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Norbert's Gambit Calculator 2026: How Much You Actually Save

By Alex Francisco Updated Figures checked 4 min read

How much does Norbert's Gambit save?

Norbert's Gambit at Questrade swaps the 1.5% currency conversion fee for one flat $9.95 journaling fee, because buying DLR and selling DLR.U cost $0 in commission. The calculator below adds the DLR bid-ask spread and shows the saving and break-even amount for any broker's fees. At Wealthsimple the journaling fee is $9.95. YieldMaple checked Questrade's and Wealthsimple's fee schedules on October 7, 2026.

  • Questrade charges 1.5% to convert between Canadian and US dollars; Norbert's Gambit replaces that with journaling at $9.95 per online journaling request (free and unlimited with Questrade Plus).
  • Buying DLR and selling DLR.U at Questrade costs $0 in commission, and Questrade lists no ECN fees on orders for Canadian-listed securities.
  • Wealthsimple charges a $9.95 journaling fee and 1.5% on US trades from a CAD account. Its USD account costs $10 a month for Core clients; free for Premium and Generation.
  • Converting cash straight into a Wealthsimple USD account costs 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000, so the gambit saves least on very large conversions.
  • Canadian trades settle one business day after the trade date (T+1), since May 27, 2024 (previously T+2), and Wealthsimple's own guide says to plan for roughly 2 to 3 business days from start to finish.
  • Interactive Brokers charges 0.002% of the amount (US$2.00 minimum) to convert currency, which leaves little for the gambit to save there.

— YieldMaple, figures checked against official sources on October 7, 2026. Sources

This Norbert’s Gambit calculator compares what your broker charges to convert Canadian dollars to US dollars with what the gambit costs instead: two trades, one journal and the DLR bid-ask spread. Enter your own numbers to see the saving and the break-even amount. YieldMaple checked Questrade’s and Wealthsimple’s fee schedules on October 7, 2026; the figures below come from those pages. This page is general education, not financial advice.

Interactive calculator

Norbert's Gambit savings calculator

See how much you save compared with your broker's currency conversion fee. Updates live.

Note: Norbert's Gambit involves two trades and one journal: buy DLR, journal it to DLR.U, sell DLR.U. Enter both trade commissions plus any journaling fee as one total. Currency moves while you wait are not included.

You save

$0

Broker FX cost

$0

Norbert's Gambit cost

$0

Break-even amount

$0

Below this amount, the gambit's fixed fees are larger than the conversion fee it avoids.

How do you use the Norbert’s Gambit calculator?

Enter the amount to convert, your broker’s conversion fee, a spread estimate and the gambit’s fixed fees; the results update as you type.

  1. CAD amount to convert: the Canadian-dollar amount you want to turn into US dollars.
  2. Broker’s FX markup: the fee your broker adds to a currency conversion. Questrade charges 1.5%. Wealthsimple charges 1.5% on US trades from a CAD account, and conversions into its USD account cost 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000. TD Direct Investing’s spread on conversions under $10,000 is 1.07% plus a surcharge equal to one-third of that spread, which TD says is built into the exchange rate the spread is added to, which TD’s own example works out to about 1.43% in total. BMO InvestorLine lists about 1.6% under US$25,000; 0.9% from US$25,000; 0.8% from US$75,000; 0.5% from US$100,000; no more than 0.4% from US$250,000.
  3. DLR/DLR.U bid-ask spread: your own estimate of the gap between the bid and ask prices, which changes through the day. Check both quotes in your broker’s app before trading.
  4. Fixed fees for the whole gambit: both trade commissions plus any journaling fee. At Questrade that is $0 in commissions plus $9.95 per journal; at Wealthsimple, $0 in commissions plus a $9.95 journaling fee.

The calculator then shows the broker’s conversion cost, the gambit’s cost and the difference. It leaves out currency moves between the buy and the sell, which can go either way.

How much does Norbert’s Gambit save at Questrade and Wealthsimple?

