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$US Conversion; Norbert's Gambit; which platform and account type to use?

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asked Sep 09, 2018 05:51 PM by
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Hi,

I'm looking to convert about $30,000 USD to CDN using Norbert's Gambit to avoid paying excessive conversion fees.

I'm currently only interested in opening the account in order to perform the currency conversion and plan to close it after the conversion is complete. The reason I plan to close the account after conversion is that looking at the Questrade website, as it seems to be the recommended platform, it states the inactivity fee is ~$25/quarter (since I don't plan to keep minimum $5000 in the account and only want to use it for immediate currency conversion)

What platform would you recommend to perform the transaction (Questrade,...?), and which type of account to perform the currency exchange (Margin, Forex,...?) (I have no idea what type of account to choose).

Thanks, D

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answered Sep 28, 2018 01:25 PM by
Jin Won Choi gravatar image Administrator

Hi David,

If you're planning on doing just a one time conversion, you could also look into a few services that give you better exchange rates than banks. For example, I use Transferwise regularly for my corporation. Note that I have no business relations with Transferwise.

Jin

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Asked: Sep 09, 2018 05:51 PM

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