What is Norbert's Gambit?

Norbert's Gambit is a do-it-yourself way to convert Canadian and US dollars without paying a brokerage's currency markup. You buy a dual-listed ETF such as DLR in Canadian dollars, journal it to its US-dollar listing DLR.U, then sell for US dollars. The cost is two commissions plus a small spread.

How much does a brokerage currency conversion cost?

Most Canadian brokers charge a currency markup of roughly 1.5 to 1.75 percent on each conversion. On a $10,000 conversion that is about $150 to $175. A few brokers price near the interbank rate and charge a small flat fee instead.

Is Norbert's Gambit worth it?

At a 1.5 to 1.75 percent markup, the gambit usually saves money on conversions above a few thousand dollars, since its cost is mostly fixed commissions rather than a percentage. At brokers that already price conversion near the interbank rate, the built-in conversion can be cheaper once commissions are counted.

Currency Conversion Cost Calculator vs Norbert's Gambit (Canadian Brokers)

Interactive Tool

Currency conversion cost

Converting Canadian dollars to US dollars is often the single largest cost of holding US-listed stocks and ETFs. Compare each broker’s built-in markup against doing it yourself with Norbert’s Gambit.

See also the full broker comparison and how to choose a broker.

Last reviewed June 2026

Amount converted each time (CAD)

A single CAD to USD conversion, for buying US-listed stocks or ETFs.

Conversions per year How often you move money between Canadian and US dollars.

Annual conversion cost, cheapest path first

1.Two ways to convert. The broker conversion column applies each brokerage's built-in currency exchange markup. The Norbert's Gambit column models the do-it-yourself method: buying a dual-listed ETF (commonly DLR on the TSX) in Canadian dollars, journalling it to its US-dollar version (DLR.U), and selling for US dollars, which sidesteps the markup.

2.Norbert's Gambit assumptions. Cost is modelled as two trade commissions (a buy and a sell) at each broker's standard equity rate, plus a small bid and ask spread on the ETF (roughly 0.05 percent). It assumes the broker lets you hold US dollars and journal between listings. Some brokers complete the journal automatically, others require a request to support, and a few do not support it.

3.Estimates only. Figures are modelled from published headline rates for comparison, not as a quote. Currency markups and commissions change. Verify current pricing directly with each brokerage before acting. Affiliate relationships do not affect the math or the ranking.

4.Where a broker holds an edge. A small number of brokers price currency conversion close to the interbank rate. For those, the built-in conversion can be cheaper than the gambit once commissions and spread are counted, and the table reflects that.

5.Sources and method. Built from each broker's official pricing pages. Full methodology: disclosures. See also the all-in cost calculator for total trading cost.

Currency conversion cost

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