Just completed Norbert Gambit with Questrade
1) Bought DLR.U.TO on March 8th - Cost cost: 26 394.30$ USD
2) Immediately requested a journal to DLR.TO
3) Shares FINALLY show up on March 15th (5 business days)
4) Sold DLR.TO on March 17th (got busy on the 15th and 16th)- Net deposit in account: 35 159.26$ CAD
According to XE.com at 10AM eastern this morning, 26 394.30$ USD should have yielded 35 209.10$ CAD.
Is my math correct in assuming that my FX conversion cost 35 209.10$ - 35 159.26$ = 49.84$ or 0.14%?
If that is correct, this is awesome as Questrade would have charged me a standard 2% currency fee or 528$ USD / 703$ CAD extra to do this the traditional way?
My only complaint from @Questrade is the long settlement/journal time when other brokers allow instant transactions