The Gambit can be a cost-efficient way to convert between Canadian and US dollars. Run your amount and compare estimated net proceeds using your own fees and quotes.
Illustrative example, not live rates. All starting values are hypothetical. Open the assumptions below and enter your broker’s fees and current exchange quotes before relying on the comparison.
Enter each fee in the currency actually charged. Include applicable tax. The ETF shortfall is the combined estimate for both trades against the reference conversion, not a separate charge per trade. The broker may charge commissions in different currencies or waive them. This model treats the amount as a total source-currency budget: buy and journalling fees reduce that budget before conversion; sell and other Gambit fees are deducted from destination proceeds. Fees in another currency are converted at the reference rate.
For each provider, shortfall (%) = 100 × (1 − quoted proceeds ÷ reference proceeds), before any separately entered fees. Reference proceeds = amount ÷ rate for CAD to USD, or amount × rate for USD to CAD. Use comparable quotes for the same amount, time and delivery method. Do not enter fees twice if they are already included in a net quote. A negative shortfall is allowed if a quote beats the reference.
This is a planning estimate: whole ETF shares, residual cash, changing execution prices and fund expenses can affect actual proceeds. Withdrawal availability, account eligibility, settlement and journalling depend on your broker. Confirm them before trading.
Tell us the amount and the currency. We come back with a firm rate, no obligation, and you decide from there.
Product reference: Global X DLR / DLR.U. Service details: how CanAm works.
The Gambit converts currency through a brokerage account. It can avoid a broker’s standard currency-conversion charge, but trading commissions, bid/ask spreads, journalling fees and fund expenses may still apply. Compare the total cost with a current exchange quote.
For CAD to USD, a common approach buys DLR in CAD. For USD to CAD, it buys DLR.U in USD. Both listings trade on the Toronto Stock Exchange. Confirm your broker supports the process and check its fees.
Ask your broker to journal to the other currency listing: DLR to DLR.U for CAD to USD, or the reverse for USD to CAD. Its procedures, fees and timing vary.
Sell the journalled holding in the destination currency. Account for any sell commission and execution spread, then confirm settlement and withdrawal availability. Keep any residual cash in your comparison.
| What matters | Norbert's Gambit | CanAm Currency Exchange |
|---|---|---|
| Cost shape | Broker-specific commissions, journalling and other fees, plus execution spreads and fund expenses. | Quoted rate and any transaction-specific fees. Compare net proceeds. |
| Best for | Large CAD and USD conversions when you can wait. | When the quote, delivery method and confirmed timing suit your needs. |
| Speed | Typically a few business days for settlement and journalling. | Confirm funding cutoffs and delivery time for your transaction. |
| 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 | DLR establishes USD exposure when purchased with CAD. For USD to CAD, CAD proceeds remain exposed until sale. Execution risk remains in both directions. | 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. |
CanAm offers a walk-in counter in Windsor and electronic currency exchange across Canada. Request a written rate and confirm delivery timing before funding. The Gambit may provide higher net proceeds for some CAD/USD conversions; a direct exchange may better suit your access, timing or cash needs. Compare the actual quotes and brokerage costs.
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.
It can be, especially when fixed brokerage fees are small relative to the amount. There is no universal winner or minimum. Compare broker-specific costs and current net exchange quotes using the same amount and reference rate.
Timing depends on the broker’s settlement, journalling and withdrawal procedures. Allow for funding and withdrawal holds as well as the trades themselves. Confirm when the destination currency will be available. For CanAm, confirm funding cutoffs and delivery timing when booking.
Risk depends on the security and direction. Buying DLR with CAD establishes USD exposure at purchase, so a later CAD/USD move is not automatically an extra conversion loss. In USD-to-CAD conversions, CAD proceeds remain exposed to exchange-rate changes until the CAD sale. Both directions involve execution spreads, operational errors and broker restrictions; individual interlisted stocks also carry share-price risk.
There is no universal threshold. Fixed fees, fee currencies, execution spreads and the competing quote determine the result. Change the amount above while keeping comparable assumptions to see how net proceeds change.
Compare the estimated saving with the effort of placing trades and managing journalling, settlement and withdrawal. Consider your deadline and comfort with brokerage orders. The calculator does not assign a price to your time or predict future market moves.
The trades settle into a brokerage account rather than physical cash. Withdrawing or obtaining banknotes is a separate step, subject to your broker and bank’s procedures and fees. For physical currency, confirm availability with an exchange counter.
A useful comparison should show whichever method produces the most estimated net proceeds under the inputs entered. Request actual quotes and confirm your broker’s costs before deciding.
Free to register, with a quoted rate before you fund the transaction. Confirm funding cutoffs, delivery timing and any fees when booking.
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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