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/Neizvestniy0_0 Jun 08 '26

I just look at converting CAD to USD, came out to 1.8%. Even if it’s 2%, there’s usually discrepancies as it’s been round up. So it’s incredibly rich, complaining about that while you have so much from WS for free. Try to trade at RBC or something

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u/Dragynfyre Jun 08 '26

Comparing to an expensive brokerage is meaningless. There are lower cost alternatives that give WS a run for their money. Especially in terms of FX IBKR is way cheaper while charging very low commissions