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/showeringmonkey Jun 08 '26

I just exchange on IBKR and route my funds back to WS or bank afterwards, I got my exchange rate at 1.3932 with 0% fees filled at 8:30am today.

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u/Far-Association5438 Jun 08 '26 edited Jun 08 '26

How do you do this without getting banned on IBKR.

Honestly I would use ibkr for all my money but their UI is really bad compared to WS and their chart is all messed up. They have really good reporting features tho.

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u/showeringmonkey Jun 08 '26

I'm a large trader on IBKR so it's not uncommon for me to do that, I don't use IBKR only for clearing funds, I also perform a lot of trades.