Norbert's Gambit
Norbert's Gambit calculator: compare CAD to USD conversion costs across Canadian brokerages
New to this? Read the complete Norbert's Gambit guide for step-by-step instructions at each broker.
Amount to Convert
≈ USD 7,246 at 1.3800 CAD/USD
Your Brokerage
Use Norbert's gambit: saves $138.76
At $10,000 the $11.24 journal process beats both the 1.5% direct purchase ($150.00) and the tiered USD rate ($100.00).
The tiered USD conversion rates and Norbert's gambit both require a Wealthsimple USD account, which costs $10/month on the Core plan. The 1.5% direct purchase needs only a CAD account. Upgrade to Premium or Generation to have the fee waived.
Method Comparison
CAD account · no monthly fee
Requires USD account
Requires USD account
Norbert's gambit beats the 1.5% direct purchase above $749. Wealthsimple's tiered USD rate falls to 0% above $100,000, where instant conversion is free and the gambit is no longer needed.
Settlement timing
USD lands in your Wealthsimple account in 4 business days. Place the buy before 3:30pm ET to keep the timeline tight.
How to do it at Wealthsimple
- 1Open a Wealthsimple USD account (free on Premium/Generation, $10/month on Core) and keep enough CAD on hand to cover the ~$11.24 journal fee
- 2Buy DLR on the TSX using your CAD funds
- 3Wait ~2 business days for settlement
- 4On Wealthsimple web (the journal flow isn't in the mobile app yet), open your DLR holding and use Norbert's Gambit to journal DLR to DLR.U
- 5Wait ~2 business days for the journal to process
- 6Sell DLR.U to receive USD proceeds
- 7Purchase your USD-listed ETF (ITOT, VTI, AVUS, AVUV etc.)
Wealthsimple offers three CAD→USD paths. A direct US purchase from a CAD account converts on the fly at a flat 1.5% with no monthly fee. Opening a USD account unlocks tiered conversion rates (1.5% under $10k, 1% to $25k, 0.5% to $100k, free above, which is Wealthsimple's standard fee schedule applied to its internal WSII corporate rate) and Norbert's gambit (commission-free trades plus a ~$11.24 journal fee). The USD account costs $10/month on the Core plan and is waived on Premium and Generation.
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. The tiered USD rate steps down by amount and is free above $100,000.
How this works
Fees last verified Jun 2, 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.
Wealthsimple offers three ways to convert. A direct US purchase from a CAD account converts on the fly at a flat 1.5% with no monthly fee. Opening a USD account (free on Premium/Generation, $10/month on Core) unlocks tiered conversion rates that fall to 0% above $100,000, as well as Norbert's gambit.
These figures are estimates based on the Bank of Canada mid rate and each broker's headline fee. They do not include the bid/ask spread you pay buying and selling DLR/DLR.U, nor any foreign-exchange spread a broker layers on top of its stated rate — together these can add roughly another 0.1–0.4%. Your real cost will be modestly higher, so confirm your own broker's spread before converting.
Exchange rate used: 1 USD = 1.3800 CAD (illustrative). Actual savings will vary with the prevailing exchange rate. This calculator does not constitute financial advice.