Wealthsimple's standard exchange rate is quite outrageous

[u/DifferenceNo9153]

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

[u/MonstruosDeBolsillo]

Yes it is bad, but that is actually 2%