot of people don’t know about this fee because it’s baked right into the exchange. So when you get your statements, you just see the exchange rate, you don’t realize that fee is included,” Choi said.

However, multiple credit card providers offer fee-free transactions. These come via “travel cards,” including the Scotiabank Passport Visa Infinite card, Brim Mastercard and Home Trust Visa card.

“Sometimes people think, ‘I’ll just get the U…

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