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Welcome back to our channel! In today’s video, we’ll be discussing how to avoid foreign exchange fees on Wealthsimple. Understanding the fees associated with currency conversions is key to saving money when trading US-listed securities using Canadian dollars.

Wealthsimple charges a 1.5% foreign exchange conversion fee on every trade involving USD securities if you use a CAD account. However, by upgrading to a self-directed USD account, you can hold US dollars and trade without incurring FX fees on each transaction. This is a great way to minimize unnecessary costs.

With a USD account, you only pay the FX fee when converting CAD to USD or vice versa, rather than on every trade. To save even more, it’s best to convert larger amounts at once. For example, conversions over $100,000 CAD do not incur any FX fee.

By using these strategies, you can avoid multiple FX fees and make your trading more cost-efficient on Wealthsimple. I hope you found this video helpful and that it saves you money in your investments.

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