Investing

which web broker has the best exchange rate?

  • Last Updated:
  • Aug 11th, 2021 11:01 pm
[OP]
Sr. Member
Aug 8, 2010
983 posts
317 upvotes

which web broker has the best exchange rate?

I have TD and Montreal. They seems charge so much for spread(but without specifying exactly how much they charge!!! only leave me to figure out myself). I have some usa stock and want to continue to buy stock in usad dollar. but charge a lot of money for conversion.

Which web broker you know give us the best rate? Thanks. Questtrade, Inteactive broker are any better?
Last edited by 1000islands on Aug 10th, 2021 4:14 pm, edited 1 time in total.
17 replies
Sr. Member
May 24, 2018
635 posts
465 upvotes
Ontario
What about the Norbert's gambit if the amount is large enough ?

… rounding up the usual suspects
Last edited by hwyc2007 on Aug 10th, 2021 5:18 pm, edited 1 time in total.
[OP]
Sr. Member
Aug 8, 2010
983 posts
317 upvotes
hwyc2007 wrote: What about the Norbert's gambit if the amount is large enough ?
Thank you so much! that potentially save me lots (my standard) of money.

looks like I want to use IB Canada for trading. hopefully it works on IB as well. I don't like Montreal anymore. hard to use...when I tried RBC, I can't even find my account number to transfer fund. looks Canadian banks really suck. TD has good user interface though.
Sr. Member
May 24, 2018
635 posts
465 upvotes
Ontario
I've seen the gambit discussed in multiple threads here on RFD and I've done it DIY on TDDI recently ... in my registered account(s) so capital gain not in the picture.
Last edited by hwyc2007 on Aug 10th, 2021 6:02 pm, edited 1 time in total.
[OP]
Sr. Member
Aug 8, 2010
983 posts
317 upvotes
hwyc2007 wrote: I've seen the gambit discussed in multiple threads here on RFD and I've done it DIY on TDDI recently
I didn't really go into this investor forumn in the past. so it is new to me. um TDDI...how does it work? I have USD and CAD on each account, such as Margin CAD, Margin UsD. so after I buy in CAD account, then I sell it , how to move to USD account? never tried that before. Montreal will ask you what currency you want to settle though.
Deal Addict
Jan 19, 2018
1311 posts
841 upvotes
1000islands wrote: Thank you so much! that potentially save me lots (my standard) of money.

looks like I want to use IB Canada for trading. hopefully it works on IB as well. I don't like Montreal anymore. hard to use...when I tried RBC, I can't even find my account number to transfer fund. looks Canadian banks really suck. TD has good user interface though.
You don't need to do Nobert's Gambit on IB. Just do a regular currency exchange and you'll get the spot rate minus like a $2 fee.
[OP]
Sr. Member
Aug 8, 2010
983 posts
317 upvotes
bobohobo2kx wrote: You don't need to do Nobert's Gambit on IB. Just do a regular currency exchange and you'll get the spot rate minus like a $2 fee.
wow......that's too good to be true. Montreal and TD will take 2-3 hundreds bucks for a bit over 10K. why no everyone is using it then?
Sr. Member
May 24, 2018
635 posts
465 upvotes
Ontario
1000islands wrote: I didn't really go into this investor forumn in the past. so it is new to me. um TDDI...how does it work? I have USD and CAD on each account, such as Margin CAD, Margin UsD. so after I buy in CAD account, then I sell it , how to move to USD account? never tried that before. Montreal will ask you what currency you want to settle though.
Looks like you already got IB covered.

Here is one of the link for TDDI ➡ recent-norbert-gambit-experience-td-di- ... #p27370552

If you are on a browser, there should be a "search the forum" near the top. Try Norbert there.

Hope I haven't gone too far from the thread title :facepalm:
Sr. Member
May 2, 2019
723 posts
955 upvotes
Vancouver
1000islands wrote: wow......that's too good to be true. Montreal and TD will take 2-3 hundreds bucks for a bit over 10K. why no everyone is using it then?
There's a whole large thread dedicated to that question (why not everybody is using IB).

Yes, it's true, foreign exchange at IB costs almost nothing. Norbert's gambit is an ok solution for most other brokerages.
Deal Addict
Jan 19, 2018
1311 posts
841 upvotes
yvrbanker wrote: There's a whole large thread dedicated to that question (why not everybody is using IB).
OP just note the above thread was started back when IB still had 100k USD account minimums to waive monthly fees, and had a quarterly fee for RRSPs. Those are gone now. Some still feel like IB interface/platform is for active/pro traders which could be a barrier for casual investors. I recently switched from Questrade to IB and found the web interface to be fine. Not as intuitive as Questrade, but good enough. I'll gladly take it given I don't have to do Norbert's Gambit anymore, and if I ever want to use margin, or trade options, IB is much cheaper.
Last edited by IceCreamPanda on Aug 11th, 2021 9:42 am, edited 1 time in total.
Deal Addict
Oct 4, 2009
3293 posts
2468 upvotes
Montreal
NG works great at BMO IL.



Either learn how to do NG at BMO IL or just use IB. Spreads are ridiculously small and commissions are under $3. NG can also be done at TDDI but it’s not as easy as BMO IL
Sr. Member
Sep 28, 2011
806 posts
1458 upvotes
Winnipeg
If you have an account with IB, use them. A few weeks ago I did a 100K USD and it cost $2.50. Face With Tears Of Joy

As @bobohobo2kx said, now that IB has dropped their account minimum fees and RRSP fees, they are easily one of if not the best option in Canada.

Although for people who want simple experience and interface and only to trade CAD stocks/ETFs, WealthSimple is a very good option (now that they're allowing automatic transfers).
[OP]
Sr. Member
Aug 8, 2010
983 posts
317 upvotes
bigblue1ca wrote: If you have an account with IB, use them. A few weeks ago I did a 100K USD and it cost $2.50. Face With Tears Of Joy

As @bobohobo2kx said, now that IB has dropped their account minimum fees and RRSP fees, they are easily one of if not the best option in Canada.

Although for people who want simple experience and interface and only to trade CAD stocks/ETFs, WealthSimple is a very good option (now that they're allowing automatic transfers).
2.5 vs over 250.................staggering
Deal Addict
Oct 4, 2009
3293 posts
2468 upvotes
Montreal
bigblue1ca wrote: If you have an account with IB, use them. A few weeks ago I did a 100K USD and it cost $2.50. Face With Tears Of Joy
Don’t forget to include spread costs to give an accurate exchange cost. They are incredibly small at IB but still present. I’d guess your overall costs were maybe twice that high.Winking Face
[OP]
Sr. Member
Aug 8, 2010
983 posts
317 upvotes
S5 wrote: Don’t forget to include spread costs to give an accurate exchange cost. They are incredibly small at IB but still present. I’d guess your overall costs were maybe twice that high.Winking Face
oh, I thought there is no spread in IB, but anyhow TD and Montreal are BIG for me.
Deal Addict
Oct 4, 2009
3293 posts
2468 upvotes
Montreal
1000islands wrote: oh, I thought there is no spread in IB, but anyhow TD and Montreal are BIG for me.
It’s virtually non existent. On USD.CAD the first 4 digits after the dot are the same.

Currently 1.25032/1.25037.
[OP]
Sr. Member
Aug 8, 2010
983 posts
317 upvotes
S5 wrote: It’s virtually non existent. On USD.CAD the first 4 digits after the dot are the same.

Currently 1.25032/1.25037.
That's nice. If we want to go to USA to buy stuff or travel or something, we can use this to get the currency. sweet. oh, how about other currency? I will try to figure out.

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