Norbert’s Gambit with XEQT: Save Thousands on Currency Conversion Fees

A few years ago, a friend of mine decided to sell some US stocks he had inherited and move the proceeds into XEQT inside his TFSA. Pretty standard stuff. He logged into his brokerage, sold the shares, and converted the USD proceeds to Canadian dollars so he could buy XEQT on the TSX. Then he looked at the transaction confirmation and nearly choked on his coffee. He had just paid over $600 in currency conversion fees on a $40,000 conversion – a 1.5% spread that his brokerage quietly pocketed without so much as a separate line item.

When he told me about it, I introduced him to a technique called Norbert’s Gambit. The next time he needed to convert currency, he used it and paid roughly $10 in total costs on a similar amount. That is a savings of over $590 on a single transaction.

When he told me about it, I went back and checked my own past transactions. Sure enough, I had been paying the same spread for months on smaller amounts without noticing. The fees were never broken out on a separate line – they were just baked into the exchange rate. It was one of those moments where you realize a “free” trading platform is not always as free as it appears.

But here is the twist that makes this article different from every other Norbert’s Gambit guide on the internet: if you are a straightforward XEQT investor buying on a platform like Wealthsimple, you probably do not need Norbert’s Gambit at all. One of XEQT’s greatest underappreciated features is that it handles all currency conversion internally, shielding you from retail forex spreads entirely. You buy XEQT in Canadian dollars. The fund takes care of everything else behind the scenes.

So why write this guide? Because understanding Norbert’s Gambit matters if you ever step outside the XEQT-only approach – supplementing with US-listed ETFs, handling inherited USD assets, or simply wanting to understand the full picture of how currency conversion costs work in Canada. And frankly, knowing how much you are not paying when you stick with XEQT makes you appreciate the simplicity even more. Let’s walk through all of it.

1. What Is Norbert’s Gambit?

Norbert’s Gambit is a technique Canadian investors use to convert between Canadian and US dollars at near-institutional exchange rates, avoiding the 1.5% to 2.5% markup that most brokerages and banks charge on retail currency conversions.

The strategy is named after Norbert Schlenker, a Canadian financial advisor who popularized it. The core idea is elegant in its simplicity:

1. Buy an interlisted security in one currency (say, Canadian dollars). An interlisted security is a stock or ETF that trades on both a Canadian exchange (TSX) and a US exchange (or has a USD-denominated version on the TSX).
2. Journal the shares from the CAD side of your account to the USD side. This means your brokerage transfers the same shares from your Canadian-dollar account to your US-dollar account. No buying or selling occurs – the shares simply move.
3. Sell the shares on the USD side. You now hold US dollars, having effectively converted your currency at the real market exchange rate.

The most commonly used security for Norbert’s Gambit is Horizons US Dollar Currency ETF, which trades as DLR (in CAD) and DLR.U (in USD) on the TSX. Because DLR and DLR.U represent the exact same fund, the price relationship between them is essentially the live CAD/USD exchange rate. There is virtually no market risk during the conversion – you are not gambling on a stock going up or down.

Why it works

When you convert currency through your bank or brokerage, they apply a spread – a markup on the real exchange rate. If the true mid-market rate is 1 CAD = 0.7300 USD, your bank might give you 0.7150 USD – pocketing the difference. On $10,000, that spread costs you $150 or more.

With Norbert’s Gambit, you are buying and selling the same asset at market prices on both sides. Your only costs are:

• Trading commissions (often $0 on platforms like Wealthsimple and Questrade for ETFs)
• The bid-ask spread on DLR/DLR.U (typically a penny or two per share)
• A tiny bit of your time (about 5-10 minutes plus a waiting period for the journal)

Total cost on a $10,000 conversion? Usually under $20. Compare that to $150+ at a bank.

2. Why XEQT Investors Usually Do NOT Need Norbert’s Gambit

Here is the key insight that many Norbert’s Gambit guides miss: if you are simply buying and holding XEQT, you never touch foreign currency at all.

XEQT is a Canadian-listed, Canadian-dollar-denominated ETF that trades on the TSX. When you buy a share of XEQT for, say, $28 CAD, that is a Canadian-dollar transaction. No currency conversion happens at the brokerage level.

But wait – XEQT holds about 75% of its assets in foreign stocks. Where does the currency conversion happen?

