About Norbert's Calculator
Last updated
Norbert's Calculator is a free tool for Canadians deciding how to convert money between Canadian and U.S. dollars. It estimates what you'll actually receive from Norbert's Gambit after commissions, journaling fees, the bid-ask spread and the time your money spends in transit, and lets you compare that with converting through Wise.
Why it exists
Norbert's Gambit is often recommended as the cheap way to convert currency, and for larger amounts it usually is. But the advice tends to skip the details: your broker's fees, how many days journaling takes, and, for U.S. to Canadian dollar conversions, the risk that the exchange rate moves against you before you can sell. Those details decide whether the gambit is worth it for your amount at your broker.
The calculator started as a personal tool built by a Canadian developer who wanted to see those numbers before converting their own money. It was later shared on r/PersonalFinanceCanada so others could use it too.
What makes it different
- Live DLR and DLR.U bid and ask prices, so the spread reflects the market.
- Presets for nine Canadian brokers to fill in commissions and journaling details.
- A risk model for the days you wait on journaling, which shows a range of likely outcomes instead of a single number.
- A side-by-side comparison with a live Wise quote, including the probability that Norbert's Gambit comes out ahead.
- Shareable links, so you can send someone the exact scenario you're looking at.
The methodology page explains every formula and data source the calculator uses.
Independence and funding
This site isn't affiliated with any broker, with Global X (the issuer of DLR), or with Wise. It has no ads and no paid placements. It's funded by the person who runs it and by voluntary tips on Ko-fi.
Not financial advice
The calculator gives estimates based on a model with real limitations, and broker presets may be out of date. It hasn't been reviewed by a financial professional. Check your broker's current fees and policies before converting, and talk to a qualified advisor if you're unsure.
Get in touch
Found a bug, a wrong broker fee, or have a feature idea? See the contact page.