Norbert's Gambit Calculator
Brokers often charge ~1.5% to convert Canadian and US dollars. Norbert’s Gambit lets you do it yourself for the cost of a couple of trades. See exactly how much you’d save — and the amount where it becomes worth the effort.
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Frequently asked questions
What is Norbert’s Gambit?
It’s a do-it-yourself way to exchange CAD↔USD in a brokerage account at close to the real exchange rate, instead of paying your broker’s built-in currency-conversion fee (often around 1.5%). You use an ETF that trades in both currencies (DLR / DLR.U) as the bridge.
When is it worth doing?
Because you pay two fixed trade commissions, the gambit only beats the broker’s percentage fee above a break-even amount — the calculator shows yours. For a few hundred dollars it’s not worth it; for several thousand it can save real money.
What are the risks?
The trade can take a day or two to settle and journal between currencies, so the price can move while you wait. Some brokers also charge a journalling fee or do it automatically. Always confirm the steps with your specific broker.
What are DLR and DLR.U?
They’re the same US-dollar ETF (Global X / Horizons US Dollar Currency ETF) listed twice: DLR is priced in Canadian dollars and DLR.U in US dollars. Buying one and selling the other effectively converts your currency at the market rate.