It happens inside the fund, at the institutional level. iShares (BlackRock), the fund manager, handles all currency conversion when purchasing the underlying US-listed ETFs (like ITOT and IEMG) and international holdings. And here is the beautiful part: institutional forex rates are dramatically cheaper than retail rates. BlackRock is not paying a 1.5% spread. They are converting billions of dollars at rates that are essentially the mid-market rate, with spreads measured in fractions of a basis point.

This means the currency conversion cost embedded in XEQT’s operations is negligible – far less than what you would pay doing it yourself through any retail channel.

The practical takeaway

If your investment plan is:

• Buy XEQT in a TFSA, RRSP, FHSA, or non-registered account
• Use a Canadian brokerage like Wealthsimple
• Contribute in Canadian dollars
• Hold for the long term

Then you have zero need for Norbert’s Gambit. The fund does all the heavy lifting for you. This is one of the strongest arguments for an all-in-one ETF like XEQT – it removes an entire layer of complexity and cost from your investing life.

For more on how XEQT handles foreign currency internally, see my deep dive on XEQT’s currency exposure and how it affects your returns.

3. When You WOULD Need Norbert’s Gambit as an XEQT Investor

Even though XEQT handles currency internally, there are real scenarios where a Canadian investor – including an XEQT investor – might need to convert currency at a brokerage. Here are the most common ones:

You want to supplement XEQT with US-listed ETFs

Some investors hold XEQT as their core position but add individual US-listed ETFs for specific reasons. For example, holding VTI (Vanguard Total Stock Market ETF) directly in an RRSP can reduce foreign withholding tax because the Canada-US tax treaty exempts US-listed funds from the 15% withholding tax on dividends in registered retirement accounts.

If you are buying VTI, VOO, or any other US-listed ETF, you need US dollars. And if you are converting more than a few hundred dollars, Norbert’s Gambit can save you real money.

You received USD income or inherited USD assets

If you receive US-dollar dividends, sell US-listed stocks, or inherit a US brokerage account, you may need to convert those US dollars to Canadian dollars. Or you may want to move USD into a Canadian account to buy XEQT. This is surprisingly common – I hear from readers who have inherited US brokerage accounts from family members, or who do freelance work paid in USD through American clients. Converting $20,000 or $50,000 at a bank’s 2.5% spread is painful once you know the alternative exists.

You are switching from a US-listed strategy to XEQT

Some investors start with a multi-ETF approach using US-listed funds (VTI + VXUS + XIC, for example) and later simplify to XEQT. I have written before about why people consolidate to a single all-in-one ETF – it is usually about reducing complexity and mental overhead. But when you sell those US-listed positions, you end up holding US dollars that need to be converted before you can buy XEQT on the TSX. On a $50,000 portfolio, converting efficiently with Norbert’s Gambit versus paying a 1.5% spread saves you $750 in a single afternoon.

You are moving funds between Canadian and US bank accounts

This is less about investing and more about general banking, but the same technique applies. If you need to move thousands of dollars between CAD and USD accounts – for example, paying US tuition, funding a cross-border real estate purchase, or transferring savings after a relocation – Norbert’s Gambit at a brokerage is far cheaper than a bank wire with their embedded FX spread. Some people set up a Questrade account for no other reason than to use it as a cheap currency conversion tool.

For a deeper comparison of the USD vs CAD ETF question, see my guide on USD vs CAD ETFs on Wealthsimple.

4. Step-by-Step: How to Execute Norbert’s Gambit Using DLR/DLR.U

Let’s walk through the actual mechanics. I will use the most popular method – the DLR/DLR.U pair – and convert from CAD to USD. (To go from USD to CAD, just reverse the direction: buy DLR.U, journal to the CAD side, sell DLR.)

Before you start: what you need

• A brokerage account that supports both CAD and USD holdings (Questrade is the most popular choice for this)
• Enough Canadian dollars settled in your account to fund the purchase
• Patience for a 2-5 business day process
• A limit order strategy (never use market orders for this)

Step 1: Make sure you have a USD sub-account

Your brokerage needs to support holding both CAD and USD cash within the same account (or linked accounts). On Questrade, for instance, you can hold both currencies in your TFSA or RRSP. On some platforms, you may need to request that a USD sub-account be enabled. This is usually a one-time setup – once enabled, you can use it for all future conversions.

