How much does Norbert's Gambit save on a typical USD to CAD conversion?

Approximately 1.4–2.4% of the converted amount versus a big-five Canadian bank teller. On $10,000 USD that is roughly $140–$240 saved; on $50,000 it is $700–$1,200; on $100,000 it is $1,400–$2,400. The exact saving depends on the bid-ask spread on DLR.TO and DLR.U.TO at the moment you trade and your broker's commission schedule.

Which broker has the cheapest Norbert's Gambit?

Wealthsimple Trade is cheapest for amounts under about $50,000 (zero commission on buys and sells). Interactive Brokers is cheapest for amounts above $50,000 because their tiered commission stays small relative to size. Questrade sits between — free to buy, ~$5 commission to sell. For most newcomers, Wealthsimple is the right default.

Tool · FX & Banking

Norbert's Gambit Calculator

SEE HOW MUCH YOU SAVE VS YOUR BANK · FREE · NO SIGNUP

Amount

Direction

Bank spread (%)

Numbers are estimates based on observed DLR.TO bid-ask spreads (≈0.05%) and published broker commission schedules. Real-world results vary by 5–15% depending on order timing and market liquidity at the moment you trade.

How to read this

This calculator compares four ways to convert money across the US/Canada border:

Big-five bank teller — RBC, TD, Scotia, BMO, CIBC. Spread typically 1.5–2.5% above the Bank of Canada interbank rate. Plus possibly a $25–45 wire fee on top.
Wise (formerly TransferWise) — converts at the interbank rate plus a transparent 0.4–0.6% fee. No 3-day wait, much simpler than Norbert's.
Norbert's Gambit (Wealthsimple Trade) — buy DLR.TO, journal to DLR.U.TO, sell. Zero commission either side. Bid-ask spread only.
Norbert's Gambit (Questrade / IBKR) — same mechanic, slightly different commission structure.

When to use each

< $1,500: just use your bank or Wise. The time cost of Norbert's isn't worth $20.
$1,500–$5,000: Wise wins on simplicity. ~0.5% beats hassle.
$5,000–$50,000: Wealthsimple Trade Norbert's Gambit. Cheapest by far, 3-day wait acceptable.
$50,000+: Interactive Brokers Norbert's Gambit. Tiered commissions stay small at scale.

Full step-by-step walkthrough

This calculator gives you the numbers. For the actual broker-by-broker process (which buttons to click, what to message support, how to avoid the 5 common pitfalls), read Issue 03 — Norbert's Gambit complete walkthrough.

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