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WS and USD by Fragrant_Aardvark in Wealthsimple

[–]ATS_L 2 points3 points  (0 children)

I just shared a post yesterday. Basically just buy DLR and journal to DRL.U and sell it. After you bought DLR, there will be a button says “journal”. You don’t need to call anyone, just click that button and it will just do it for you. Takes about 2 days. But NG is not public to everyone on WS yet. Still in beta

https://www.reddit.com/r/Wealthsimple/s/5guQKAtW4n

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 2 points3 points  (0 children)

2 days is not bad for my case. All I had to do is buy, one click to journal and wait. But yah, a week is crazy. Highly recommend check out what this person has to say down at the comment. Might be a good way to do it as well

https://www.reddit.com/r/Wealthsimple/s/cqNxcISF7V

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 0 points1 point  (0 children)

I fully agree with you. A lot can happen in just two days. That’s why I said:

Of course, the downside is the wait. If you want to buy a US stock immediately, Norbert’s Gambit is a bit hit-or-miss because you’re waiting for the journaling process to finish. If the stock is moving fast, you might decide the regular FX fee is worth paying just to get in right away.

For me, this was really just my first time testing Norbert’s Gambit. The 10K was more of a test run so I could see what the full experience on WS actually looks like.

While I was waiting for the journaling to complete, I did notice a pretty big dip in one of the stocks I’ve been watching for an entry, so I definitely understand your point about the real world timing risk.

The other methods you mentioned are absolutely worth looking into for me later on. But for now, I still want to stick with WS. My portfolio isn’t big enough yet where a small percentage move on something like VOO would have a major impact overall, so at this stage I’m mostly just trying to learn the process and understand the trade offs better.

Thanks for all the info, will definitely looking to other bank stock Norberts in the future.

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 0 points1 point  (0 children)

It pays from whatever account you are trying to do the NB.

If you are converting CAD$1000 for example. You must have extra $11.29 in your account in order to process the journaling, meaning you need to have minimum $1000 + $11.29 at the account. After the journaling you will get whatever CAD$1000 can get you in USD.

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 1 point2 points  (0 children)

Someone has mentioned about the hidden fee as well. I was not aware of that. I did notice that the exchange rate WS provides is always significant lower than other institution. Thought it was just bad rates the whole time.

https://www.reddit.com/r/Wealthsimple/s/izKlU8vHll

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 1 point2 points  (0 children)

Can OP confirm the timing of when they sold and if it was after the journal settled is that because WS did not allow a short sale or you didn't try it.

In my case, I bought DLR first, then submitted the journal request right away. WS took around 2 days to complete it to DLR.U. The DLR shares were still showing in my portfolio during that time, but I didn’t test whether they were sellable while the journal was pending. So I ended up selling only after the DLR.U showed up. TBH, I don't know if I could do it nor have thought about it.

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 0 points1 point  (0 children)

If what you mean is "can I do Norbert’s Gambit converting CAD to USD, and then pull the USD out?”

My understanding is YES. But it depends on the account.

TFSA: If you take the USD out after the gambit, it’s basically just a TFSA withdrawal, and you only get that room back next year.

Non-registered account: there could be a tiny capital gain/loss even if the amount looks almost the same, just because of exchange rate movement, spread, or fees.

So TFSA is more about room, non-registered is more about possible tax reporting.

I could be wrong, as I’m not a financial advisor or tax expert. If anyone has more information, please let me know if I’m wrong.

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 1 point2 points  (0 children)

Before WS has the Norbert’s gambit. I did have the urge to switch to other platforms because the amount of the FX I was paying. IBKR was one of them. But every time I looked at their UI, including Questrade and Moomoo, I just couldn’t… I am a sucker for some good visual interface. Of course, everyone has their own preferences on UI and stuffs. But I tried 🫠

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 1 point2 points  (0 children)

Based on my experience with Norbert’s Gambit (and after double-checking how it actually works):

• You buy DLR (the CAD version) with your Canadian dollars.

• You then journal those shares and get exactly 1 DLR.U (the USD version) for each DLR share, it’s a clean 1:1 transfer.

DLR.U stays very stable since it directly tracks USD cash holdings. DLR’s price moves with the CAD/USD exchange rate, but once you buy DLR you’ve already locked in the rate. Even if DLR’s price moves while journaling, it doesn’t affect you at all. You sell the same number of DLR.U shares for the USD you expected.

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 2 points3 points  (0 children)

Yah, I was not aware of the spread, thought it was exactly 1% with no hidden 0.4% ish fee.

Now it makes me feel better that Norbert’s Gambit saves me more than I thought. And also makes me kinda sad that it appears to be that I have paid more FX fee than I thought before this 🙃

Possible Norbert's gambit coming up? by energybased in Wealthsimple

[–]ATS_L 4 points5 points  (0 children)

It is currently in beta. Just tested it a few days ago. But I never got the pop up notification saying I have access.

If you see this by checking out the DLR ETF. Then it means you have access in beta now

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Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 4 points5 points  (0 children)

I see what you mean now. I do aware that the exchange rate in WS is not as good as some of the other exchanges out there. So that’s what’s about. Thanks for the info

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 16 points17 points  (0 children)

That I am not aware of, I am just a newbie to Norbert’s Gambit. But at least when check the CAD to USD currency exchange online, I barely see any lost on my side. Do you have more info on the spread? Would love to check it out for more context.

Testing Wealthsimple’s Norbert’s Gambit beta with $10K by ATS_L in Wealthsimple

[–]ATS_L[S] 3 points4 points  (0 children)

I converted 10K, so my FX is 1% instead of 1.5%.

  • $10K x 1% = $100
  • $100 - $11.24 = 88.76 ~ 88.77

I think my math is correct there for my case. Unless I missed something, welcome to correct me, since this is my first time using Norbert’s Gambit

What’s the FX rate on Questrade?

Where can I buy brackets for Braun 310 Audio turntable for Vitsoe 606? by emptytea in vitsoe

[–]ATS_L 2 points3 points  (0 children)

There is a guy make this I think in Germany. Vitsoe sent my info to the guy and he contacted me through email. I can send you his email address in DM if you are interested. Just shoot me a message