Step 2: Buy DLR on the TSX with Canadian dollars

Log in to your brokerage and buy shares of DLR (Horizons US Dollar Currency ETF), which trades on the TSX in Canadian dollars. Use a limit order to control the price you pay. The share price closely tracks the CAD/USD exchange rate, so if the rate is roughly 1.37, each share will cost approximately $13.70 CAD.

If you want to convert $10,000 CAD, you would buy approximately 730 shares of DLR (10,000 / 13.70 = ~730 shares). Try to execute during regular market hours (9:30 AM to 4:00 PM ET) when liquidity is highest and the bid-ask spread is tightest.

Step 3: Wait for the trade to settle

In Canada, stock trades settle on a T+1 basis (one business day after the trade date). You need to wait for your DLR purchase to settle before you can journal the shares. Some brokerages let you initiate the journal before settlement is complete, but check your brokerage’s rules.

Step 4: Journal the shares from CAD to USD

This is the critical step that makes the gambit work. Contact your brokerage (or use the online form, if available) and request that your DLR shares be “journaled” from the CAD side to the USD side of your account.

Journaling means the shares are transferred internally. No buying or selling occurs. The shares simply move from being held under your CAD sub-account to your USD sub-account. Once journaled, they are referred to as DLR.U – the same fund, just denominated in US dollars.

On Questrade, you can often do this online through a message or live chat. Some brokerages still require a phone call. The journal process itself can take one to three business days.

Step 5: Sell DLR.U for US dollars

Once the journal is complete and your shares appear as DLR.U in your USD sub-account, sell them using a limit order. The proceeds settle in US dollars.

Congratulations – you have just converted CAD to USD at near-institutional rates.

Step 6: Use your US dollars

You can now use those US dollars to buy US-listed ETFs (like VTI, VOO, or QQQ), hold them as USD cash, or anything else that requires American currency.

Important notes on execution

• Use limit orders, not market orders, for both the buy and sell. DLR and DLR.U can have brief moments where the bid-ask spread widens, and a market order might cost you a few extra cents per share.
• Do not panic about price movement. DLR tracks the US dollar, so it moves very slowly. The “risk” of holding DLR for a few days while the journal processes is essentially the risk that the CAD/USD rate moves slightly – usually a fraction of a percent.
• Some brokerages charge a fee for journaling. Many do not. Check before you start.

5. Cost Comparison: Norbert’s Gambit vs Bank vs Brokerage Conversion

Here is where the numbers get compelling. The table below shows the approximate cost of converting CAD to USD using three different methods, for various amounts.

I am assuming a 1.5% brokerage spread (typical of Wealthsimple’s free tier and many bank brokerages), a 2.5% bank counter/wire spread (typical of the Big Five banks for cash conversions), and an effective Norbert’s Gambit cost of roughly $5 to $15 per transaction (bid-ask spread plus any commission).

The pattern is obvious: the more money you are converting, the more Norbert’s Gambit saves you. Because the Gambit’s cost is essentially flat (a few dollars for the bid-ask spread), while brokerage and bank fees scale as a percentage, the savings grow proportionally with the amount.

For small amounts under $1,000, the hassle of Norbert’s Gambit probably is not worth the $5-10 savings. But for amounts above $5,000 – and especially for lump-sum conversions of $10,000+ – the savings are substantial.

When the math tilts against Norbert’s Gambit

There are scenarios where the traditional conversion might be acceptable:

• Very small amounts (under $1,000) where the absolute savings are minimal
• Time-sensitive conversions where you cannot wait 2-5 business days for settlement and journaling
• Brokerages that charge a journaling fee or commission that eats into the savings
• Wealthsimple Plus or Generation subscribers who already have reduced or zero currency conversion fees (more on this below)

6. Which Brokerages Support Norbert’s Gambit?

Not every brokerage makes Norbert’s Gambit easy – or even possible. Here is a breakdown of the major Canadian platforms:

Questrade – The best platform for Norbert’s Gambit

Questrade is widely considered the go-to brokerage for Norbert’s Gambit. Here is why:

• Free ETF purchases (you only pay commissions when selling, and these are modest)
• USD sub-accounts available in all account types (TFSA, RRSP, FHSA, non-registered)
• Online journaling can be requested via live chat or message – no phone call needed
• No journaling fee in most cases
• Fast processing – journals typically complete in 1-2 business days

If you specifically want to use Norbert’s Gambit regularly, Questrade is hard to beat.

