Norberts Gambit

Norbert's Gambit

A way to convert currencies while saving fees

  • Buying a Canadian-listed ETF, and then calling the brokerage (e.g. Questrade, IBKR) to convert it to a US$ ETF, then selling it for US$

To do a Norbert's gambit you have to do a buy/sell transaction (brokerage fee) followed by a journal request (no charge) followed by a sell/buy (brokerage fee.) If you have a non-margin account you can only do the last transaction over the phone.