Want to avoid the hefty markup discount brokerages charge you when converting currency? That's where Norbert's Gambit comes in! It's a simple strategy that anyone can do to save money (i.e. a 2% markup!) when converting Canadian dollars into U.S. dollars (or vice versa). This can be useful when you wish to buy U.S. securities like U.S. stocks or U.S. ETFs.

The name Norbert's Gambit may sound complicated, but it's a very easy process. All it entails is buying shares of DLR.TO, journalling those shares over to your U.S. account with your discount brokerage so they convert into DLR.U.TO, then selling those shares for U.S. cash. Then you can do whatever you want with your USD, and you'll be happy to know you saved some money that could be put to better use than simply converting your currency.

In this video, I show you how to do the process from start to finish with Questrade. That being said, it's pretty much the same process no matter what discount brokerage you use.

CHAPTERS
00:00 Introduction
00:32 What Is Norbert's Gambit?
03:00 Questrade Tutorial

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