Interactive Brokers – Unnecessary for the Gambit, but great FX rates

Interactive Brokers (IBKR) offers direct currency conversion at institutional-like spreads. Their USD/CAD conversion fee is approximately $2 per transaction, which is already so cheap that you do not need Norbert’s Gambit at all on IBKR. Just convert directly.

The tradeoff is that IBKR has a steeper learning curve and a more intimidating interface. But if you are comfortable with it, their FX rates are the cheapest in Canadian retail brokerage.

Wealthsimple – Norbert’s Gambit is not supported (and you do not need it)

Wealthsimple does not support journaling shares between CAD and USD sub-accounts. As of the current platform design, there is no way to execute Norbert’s Gambit on Wealthsimple.

But here is the thing – for XEQT investors on Wealthsimple, this is a non-issue. If you are buying XEQT (a Canadian-dollar ETF), there is no currency conversion at the brokerage level. The fund handles it internally. And if you do trade US-listed stocks or ETFs, Wealthsimple’s Plus and Generation tiers offer significantly reduced conversion fees (more on that in the next section).

TD Direct Investing, BMO InvestorLine, RBC Direct Investing, and other bank brokerages

The Big Five bank brokerages technically support Norbert’s Gambit, but they tend to make the process slower and more cumbersome:

• Journaling often requires a phone call (and potentially a long hold time)
• Processing can take 3-5 business days or more
• Some bank brokerages charge commissions on both the buy and sell side ($9.99 per trade is common)
• The experience varies widely depending on the representative you reach

It works, but it is not seamless. If you are at a bank brokerage and find yourself needing to convert currency regularly, consider whether a move to Questrade or IBKR makes sense for your situation.

7. The Wealthsimple Angle: Auto-Conversion and Why XEQT Simplifies Everything

Since this blog focuses heavily on the Wealthsimple + XEQT combination, let’s talk about how Wealthsimple’s currency conversion works and why it makes Norbert’s Gambit largely irrelevant for most readers here.

Wealthsimple’s free tier – the 1.5% conversion fee

On the free (Basic) tier, Wealthsimple charges a 1.5% currency conversion fee any time you buy or sell a US-listed stock or ETF. This means if you buy $10,000 worth of a US-listed ETF, you lose $150 to currency conversion on the way in, and another $150 when you eventually sell and convert back to CAD. Round-trip cost: $300.

That is expensive. And it is the main reason some investors consider Norbert’s Gambit in the first place.

But remember: this fee only applies to US-listed securities. If you are buying XEQT – which is Canadian-listed and trades in CAD – you pay $0 in currency conversion fees on Wealthsimple. Zero. The buy button costs nothing (commission-free) and no currency conversion is triggered.

Wealthsimple Plus – reduced conversion fees and USD accounts

If you subscribe to Wealthsimple Plus (approximately $10/month, verify current pricing), you get access to:

• Significantly reduced or waived currency conversion fees on USD trades
• A USD sub-account so you can hold American dollars without automatic conversion
• Instant deposits at higher limits
• Priority support and advanced features

For investors who want to trade US-listed stocks or ETFs alongside their XEQT core, Plus can make sense – especially if the reduced conversion fees save more than the subscription cost. See my detailed breakdown of whether Wealthsimple Plus is worth it for XEQT investors.

Wealthsimple Generation – the premium tier

For investors with larger portfolios (typically $100,000+ with Wealthsimple, verify current thresholds), the Generation tier includes many Plus features at no additional subscription cost, including reduced or zero currency conversion fees.

The bottom line on Wealthsimple and currency conversion

If you are a Wealthsimple user and your strategy is to buy XEQT, you are already paying effectively nothing for currency conversion. The fund handles everything at institutional rates. You do not need Norbert’s Gambit, you do not need Plus for this purpose, and you do not need to think about DLR/DLR.U.

If you are a Wealthsimple user who also wants to hold US-listed ETFs like VTI or VOO – perhaps in your RRSP for withholding tax optimization – then either upgrading to Plus (for reduced fees) or switching the US-listed portion to Questrade (for Norbert’s Gambit) are reasonable approaches. The right choice depends on how much you are converting and how often.

8. XEQT’s Internal Currency Handling: The Underappreciated Advantage

Let me hammer this point home one more time because I think it is genuinely one of the most underappreciated reasons to choose XEQT over a DIY multi-ETF portfolio.

