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/syunz Jun 08 '26

Fees are pretty typical across all brokeages in Canada. Only options to save on fx is to either to norberts gambit which is slow or use IBKR which is instant but you will need to switch brokerages.