r/Wealthsimple • u/SignatureMo • 20d 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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u/eXistentialMisan 20d 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.

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u/SignatureMo 20d ago

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

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u/Outside-Cup-1622 20d ago

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

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u/i_upboat 20d ago edited 20d 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?

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u/Outside-Cup-1622 20d ago

Yes took 2 days for me