Wealthsimple 3% charge on usd cad covert do you know?
Wealthsimple allows Norbert's Gambit to convert currency, but it requires an active USD account and a $9.95 journaling fee per request. The process requires you to have both CAD and USD accounts to move assets, specifically using DLR/DLR.U, and is likely aimed at users in their premium/generation tiers . [ 1 , 2 , 3 , 4 ] Key Requirements & Details (2026): USD Account Needed: Yes, you must have a USD account to hold the funds after the conversion. Journaling Fee: Wealthsimple charges a fee of $9.95 CAD + tax per journal request. Process: You must buy DLR.TO (CAD) and ask to journal it to DLR.U (USD). Alternative: If you do not have a USD account, you will still pay the standard 1.5% foreign exchange fee for converting funds. [ 1 , 2 , 3 , 4 , 5 ] The feature is designed to allow users to move, for example, USD-denominated stocks held in a CAD account over to a USD account without paying the 1.5% conversion fee twice. [ 1 , 2 ] If you trade US stocks in a standard CAD...