This is specifically for my Canadians! Have you ever heard of Norbert’s Gambit?
Then you are missing out! I am about to spill some tea on how to save money on foreign exchange fees legally. Norbert’s Gambit is used when you are trading and you want to buy a US stock but you have Canadian dollars. To avoid exchange fees of let’s say 20%, you can just pay $5 to $7 CAD.
Imange you have $10,000 CAD and you want to exchange it to USD, instead of paying a wapping $200 in exchange fees just apply Norbert’s Gambit and you will pay about $10 dollars. I do it all the time.
First, you will in need a brokerage, I would suggest Questrade. Then you would need an account your trading in RRSP or TSFA. I would say, go for your RRSP.
Here are your easy steps:
- Then you go to Trading and look up DLR.TO. This is a ETF that tracks CAD currency.
- You have to decide how much money you are trading. For example, $2,000 CAD.
- Then you have to look at how much DLR.TO is trading at. Currently it is trading at $12.89.
- Then you $2,000 divide $12.89 and get the number of share you can purchase. In this case it’s 155.
- Make the trade to Market and buy the 155 shares
- Call or simply open the chat and ask the representative to Journal your shares in DLR.U.TO
- DLR.U.TO is the same etf in USD
- After 5 days, you will be able to sell your USD DLR.U.TO and you will have US Dollars to buy your US stocks
YOU SAVED MONEY!
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