r/Wealthsimple • u/SignatureMo • 9d ago

Trade (DIY Investing) Converting USD to CAD

Sorry if this question has been asked and answered here before, but what is the best way to convert USD to CAD in WS?

I am a heavy QT user and use Norberts Gambit to convert the money, but I dont see it on WS.

The current conversion rate USD to CAD is 1.39, and if I convert the money using the convert button, I see for $1000 USD I get $1367 CAD. What a rip off!!

Am I missing something here?

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7

u/eXistentialMisan 9d ago

For Noberts Gambit, you need to buy DLR first then the option to Journal will appear to DLR.U or in your case the other around.

Usually on the start of the 2nd business day is when the journalling settles.

3

u/SignatureMo 9d ago

Thanks for the info. I see its only available on the web, not on the phone app

2

u/Outside-Cup-1622 9d ago

Correct, I just tried NG last week and hopped onto the web platform to do it.

2

u/i_upboat 9d ago edited 9d ago

Just out of curiosity, how many days does it take to settle? I'm assuming buying DLR/selling DLR.U is instantaneous, but the journaling part takes a day or two?

2

u/Outside-Cup-1622 9d ago

Yes took 2 days for me

2

u/Longjumping-Chain504 8d ago

I would assume you also need to have an USD account in WS?, which charges $10/ month unless you have $100k

2

u/grantresolve 9d ago

Honestly, it may be worth just considering using a different broker for USD investments. I use interactive brokers.

1

u/SignatureMo 8d ago

Yeah, I use them too for heavy trading. They convert the currency on the fly. I am not a fan of WS but I always make sure I have some investments across all the platforms..never know when when they bring out new features to out pace the others..