At Questrade, the gambit saves the 1.5% conversion fee minus one $9.95 journal, before the bid-ask spread and currency moves. At Wealthsimple the comparison is a conversion into the USD account, whose fee falls as the amount rises.

Amount converted (example)Questrade conversion feeQuestrade saving with the gambitWealthsimple USD-account conversion feeWealthsimple saving with the gambit
$1,000$15about $5$15about $5
$5,000$75about $65$75about $65
$10,000$150about $140$100about $90
$50,000$750about $740$250about $240
$100,000$1,500about $1,490$0none: the gambit costs about $10 more

Two costs sit outside the table. The DLR and DLR.U bid-ask spreads apply at both brokers, and at Wealthsimple a Core client also needs the USD account, which costs $10 a month for Core clients; free for Premium and Generation. On US trades placed from a Wealthsimple CAD account, the fee is 1.5% at any size, so the Wealthsimple saving against that route matches the Questrade column.

What is the break-even amount for Norbert’s Gambit?

The break-even amount is the gambit’s fixed fees divided by the gap between the conversion fee and the bid-ask spread. At Questrade, before any spread, that is about $663. With a spread estimate of 0.15%, it rises to about $737. Below the break-even amount, the conversion fee costs less than the gambit’s fixed fees.

Where commissions are charged on each trade, add both to the fixed fees. TD Direct Investing’s standard commission is $9.99, RBC Direct Investing charges $9.95 per online or mobile trade, and CIBC Investor’s Edge charges $6.95 per online trade. Those brokers’ journaling fees were not checked for this page, so ask before starting.

How do you do Norbert’s Gambit, step by step?

Buy DLR in Canadian dollars, have the units journaled to DLR.U on the US-dollar side of the same account, then sell DLR.U for US dollars. The full walkthrough is in the Norbert’s Gambit guide for Canada.

  1. Hold a Canadian-dollar and a US-dollar side in the same account type (TFSA to TFSA, RRSP to RRSP, and so on).
  2. Buy DLR with a limit order on the Canadian-dollar side. The fund is the Global X US Dollar Currency ETF, whose Canadian-dollar DLR units can be transferred into US-dollar DLR.U units.
  3. Let the trade settle. Canadian trades settle one business day after the trade date (T+1), since May 27, 2024 (previously T+2).
  4. Request the journal from DLR to DLR.U. At Questrade this is an online request at $9.95 per online journaling request (free and unlimited with Questrade Plus).
  5. When DLR.U shows on the US-dollar side, sell it with a limit order. The proceeds are US dollars.

Wealthsimple’s own guide says to plan for roughly 2 to 3 business days from start to finish. The exchange rate keeps moving the whole time, so the actual result can land above or below the calculator’s figure.

Which Canadian brokers support Norbert’s Gambit?

Questrade, Wealthsimple and National Bank Direct Brokerage all list a journaling fee for moving interlisted shares between currencies. Wealthsimple’s gambit is listed on Wealthsimple's active-trading page as a way to convert Canadian dollars to US dollars (and back) at near-market rates, with a $9.95 journaling fee. National Bank Direct Brokerage charges $9.95 per security and $0 commission on online stock and ETF trades. Questrade Plus members get online journaling as often as you want, free, with Questrade Plus; Plus costs $19.99 a month plus applicable taxes (free for the first 30 days).

Brokers with very low conversion fees leave little for the gambit to save: Interactive Brokers charges 0.002% of the amount (US$2.00 minimum) on a currency conversion. The Questrade version of the gambit and the Wealthsimple version cover each broker’s screens and timing.

Frequently asked questions

What is Norbert's Gambit?

Norbert's Gambit converts Canadian dollars to US dollars (or back) with an interlisted ETF instead of a currency conversion. You buy DLR in Canadian dollars, have the units journaled to DLR.U on the US-dollar side of the same account, then sell DLR.U for US dollars. The fund is the Global X US Dollar Currency ETF, whose Canadian-dollar DLR units can be transferred into US-dollar DLR.U units. The cost is two trades, one journal and the bid-ask spread, rather than a percentage fee such as Questrade's 1.5%.

