In this article:
Overview
Upgrading to USD accounts lets you hold US dollars, so you can buy and sell US securities and crypto with USD without a currency conversion fee.
Upgrading also provides:
- No currency conversion fee when you buy or sell US equities and crypto using USD already in your account. If you buy with CAD, or convert between CAD and USD, a currency conversion fee applies.
- The option to deposit US dollars from another Canadian institution without currency conversion fees.
- Lower currency conversion fees on larger conversions between your CAD and USD accounts.
- The ability to wire USD directly to eligible stock trading accounts.
- An instant trading limit of up to $50,000 for stock trading accounts.
Eligible accounts
You can only upgrade self-directed stock trading and Crypto accounts. You need at least one self-directed stock trading or Crypto account open to upgrade.
| Account type | Eligible for USD accounts |
|---|---|
| TFSA | Yes |
| FHSA | Yes |
| RRSP | Yes |
| Spousal RRSP | Yes |
| RRIF | Yes |
| Spousal RRIF | Yes |
| LIRA | Yes |
| LIF | Yes |
| Non-registered | Yes |
| Business | Yes |
| Crypto | Yes. Learn more about trading USD in a Crypto account. |
| Chequing | No. Open a USD chequing account instead. |
| Business chequing | No |
| Margin (non-registered) | Yes |
| RESP | Yes |
How to upgrade to USD accounts
You can upgrade to USD accounts in two ways:
- Subscribe: $10 CAD fee each month (plus applicable tax) after a 30-day free trial.
- Qualify by reaching either Premium or Generation status and opting in for free.
Subscribe
Follow these steps to subscribe to USD accounts:
- Log in to the Wealthsimple app
- Tap the Profile (person) icon at the top-right of the screen
- Tap Settings (gear icon) at the top-right of the screen
- Tap Accounts
- Scroll down and tap USD accounts
- Tap Upgrade
- Choose the account you want your monthly subscription payment to come from
- Tap Confirm
- Log in to your Wealthsimple profile
- Select the Profile menu in the bottom left corner
- Select Settings from the menu
- Select Investments
- Select USD accounts
- Turn on Open USD accounts
- Choose the account you want your monthly subscription payment to come from
- Select Confirm
Your monthly payment comes from your Available to trade balance in a trading TFSA, RRSP, non-registered, margin, or Crypto account. Make sure you have enough cash available to cover the payment. Consider setting up a recurring deposit to cover your subscription fee. We'll notify you in-app and by email if funds are insufficient.
Opt-in (Premium or Generation clients)
Wealthsimple Premium or Generation clients qualify for free USD accounts. Opt in to get a USD account for each CAD stock trading and Crypto account. Managed Wealthsimple accounts won't receive a USD account.
To opt in when you first become a Premium or Generation client, tap Open USD accounts. To opt in later:
- Log in to the Wealthsimple app
- Tap the Profile (person) icon at the top-right of the screen
- Tap Settings (gear icon) at the top-right of the screen
- Tap Accounts
- Scroll down and tap USD accounts
- Tap Open USD accounts
- Log in to your Wealthsimple profile
- Select the Profile menu in the bottom left corner
- Select Settings from the menu
- Select Investments
- Select USD accounts
- Turn on Open USD accounts
Currency conversion fees
The larger each conversion between your USD and CAD accounts, the lower your currency conversion fee. If you haven't upgraded to USD accounts, your currency conversion fee is 1.5% for all currency conversion transactions.
Even with USD accounts, conversions under $10,000 have a 1.5% fee, the same as without USD accounts. The fee is based on the amount of each conversion, so several smaller conversions are each charged at the rate for their own amount and aren't combined.
| Conversion amount per transaction | Currency conversion fee |
|---|---|
| Under $10,000 | 1.5% |
| $10,000 – $24,999.99 | 1% |
| $25,000 – $99,999.99 | 0.5% |
| $100,000 and over | 0% |
The currency conversion fee is applied to our corporate exchange rate, as described in our Trade account fee disclosure. Our corporate exchange rate is a live rate that includes a spread, which may vary with market conditions.
Currency conversion fee example
Here's an example of how a USD account saves you money when you trade US securities. To keep things simple, all amounts are in CAD and reflect only the difference in the currency conversion fee.
This example assumes you convert CAD to USD first, then trade with that USD. If you buy US securities directly with CAD, a currency conversion fee applies to each purchase.
| Transaction | CAD accounts | USD accounts |
|---|---|---|
| Deposit $5,000 CAD and convert to USD | N/A | $75 |
| Buy $2,000 of $A | $30 | $0 |
| Sell $1,000 of $A | $15 | $0 |
| Buy $1,000 of $B | $15 | $0 |
| Buy $3,000 of $C | $45 | $0 |
| Sell $1,000 of $A | $15 | $0 |
| Buy $1,000 of $D | $15 | $0 |
| Sell $3,000 of $C | $45 | $0 |
| Buy $1,000 of $D | $15 | $0 |
| Buy $2,000 of $B | $30 | $0 |
| Sell $1,000 of $D | $15 | $0 |
| Sell $1,000 of $D | $15 | $0 |
| Convert $2,000 to CAD and withdraw | N/A | $30 |
| Total cost | $255 | $115 (includes $10 subscription) |
Frequently asked questions
How does the instant deposit limit work?
Deposits up to your unique instant deposit limit are available right away, and the limit resets every three business days. You can use it all at once as a single deposit, or make multiple deposits within the three-day period.
For example, let's say your instant deposit limit is $5,000. You may choose to deposit $5,000 in one go, or deposit $500 on the first day and then $500 the next day.
If you deposit more than $5,000 in a single transaction (or in a three-day window), you can still trade $5,000 right away, but you'll need to wait three business days before you can trade the extra amount over $5,000.
Can I transfer assets in a USD account from another institution to Wealthsimple?
Yes, you can transfer your holdings or cash balance from a USD investment account straight into your Wealthsimple USD stock trading account. There are no currency conversion fees to transfer US securities or USD cash into your Wealthsimple USD stock trading account.
How do I fund my USD account?
Learn more about funding your USD account:
How do I change the account that pays for my USD accounts subscription?
You can choose which account you'd like your subscription fee to come from. Eligible accounts include individual trading TFSA, RRSP, non-registered, margin, and Crypto. To change your billing account, follow these steps:
- Log in to the Wealthsimple app
- Tap the Profile (person) icon at the top-right of the screen
- Tap Settings (gear icon) at the top-right of the screen
- Tap Accounts
- Scroll down and tap USD accounts
- Tap Billing account and select a different account
- Log in to your Wealthsimple profile
- Select the Profile menu in the bottom left corner
- Select Settings from the menu
- Select Investments
- Select USD accounts
- Select Change billing account and select a different account
Can I use journaling or Norbert's Gambit to avoid currency conversion fees?
Yes, you can use journaling or Norbert's Gambit on Wealthsimple. Journaling or Norbert's Gambit is the process of moving an asset listed in both CAD and USD to the other currency to avoid currency conversion fees. A $9.95 CAD journaling fee (plus tax) applies to each journaling request.
What happens to my USD accounts if I cancel my subscription?
If you cancel your subscription, it stays active until the end of your billing cycle, and any open orders are cancelled. Your USD stocks and crypto stay where they are, and any USD cash stays in USD. It isn't converted to CAD automatically. You can transfer or convert the USD cash, and a 1.5% currency conversion fee applies if you convert it to CAD. You can't use the USD cash to trade unless you upgrade again. Learn more about how to cancel or disable USD accounts.
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