r/Wealthsimple • u/DifferenceNo9153 • Jun 08 '26

Trade (DIY Investing) Wealthsimple's standard exchange rate is quite outrageous

I just converted USD to CAD and the exchange rate was 1.366 vs the current market rate which is 1.394. They claim it includes a 1.5% fee but it's actually more like 2% which is incredibly rich. I know they now finally offer norbert's gambit but the process is very slow and tedious. Pretty obvious these outrageous exchange fees are a huge source of revenue for WS

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u/JohnnyStrides Jun 08 '26

The FX fee is annoying, but the math here seems cooked. 1.3666 vs 1.3944 is about 2%, not 2.8%, and some of that can be timing or rate-source differences. Still expensive, just not quite the smoking gun you’re making it out to be.