Norbert's Gambit: CAD to USD
Converting Canadian dollars to U.S. dollars? Enter your CAD amount and pick your broker to see exactly how many U.S. dollars Norbert's Gambit will get you after fees.
💡 What is Norbert's Gambit?
Norbert's Gambit is a strategy for converting Canadian dollars to U.S. dollars (or vice versa) using a stock that trades on both Canadian and U.S. exchanges. While it can save you money, Norbert's Gambit comes with broker fees, opportunity costs, and exchange rate fluctuation risk. This calculator estimates how much currency you'll receive after accounting for these factors at your chosen broker. Optionally, you can compare what Norbert's Gambit can get you versus using 
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How to do Norbert's Gambit from CAD to USD
- Buy DLR with Canadian dollars in an account that can also hold U.S. dollars. Use a limit order at the ask price; any cash that doesn't buy a whole share stays in CAD.
- Ask your broker to journal the shares to DLR.U, online or by phone, chat or message depending on the broker.
- Wait for the shares to show as DLR.U, from the same day to several business days.
- Sell DLR.U on the U.S.-dollar side of your account, ideally with a limit order at the bid. The U.S. dollars settle one business day later.
The complete Norbert's Gambit guide covers each step and the common mistakes in more detail.
Why CAD to USD is the low-risk direction
DLR holds U.S. dollars. The moment you buy DLR, your Canadian dollars have effectively become U.S.-dollar assets at that day's exchange rate. Journaling just moves those shares to the DLR.U listing, priced in U.S. dollars, which barely moves while you wait. So once you've bought DLR, the U.S.-dollar amount you'll end up with is almost fixed. That's why the calculator's range for CAD to USD is only a few dollars wide.
The reverse direction is different: you hold U.S.-dollar assets until you sell, so the exchange rate can move against you. See Norbert's Gambit from USD to CAD for how much.
How much you save
U.S. dollars received with Norbert's Gambit at a broker with $0 commissions and a $9.95 journaling fee, compared with a bank charging a 2.5% markup and with a live Wise quote:
| You convert (CAD) | Norbert's Gambit | Bank (2.5% markup) | Wise | Gambit vs. bank | Gambit vs. Wise |
|---|---|---|---|---|---|
| $1,000 | $706.39 | $696.21 | $710.65 | +$10 | −$4 |
| $5,000 | $3,560.30 | $3,481.04 | $3,553.24 | +$79 | +$7 |
| $10,000 | $7,127.69 | $6,962.09 | $7,106.48 | +$166 | +$21 |
| $25,000 | $17,829.89 | $17,405.21 | $17,766.22 | +$425 | +$64 |
| $50,000 | $35,666.87 | $34,810.42 | $35,542.93 | +$856 | +$124 |
Against a bank, the gambit comes out ahead at almost any amount, and saves hundreds of dollars on larger conversions. Against Wise the margin is thinner: Wise wins at $1,000 and the gambit pulls ahead from around $5,000. For every conversion method, see the cheapest way to convert CAD to USD.
Break-even by broker
The smallest CAD to USD conversion where Norbert's Gambit beats a 2% markup, based on each broker's preset fees in the calculator:
| Broker | Commissions (buy / sell) | Journaling fee | Typical total time | Break-even vs. a 2% markup |
|---|---|---|---|---|
| Wealthsimple | $0 | $9.95 | 3 business days | About $550 |
| TD Direct Investing | $9.99 / US$9.99 | $0 | 3 business days | About $1,350 |
| Scotia iTRADE | $9.99 / US$9.99 | $0 | 2 business days | About $1,350 |
| CIBC Investor's Edge | $6.95 / US$6.95 | $0 | 2 business days | About $950 |
| RBC Direct Investing | $9.95 / US$9.95 | $0 | 2 business days | About $1,350 |
| Questrade | $0 | $9.95 | 7 business days | About $550 |
| BMO InvestorLine | $9.95 / US$9.95 | $0 | 2 business days | About $1,350 |
| NBDB | $0 | $9.95 | 3 business days | About $550 |
| Disnat | $0 | $0 | 3 business days | Any amount |
Broker fees are the calculator's presets: estimates that may be out of date, so confirm them with your broker. Brokers listed aren't affiliated with this site.
What to do with your U.S. dollars
- Buy U.S.-listed stocks and ETFs directly from your U.S.-dollar balance, with no further conversion each time you buy or sell.
- Keep a U.S.-dollar cash balance for future purchases, so you only pay to convert once.
- Withdraw to a U.S.-dollar bank account, if your broker supports it, for travel, cross-border bills or a U.S. property. Check your broker's withdrawal options and fees first.
Frequently asked questions
How long does Norbert's Gambit from CAD to USD take?
Usually 2 to 7 business days, depending mostly on how quickly your broker journals the shares.
Is there any risk going CAD to USD?
Very little exchange-rate risk once you've bought DLR. The main risks are practical: buying the wrong listing, selling before the journal completes, or having the proceeds converted back to Canadian dollars by your broker.
Can I do it in a TFSA or RRSP?
Often, yes, if your broker offers U.S.-dollar holdings in that account type. Check before you buy.
Is Wise better for CAD to USD?
For small amounts or when speed matters, often yes. For larger amounts staying at your broker, Norbert's Gambit is usually cheaper. See Norbert's Gambit vs Wise.
How these numbers were calculated
DLR: $14.16 bid / $14.17 ask and DLR.U: $10.11 bid / $10.12 ask at the close on October 23, 2026. Wise quotes for balance-to-balance conversions from Wise's API on October 24, 2026; mid-market rate 0.71406 USD per CAD. The bank column applies a 2.5% markup to the mid-market rate as a typical example; your bank's rate will differ. Leftover cash that doesn't buy a whole share is valued at the mid-market rate. Full formulas are on the methodology page. Last updated .
Important Disclaimers
- This calculator is provided for informational purposes only and hasn't been vetted by financial professionals. Always consult with a qualified financial advisor before making investment or trading decisions. Calculations may contain mistakes and are made using models with inherent limitations. The calculator doesn't account for potential technical issues, trading halts, or other market disruptions that could affect the execution of Norbert's Gambit. It also doesn't account for any tax implications from performing Norbert's Gambit. Exchange rates can be highly volatile and unpredictable. Use this calculator at your own risk.
- The conversion rate and fees shown are provided directly by Wise via their API and reflect real-time data. This estimate assumes a balance-to-balance conversion between currencies, where the user already holds the relevant funds in their Wise account. Actual delivery times are not shown and may vary depending on the payment method and other factors. If a user needs to first fund their Wise account (e.g., via bank transfer or card), additional fees may apply, and the overall cost may differ from this estimate. Rates may fluctuate based on market conditions and timing.
- Make sure to understand your broker's specific policies regarding currency conversion, journaling times, and trading fees before attempting Norbert's Gambit. The pre-filled numbers for the listed brokers are estimates and may not be accurate nor up-to-date. The listed brokers are not affiliated with this website.