The Gambit is often the cheapest way to move a large sum between Canadian and US dollars, and it earns us nothing. Run your amount and see the real number, including the point where we become the better trade.
Commissions and journalling vary by brokerage, and some waive one or both on ETF trades. Enter the figures your own broker publishes. Bank margins vary by branch, amount and day. Our margin depends on the size of the trade, so treat the default as an illustration and call us for a live quote.
Tell us the amount and the currency. We come back with a firm rate, no obligation, and you decide from there.
The Gambit converts currency through the stock market instead of a foreign exchange desk. You never pay a foreign exchange margin, which is why it wins on large sums.
You buy an exchange traded fund that holds US dollars and trades on both the Canadian and US sides of the market. You pay one commission.
You ask your broker to journal the holding to the US-dollar side. Some do it automatically, others need a phone call and a few business days.
You sell the journalled holding and receive the other currency. You pay a second commission and a small bid/ask spread. That is the whole cost.
| What matters | Norbert's Gambit | CanAm Currency Exchange |
|---|---|---|
| Cost shape | Two fixed commissions plus a small spread. Barely rises with the amount. | A percentage margin. Rises with the amount. |
| Best for | Large CAD and USD conversions when you can wait. | Small and mid-size amounts, and anything time-sensitive. |
| Speed | Typically a few business days for settlement and journalling. | Same day or next business day. |
| Currencies | Canadian and US dollars only. | Over one hundred currencies. |
| Effort | You place the trades and manage the journalling yourself. | We quote, you confirm, we deliver to your bank. |
| Rate risk | You hold the ETF while it settles, so the rate can move against you. | Your rate is locked when you confirm the trade. |
| Cash in hand | Not available. Funds land in a brokerage account. | Walk-in counter in Windsor, or delivery to your bank. |
We are a FINTRAC regulated money services business with a walk-in counter in Windsor and electronic delivery across Canada. We are faster than the Gambit, we handle over one hundred currencies rather than just US dollars, and we quote you a rate before you commit. On very large CAD and USD conversions where you can wait out settlement, the Gambit will usually still beat us. We would rather tell you that than lose your trust.
Related reading: how we compare to banks and transfer services, sending money from Canada to the US, business currency exchange, and currency exchange in Windsor.
On large amounts, usually yes. The Gambit charges two fixed trading commissions and a small bid/ask spread instead of a percentage margin, so its cost barely rises as the amount grows. A currency exchange service charges a percentage, so its cost rises with the amount. The calculator above shows the crossover point for the figures you enter. Below that point the exchange service is cheaper, above it the Gambit is cheaper.
Typically a few business days. The buy trade has to settle, the journalling request has to be processed by your broker, then the sell trade has to settle. Some brokers journal automatically and quickly, others require a call and take longer. A currency exchange transfer is generally same day or next business day.
The main one is market exposure. You hold the exchange traded fund while journalling and settlement happen, so if the rate moves against you during those days the saving can be wiped out. There is also execution risk if you place the wrong order type, and some registered account types restrict the manoeuvre. It suits people comfortable placing their own trades.
It depends on your broker's commissions and the margin you would otherwise pay. With two commissions of around ten dollars each, the Gambit typically starts to win somewhere in the low thousands against a specialist exchange rate, and much sooner against a bank counter rate. Enter your own numbers above to see your crossover point.
Often not, and the calculator shows you why. Compare the saving against the exchange rate move that would erase it. If a fraction of a percent going the wrong way during settlement cancels the whole gain, you are taking on several days of market risk, two manual trades and a journalling request for a reward the market can take back in an afternoon. The Gambit makes clear sense when the sum is large enough that the saving is many multiples of a normal daily move, and when you are not in a hurry. Below that, a locked rate delivered the same day is usually the better outcome even though it costs slightly more.
No. The Gambit settles into a brokerage account, so it cannot produce physical currency. If you need US dollars in cash for travel or a cross-border purchase, an exchange counter is the only route. Ours is in Windsor and there is no minimum in store.
Because the answer is checkable and people deserve it. If you are converting a large sum between Canadian and US dollars and you are comfortable trading, the Gambit is likely cheaper than us and we will say so. Most of our customers are converting amounts, currencies or timelines where it does not apply, and we would rather earn that business honestly.
Free to register, no obligation to trade, and a firm quote before you commit a dollar. Same day or next business day delivery to your bank.
This calculator is an estimate for general information, not financial advice. Results depend on the rate, commissions and margins entered, all of which change. Exchange rates move continuously, and the rate you receive is the rate quoted and confirmed at the time of your transaction.
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