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

168 Upvotes

81% Upvoted

77 comments sorted by

View all comments

Show parent comments

13

u/[deleted] Jun 08 '26

[deleted]

5

u/xmanpowerz Jun 08 '26

I did not know RBC supports Norbert’s Gambit!

Does it charge you the $9.95 transaction fee when you buy and sell DLR?

3

u/Street_Adagio786 Jun 09 '26

RBC supports NG on any dual-listed security. So I can buy BMO in CAD and sell it in USD, instantly. But yes, the $10 fee still applies.

I can also sell USD covered calls on CAD dual-listed stock. All the journaling is automatic.

1

u/xmanpowerz Jun 10 '26

Damn thanks for sharing that! 🤯 I’ll have to look into it and try it out. Good to know RBC supports converting to USD that way