It just takes some time and contact with your discount brokerage (in this case for me, Questrade).īasically, Norbert’s Gambit boils down to buying a Canadian listed ETF and then calling the discount brokerage to convert it to a US dollar ETF and then selling it to cash out your prized US dollars. I know, it really seems that Norbert’s Gambit sounds very fancy and complicated, but it’s not really. He lives on Salt Spring Island (one of the Gulf Islands in Vancouver), who knew someone so influential to many investors in Canada could be living on a small remote-ish island near Vancouver? I have yet to go to a Gulf Island, hopefully soon! What is Norbert’s Gambit Norbert’s Gambit was developed by Norbert Schlenker, a fee for service financial planner in 2001 of Libra Investment Management, according to Finiki. Yes it is perfectly fine to do and doing Norbert’s Gambit is worth it. It seems sneaky and you may wondering whether Norbert’s Gambit is legal. It takes a bit of time but if you are exchanging a large amount it is definitely worth it compared to paying for the conversion costs. Here’s how exchanging $2000 CAD to US dollars cost me around $6. With the strategy of Norbert’s Gambit, you can avoid that hidden currency conversion fee and save on purchasing US dollars. Related: Questrade Fees- Costs for Questrade Discount Brokerage It also never hurts to have US Dollars in an account ready especially if you are planning to go south of the border to travel when things open up. With the Canadian dollar at a three year high (as of writing), I’ve been converting some of my Canadian dollars in my investing account to US Dollars so that I have some money ready to buy US dollar equities when the next recession hits. The currency exchange fees and costs can add up to a lot, even if you are DIY investing. With Norbert’s Gambit, the fee amounts to about 0.2% or less. So with a 1.20 exchange rate, that $2000 not only becomes $1666.67, it will actually be $1626.67 (or something like that). So, if you are converting $2000 CAD to US Dollars, the 2% currency conversion fee equates to about $40.
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Questrade uses end of day market rates with a spread of 1.99%. How much do these hidden currency charges with Questrade cost? Well, tese hidden currency conversion fees are about 1.5-2% for each conversion with Questrade. What’s the Questrade exchange rate to convert CAD to USD? MY Experience with Norberts Gambit Questrade.Pros and Cons to Questrade Norbert Gambit.
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CONVERT CAD TO USD HOW TO
Step by Step Guide on How to do Norbert’s Gambit on Questrade.How to Fund your Questrade Account with US Dollars.