Norbert's Gambit
Norbert's Gambit calculator: compare CAD to USD conversion costs across Canadian brokerages
Amount to Convert
≈ USD 7,353 at 1.36 CAD/USD
Your Brokerage
Just use instant conversion: saving is only $138.76 at this amount
Norbert's gambit breaks even at $749. Below that, the $11.24 fixed cost isn't worth the multi-day process.
Method Comparison
Norbert's gambit saves money on conversions above $749. The $11.24 fixed cost is offset by the 1.5% instant fee at that threshold.
Conversion Cost Comparison
Conversion cost in CAD across different amounts. Dashed vertical line = your current amount. Norbert's cost at Wealthsimple is a flat $11.24 regardless of amount.
How this works
Fees last verified May 2026. Always confirm current fees directly with your brokerage before converting — fee structures change without notice.
Norbert's gambit is a technique for converting Canadian dollars to US dollars at near the interbank rate by buying DLR (CAD-listed) and journalling to DLR.U (USD-listed) before selling. You pay only the flat journal fee and any applicable trading commissions.
The break-even point is where the fixed Norbert's cost equals the percentage-based instant conversion cost. Above the break-even, the gambit saves money; below it, instant conversion is simpler and cheaper.
IBKR's Ideal Pro currency conversion costs approximately 0.002% with a $2 USD minimum. This is significantly cheaper than Norbert's gambit for all practical amounts, with no multi-day process required.
Exchange rate used: 1 USD = 1.36 CAD (illustrative). Actual savings will vary with the prevailing exchange rate. This calculator does not constitute financial advice.