How does the Norbert's Gambit calculator work?

Enter four numbers: the Canadian-dollar amount to convert, your broker's currency conversion fee as a percentage, your estimate of the DLR/DLR.U bid-ask spread, and the fixed fees for the whole gambit (both trade commissions plus any journaling fee). The calculator multiplies the amount by the conversion fee, adds the spread cost to the fixed fees, and shows the difference and the break-even amount. It updates as you type and does not include currency moves while you wait.

What is the break-even point for Norbert's Gambit?

The break-even amount is the fixed fees divided by the gap between your broker's conversion fee and the bid-ask spread. At Questrade, the fixed fee is one journaling request at $9.95 with $0 commissions, set against a 1.5% conversion fee, so the break-even is a conversion of well under a thousand dollars. The worked example on this page shows the exact figure with and without a spread.

Is Norbert's Gambit worth it?

It depends on the size of the conversion and on what your broker charges. At Questrade the fee it avoids is 1.5% of the amount while the journal costs a flat $9.95, so the saving grows with every dollar converted. At Wealthsimple, a direct conversion into the USD account costs 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000, so the gambit adds little from the top tier. Currency moves during the wait can outweigh the saving on small amounts.

Which brokers support Norbert's Gambit?

Any Canadian broker that holds Canadian and US dollars side by side and journals interlisted shares can do it. YieldMaple checked three fee schedules on October 7, 2026: Questrade charges $9.95 per online journaling request (free and unlimited with Questrade Plus), Wealthsimple lists a $9.95 journaling fee, and National Bank Direct Brokerage charges $9.95 per security. At other brokers, ask how to request the journal and what it costs before buying DLR.

How long does Norbert's Gambit take?

Canadian trades settle one business day after the trade date (T+1), since May 27, 2024 (previously T+2), so the buy and the sell each add one business day, and the journal itself takes the broker's processing time. Wealthsimple's Norbert's Gambit guide says to plan for roughly 2 to 3 business days from start to finish. Questrade's pricing page does not publish a journal processing time. Wait until DLR.U actually shows on the US-dollar side before placing the sell order.

What can go wrong with Norbert's Gambit?

The main risk is the exchange rate moving between buying DLR and selling DLR.U, which can cost more than the fee saved on a small conversion. The bid-ask spread on each trade is a second cost the fee schedules do not show. A third is a mistake in the order itself, such as buying DLR.U instead of DLR. Limit orders, a journal request as soon as the trade settles and a check of the ticker reduce all three.

Are there alternatives to Norbert's Gambit?

Yes. At Questrade, dual-currency holding is free — every account can hold both Canadian and US dollars, so US dividends and sale proceeds can stay in US dollars. Wealthsimple's USD account costs $10 a month for Core clients; free for Premium and Generation, and converting into it costs 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000. Interactive Brokers charges 0.002% of the amount (US$2.00 minimum) on a currency conversion. Canadian-listed ETFs that hold US stocks avoid the conversion entirely, though they are different funds from their US-listed versions.

Can I do Norbert's Gambit in a TFSA or RRSP?

Yes, as long as the registered account can hold US dollars. At Questrade, dual-currency holding is free — every account can hold both Canadian and US dollars, so a TFSA, RRSP or FHSA can receive DLR.U. Keep both legs inside the same account: the journal moves units from the Canadian-dollar side to the US-dollar side of that account, so it is not a withdrawal or a new contribution. The journaling fee of $9.95 is the same for every account type.

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Sources & methodology

Figures checked

Verified by Alex Francisco on . Pricing and rates pulled from each broker, bank, or issuer’s public pricing page on or before the verification date. Tax brackets and contribution limits cite Canada Revenue Agency publications. Read the full review methodology or our affiliate disclosure.

How we check figures: methodology · editorial policy · corrections

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