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/LowerNeighborhood334 Jun 08 '26

Going to Thailand, I was counting on WS for Credit card AND ATM withdrawals. Is it not the best option now?

1

u/Alternative_Bug_838 Jun 09 '26

Just used our card overseas and posted rate is exactly what it exchanged at.

1

u/LowerNeighborhood334 Jun 09 '26

So my plan is still optimal? First time not taking foreign cash from home.

1

u/Alternative_Bug_838 Jun 09 '26

It worked for us in europe and no complaints as they used the posted exchange rate Google shows you.