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Norbert's Gambit · Wealthsimple

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

Wealthsimple charges a flat 1.5% to convert CAD to USD on a direct purchase. Norbert's gambit routes around it using DLR and DLR.U for only a small journal fee. Here is exactly how to do it, and the amount above which it starts to pay.

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

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

Open the calculator with Wealthsimple selected →
Journal fee
$11.24
USD account
$10/mo
Core plan only · free on Premium/Generation
Settlement
3–5 business days

Is Norbert's gambit worth it at Wealthsimple?

Wealthsimple's ETF trades are commission-free, so the gambit costs only the flat $11.24 journal fee, with no trading commissions on top. Above about $749, that flat fee is far cheaper than paying 1.5% of the whole conversion.

The journal step needs a Wealthsimple USD account, which carries a monthly fee on the Core plan and is free on Premium and Generation. If you already hold Premium or Generation, the gambit is close to free; on Core, weigh the monthly fee against how often you convert.

For very large conversions, Wealthsimple's tiered USD-account rates (which step down to free at higher balances) can beat even the gambit. The calculator picks the cheapest of the three paths for your amount.

Step by step at Wealthsimple

  1. 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
  2. 2Buy DLR on the TSX using your CAD funds
  3. 3Wait ~2 business days for settlement
  4. 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
  5. 5Wait ~2 business days for the journal to process
  6. 6Sell DLR.U to receive USD proceeds
  7. 7Purchase 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 →Wealthsimple reviewFees, account coverage, and fit for DIY investors at Wealthsimple.Read the review →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 Wealthsimple?+
The gambit beats Wealthsimple's 1.5% instant rate once you convert more than about $749, because its only cost is the flat $11.24 journal fee rather than a percentage of the whole conversion. Below that, a direct purchase is cheaper.
Do I need a Wealthsimple USD account?+
Yes. The journal from DLR to DLR.U happens inside a USD account, which carries a monthly fee on Core and is free on Premium and Generation. The journal flow is currently on Wealthsimple web, not the mobile app.
How long does it take at Wealthsimple?+
Plan for about 3–5 business days end to end: buy DLR, wait for settlement, journal to DLR.U, wait for the journal, then sell for USD. The settlement timeline card on the calculator lays out each step.

Source: Wealthsimple pricing. Fees and timing verified 2026-06-02. Figures on this page are computed by the Norbert's Gambit calculator.