Cheapest way to exchange Canadian dollars to US dollars
If you do not operate a business that deals with US dollars you might not realize how much you are paying in exchanging your Canadian dollars to US dollars. There are many ways to minimize the cost of exchange but lowest is around .5-1% and that’s if you buy $10k!
Here’s a great way called Norbert’s Gambit to use Questrade to minimize the cost. You will end up paying only $4.99 for the trade through Questrade. You can buy the EFT for free and sell it for a $4.99 commission. For $10,000 that’s about .05%!
Here are the steps:
Make sure your currency settlement is set to
Contact Questrade to ask to transfer it to DLR.U.TO
hi, i have bought DLR.TO, can you journal it to DLR.U.TO
Wait for 4-5 business days and it will settle into your account