Wealthsimple launches Norbert's Gambit in beta. The Canadian fintech platform is now offering users a way to convert between Canadian and US dollars at near-market exchange rates through an ETF-based strategy. The service charges a flat fee of $9.95 plus tax per conversion, totaling approximately $20 per transaction when buying and selling DLR shares. Norbert's Gambit works by purchasing shares of DLR or DLR.U, journaling them to the alternate currency listing, then selling them to complete the conversion. Converted funds settle within two business days. The feature is currently available exclusively on Wealthsimple's web trading platform during its beta phase. This move allows Canadian investors to potentially reduce foreign exchange costs compared to standard bank conversion fees, making it a competitive option for those regularly trading between currencies.