When you build your own portfolio using individual ETFs – say, XIC + VTI + XEF + IEMG to replicate what XEQT holds – you need to deal with currency conversion yourself for the US-listed components (VTI and IEMG). That means either:

• Paying your brokerage’s conversion spread (1.5% on Wealthsimple free tier, ~1% at many bank brokerages)
• Executing Norbert’s Gambit for each purchase and each eventual sale
• Using a platform like IBKR with cheap FX rates but a more complex interface

With XEQT, you skip all of that. You buy one ETF in Canadian dollars. BlackRock handles the rest at institutional rates that are a fraction of what you would pay retail. The convenience value alone is enormous – but the cost savings are real too, especially if you compare XEQT to a DIY approach where you are paying 1.5% on every USD purchase.

A quick cost comparison: XEQT vs DIY with retail conversion

Say you are investing $500 per month and roughly 50% of your target allocation is in US-listed ETFs.

And that table does not account for the time and mental overhead of executing Norbert’s Gambit monthly. Over 10 years of monthly contributions, you are looking at 120 separate journal requests if you go the DIY route. With XEQT, you just set up auto-invest and live your life.

Is XEQT’s MER of 0.20% slightly higher than the blended MER of the underlying ETFs held directly (closer to 0.06-0.08% for a VTI/XIC/XEF/IEMG combination)? Yes. But when you factor in the conversion costs, the time value of the Gambit, and the simplicity premium, XEQT often comes out ahead for anyone not running six-figure amounts through Questrade or IBKR.

I think about it this way: XEQT’s slightly higher MER is essentially the price you pay for someone else to handle all the currency complexity, rebalancing, and multi-fund management on your behalf. For most Canadian investors – especially those with portfolios under $500,000 – that is a trade worth making ten times out of ten. The investors who genuinely benefit from a DIY US-listed approach are typically those with very large portfolios and the discipline to execute Norbert’s Gambit consistently over decades without missing a beat.

9. Common Mistakes to Avoid with Norbert’s Gambit

If you do decide to use Norbert’s Gambit, here are the pitfalls I have seen trip people up:

Mistake 1: Selling before the journal is complete

If you sell DLR in CAD instead of waiting for the journal to DLR.U, you have just done a round-trip trade and accomplished nothing except paying two sets of commissions. Make sure the journal is complete and the shares show up as DLR.U before you sell.

Mistake 2: Using a market order

DLR and DLR.U are lower-volume ETFs. A market order can fill at a slightly worse price than expected, especially near market open or close. Always use limit orders.

Mistake 3: Not accounting for settlement timing

Your DLR purchase needs to settle (T+1) before you can journal the shares. Then the journal itself takes 1-3 business days on most platforms. So from start to finish, the process can take 2-5 business days. If you need USD urgently, Norbert’s Gambit might not be the right tool.

Mistake 4: Using Norbert’s Gambit for tiny amounts

If you are converting $200, the effort and complexity are not worth saving $3. Set a personal threshold – for many people, $3,000 to $5,000 is the point where the Gambit starts to make practical sense.

Mistake 5: Forgetting to track your adjusted cost base (ACB)

When you buy and sell DLR/DLR.U, these are technically taxable transactions in a non-registered account. You need to track the adjusted cost base and report any capital gains or losses. In a TFSA or RRSP, this is not a concern, but in a taxable account, keep clean records. The good news is that because DLR barely moves in price during the short holding period, any capital gain or loss is usually negligible – often just a few dollars. But the CRA still expects you to report it.

Mistake 6: Trying to use Norbert’s Gambit on Wealthsimple

I see this question come up on Reddit regularly. As of this writing, Wealthsimple does not support journaling shares between CAD and USD accounts. If you buy DLR on Wealthsimple, there is no mechanism to journal it to DLR.U and sell in USD. The platform was designed for simplicity, not this kind of manual optimization. If Norbert’s Gambit is important to your strategy, Questrade is the brokerage you want.

10. Do You Actually Need Norbert’s Gambit? A Simple Decision Framework

Let me give you a quick flowchart to figure out whether this technique is worth your time:

Are you only buying XEQT (or other Canadian-listed ETFs) in Canadian dollars?

• Yes – You do not need Norbert’s Gambit. Stop here and enjoy your simplicity.

Are you buying US-listed ETFs (VTI, VOO, QQQ, etc.)?

• Yes – Continue below.
• No – You do not need it.

Which brokerage are you using?

