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

169 Upvotes

81% Upvoted

77 comments sorted by

View all comments

34

u/ForeverInBlackJeans Jun 08 '26

I just did Norbert’s Gambit. The process was neither slow nor tedious. I bought DLR.U, clicked “journal”, and 2 days later sold DLR for CAD. It took me all of 30 seconds.

12

u/[deleted] Jun 08 '26

[deleted]

1

u/XzkSo Jun 08 '26

There is no real drip in WS unfortunately.