Want to avoid the hefty mark-up discount brokerages charge you when converting currency? That's where Norbert's Gambit comes in! It's a simple strategy that anyone can do to save money (i.e. a 2% markup!) when converting Canadian dollars into U.S. dollars (or vice versa). This can be useful when you wish to buy U.S. securities like U.S. stocks or U.S. ETFs.
The name Norbert's Gambit may sound complicated, but it's a very easy process. All it entails is buying shares of DLR.TO, journalling those shares over to your U.S. account with your discount brokerage so they convert into DLR.U.TO, then selling those shares for U.S. cash. Then you can do whatever you want with your USD, and you'll be happy to know you saved some money that could be put to better use than simply converting your currency.
In this video, I show you how to do the process from start to finish with Questrade. That being said, it's pretty much the same process no matter what discount brokerage you use.
**Questrade's new interface: Recently Questrade updated their interface and in my opinion...it was awful. Luckily there's a fix! Just go to Accounts - All Platforms - Questrade Edge, and it should bring back the old interface.
CHAPTERS
00:00 Introduction
00:32 What Is Norbert's Gambit?
03:00 Questrade Tutorial
RESOURCES
➡️ OFX Currency Converter (to See Spot Conversion Rate) https://www.ofx.com/en-ca/currency-converter/
➡️ Horizons U.S. Dollar Currency ETF https://www.horizonsetfs.com/ETF/DLR-U
➡️ Walk-through of how to use the Horizons ETF for Norbert's Gambit https://www.horizonsetfs.com/horizons/media/pdfs/productsheets/DLR-Product-Sheet.pdf
GET STARTED
➡️ COURSES, SPREADSHEETS & MORE https://jessicamoorhouse.com/shop
➡️ EMAIL LIST https://jessicamoorhouse.com/subscribe
➡️ RESOURCE LIBRARY https://jessicamoorhouse.com/resources
➡️ RECOMMENDATIONS https://jessicamoorhouse.com/recommendations
FOLLOW ME
✏️ BLOG https://jessicamoorhouse.com/blog
🎙 PODCAST https://jessicamoorhouse.com/podcast
🐥 TWITTER https://twitter.com/jessi_moorhouse
📘 FACEBOOK https://www.facebook.com/jessicaimoorhouse
📸 INSTAGRAM https://www.instagram.com/jessicaimoorhouse
📌 PINTEREST https://www.pinterest.com/jessimoorhouse1/
ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada®, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com
#money #personalfinance #investing
---
DISCLAIMER & DISCLOSURE
The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/