• Interactive Brokers – Use their built-in FX conversion. It costs about $2. No Gambit needed.
• Wealthsimple Plus/Generation – Use the reduced/waived conversion fee. Simpler than the Gambit for most amounts.
• Wealthsimple free tier – Consider upgrading to Plus if you trade USD regularly, or move your US-listed holdings to Questrade.
• Questrade – Norbert’s Gambit is your best option. Follow the steps above.
• Bank brokerage – Norbert’s Gambit works but is clunkier. Consider whether switching brokerages makes more sense long-term.

How much are you converting?

• Under $3,000 – The savings are modest. Consider whether the effort is worth it.
• $3,000 to $10,000 – Norbert’s Gambit saves $45 to $150 compared to a 1.5% spread. Worth doing.
• Over $10,000 – Absolutely use the Gambit (or IBKR’s direct conversion). Savings of hundreds or thousands of dollars.

For most readers of this blog – people who are buying XEQT on Wealthsimple and keeping things simple – the honest answer is that you will never need Norbert’s Gambit. And that is one of the best things about the XEQT approach.

11. Frequently Asked Questions

Can I use Norbert’s Gambit in a TFSA or RRSP?

Yes. Norbert’s Gambit works in any account type that supports both CAD and USD holdings – including TFSAs, RRSPs, FHSAs, and non-registered accounts. In registered accounts, you also get the benefit of not having to track capital gains from the DLR/DLR.U transaction.

Is Norbert’s Gambit legal?

Absolutely. There is nothing questionable about it. You are buying and selling a publicly traded ETF, which is entirely normal investment activity. The CRA has no issue with this strategy.

Can I use stocks other than DLR for Norbert’s Gambit?

Yes. Any interlisted stock works in theory – for example, Royal Bank (RY on TSX, RY on NYSE) or other Canadian companies that trade on both exchanges. However, DLR/DLR.U is preferred because it is a currency ETF that barely moves in value. Using a volatile stock introduces the risk that the price drops significantly between your buy and sell, which would offset or exceed your conversion savings.

How long does the whole process take?

Typically 2-5 business days from start to finish. The purchase settles in T+1, and the journal takes 1-3 business days depending on the brokerage.

Does XEQT pay dividends in USD?

No. XEQT pays all distributions in Canadian dollars, regardless of the underlying currency exposure. You receive CAD in your brokerage account. No conversion needed on your end.

What about Horizons’ DLR vs other currency ETFs?

DLR/DLR.U is the standard choice because of its tight bid-ask spread and the fact that both the CAD and USD versions trade on the TSX (making journaling straightforward). There are alternatives, but DLR has become the default for good reason.

12. The Big Picture: XEQT Makes Currency Simple

If there is one thing I want you to take away from this guide, it is this: XEQT was designed to eliminate exactly this kind of complexity from your investing life.

Currency conversion fees, journaling shares, bid-ask spreads on DLR, calling your brokerage to request a journal, tracking ACB on currency ETF transactions – these are all real costs (in time and money) that XEQT investors simply do not have to think about.

When you buy XEQT on the TSX, you are getting instant, automatic exposure to global equities across dozens of currencies – all handled at institutional rates inside the fund. You do not need to convert a single dollar yourself. You do not need to learn Norbert’s Gambit. You do not need a brokerage that supports USD sub-accounts or journaling.

Is Norbert’s Gambit a useful skill to have in your back pocket? Absolutely. If you ever find yourself needing to convert a large lump sum – selling an inherited US stock, consolidating from a US brokerage, or adding a US-listed position to your RRSP for tax optimization – it can save you hundreds or thousands of dollars. And now you know exactly how to do it.

But for the everyday, month-in-month-out work of building wealth through consistent investing? XEQT and a good brokerage like Wealthsimple handle everything. Set up your auto-invest, contribute regularly, and let the fund managers worry about forex rates.

That is the kind of simplicity that compounds – not just in returns, but in sanity. My friend who lost $600 on that first conversion? He eventually moved everything into XEQT in his TFSA and set up auto-invest. He has not thought about currency conversion since. And his portfolio is doing just fine.

Related Reading

• XEQT Currency Exposure Explained: How Foreign Exchange Affects Your Returns
• Foreign Withholding Tax on XEQT: What Canadian Investors Actually Pay
• USD vs CAD ETFs on Wealthsimple: Beginner Rules for Canadians
• Is Wealthsimple Plus Worth It for XEQT Investors?
• Best Broker to Buy XEQT in Canada