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Norbert's Gambit · Questrade

Norbert's Gambit at Questrade: step-by-step

Questrade charges 1.5% for instant CAD to USD conversion. Norbert's gambit uses DLR and DLR.U to convert for only the journal fee. Here is the full process and the point at which it beats paying 1.5%.

On a $10,000 conversion at Questrade, the gambit saves about $138.76 versus the 1.5% instant rate, and it starts paying off above about $749.

Those are standard-account figures. Questrade Plus waives the journal fee, making the gambit effectively free at any amount.

Enter your own amount to see the exact saving and break-even for your situation.

Open the calculator with Questrade selected →
Journal fee
$11.24
Waived on Questrade Plus
Settlement
3–5 business days

Is Norbert's gambit worth it at Questrade?

ETF purchases are free at Questrade, so the gambit costs only the flat journal fee. There is no USD-account monthly fee to worry about, which makes the math simpler than at some brokers.

Above about $749, the flat $11.24 journal fee is much cheaper than 1.5% of your conversion, and the saving grows with the amount you convert. That break-even applies to standard Questrade accounts. On Questrade Plus the journal fee is waived, which makes the gambit effectively free at any amount.

Step by step at Questrade

  1. 1Buy DLR on the TSX using your CAD funds (free ETF purchase)
  2. 2Wait 2 business days for settlement
  3. 3Submit a journal request in Questrade to convert DLR to DLR.U
  4. 4Wait 1–2 business days for the journal to process
  5. 5Sell DLR.U to receive USD proceeds (free ETF sale)
  6. 6Purchase your USD-listed ETF (ITOT, VTI, AVUS, AVUV etc.)

Next steps

Where should the US ETF live?RRSP, TFSA, or non-registered: see which account avoids the most withholding tax.Open the tool →Which US ETF to buySplit an all-in-one into its parts and hold the US piece directly to skip the treaty withholding.Open the tool →Switching brokers?Several brokers pay cash bonuses on incoming account transfers. See what's live.See transfer bonuses →

Frequently asked questions

Is Norbert's gambit worth it at Questrade?+
For anything above about $749 it is, because the only cost is the flat $11.24 journal fee versus 1.5% of the whole amount. Below that the instant purchase is cheaper, unless you are on Questrade Plus, where the journal fee is waived and the gambit is effectively free at any amount.
What does the gambit cost at Questrade?+
Just the journal fee, about $11.24, and it is waived on Questrade Plus. Questrade's ETF trades are free, so there are no separate buy or sell commissions on DLR and DLR.U.
How long does Norbert's gambit take at Questrade?+
About 3–5 business days: buy DLR, wait for it to settle, request the journal to DLR.U, wait for it to process, then sell for USD proceeds.

Source: Questrade pricing. Fees and timing verified 2026-05-22. Figures on this page are computed by the Norbert's Gambit calculator.