How can you save money converting CAD to USD? By using the currency exchange trick called Norbert's Gambit. I show you how to do it on the CIBC Investors Edge platform. It is quick and easy and anybody can do it. This will save you a lot of money on currency exchange fees throughout your lifetime.
Twitter: @MrsInvest1
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Steps for Norbert's Gambit:
1. Buy shares of the etf DLR.to on the Canadian side of your investment account - let's assume you are working in your TFSA to make it simple. You can Norbert in any account type (TFSA, RRSP, Non-Registered).
--Important note: you can only journal shares of DLR.to between CAD and USD sides of the SAME account type (ex. TFSA CAD to TFSA USD and not TFSA CAD to RRSP USD).
2. Call CIBC Investors Edge and after waiting on hold for 3 years ask them to journal over the shares of DLR.to to the USD side of your TFSA. Journalling is free and *UPDATE* [can be done on the same business day, usually within 10 minutes provided you call in during business hours]. Once they are journalled over, they will appear as DLR.U.TO on the USD side of your account.
3. You should still be on the phone with IE at this point. Ask them to sell DLR.U.TO in your USD side . Once they do this, you have will US dollars appearing in cash in your account. If you have already hung up, you can just sell DLR.U.TO for USD cash yourself online.
Total cost: 2x your regular commission fees
Alternative: perform currency exchange through your bank/brokerage for an average flat fee of 2%.
Note: If you want to convert USD to CAD, you do these same steps in reverse - ie. buy DLR.U.to in your USD account and ask them to journal the shares over to your CAD account and sell them as DLR.to to get Canadian dollars.
#NorbertsGambit #CADtoUSD #InvestinginCanada
00:00 Intro
00:14 How to do Norbert's Gambit
03:37 When is Norbert's Gambit worth it?
