With USD accounts, you can trade U.S. securities without the conversion fee on every order. There are two ways that you can upgrade to USD accounts for your stock trading accounts:
- Subscribing to USD accounts by paying a $10 CAD fee each month
- Qualify by reaching either Premium or Generation status and opting into USD accounts
Note: USD Accounts are available for trading only. USD accounts are not available for Cash Accounts.
Once you upgrade, you will gain access to the following:
- U.S. dollar trading accounts with no foreign exchange fees or commissions for buying and selling U.S. equities. Instead, you only pay a foreign exchange fee when converting funds from one currency to another to use in your USD account.
- The option to transfer US dollars from another Canadian institution into Wealthsimple with no foreign exchange fees.
- An instant trading limit of up to $50,000.
Before you begin
- When you subscribe to USD accounts, you'll get a USD account to go with each of your CAD stock trading accounts. Accounts managed by Wealthsimple won't receive a corresponding USD account.
- When you qualify for Wealthsimple Premium or Generation status, you’ll automatically be given the option to opt-in to USD accounts with no charge.
- Once your USD accounts are open, we’ll automatically transfer your U.S. assets from your CAD stock trading account into your new USD account.
- We won't transfer any dual-listed securities into your USD accounts.
- USD accounts are only available for trading stocks and ETFs, not cryptocurrencies.
- If you're already a Premium client, there will be no changes to your monthly subscription price.
More on U.S. dollar deposits:
- You can make U.S. dollar deposits directly into your USD stock trading accounts.
- USD deposits must be made from a U.S. dollar account held at a Canadian banking institution.
- To make a USD deposit, you will need to link your USD bank account.
Subscribe to USD accounts
Subscribing to USD accounts gives you instant access to all the benefits of USD accounts.
To subscribe to USD accounts, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Profile icon at the top-right of the screen
- Choose the Status and subscriptions menu item
- Tap USD accounts
- Select Upgrade
- Choose the account you want your monthly subscription payment to come from
- Select Confirm
More details
- Your monthly subscription payment will be withdrawn from your Available to trade balance. Please make sure you have a cash balance in your account to cover the cost of your subscription each month. If you don't want to worry about whether you have enough cash in your account each month, consider setting up an auto-deposit to cover your subscription fee.
- We’ll notify you in the Wealthsimple app and by email if you don’t have enough funds in your account to cover your subscription fee.
- If you decide to cancel your USD accounts in the future, we'll simply merge your Canadian Dollar and U.S. Dollar accounts back into a single account. We'll also convert any remaining USD in your account back to CAD.
Opt-in to USD accounts as a Premium or Generation client
As a Wealthsimple Premium or Generation client, you automatically qualify for free USD accounts. In order to open your USD accounts, you must first opt in. When you opt in, you'll get a USD account to go with each of your CAD stock trading accounts. Accounts managed by Wealthsimple won't receive a corresponding USD account.
To opt in when you first become a Premium or Generation client, tap Open USD accounts. This will take you through the flow to open your USD accounts.
To opt-in at a later time, click the X in the top right-hand corner of your screen. Then, when you're ready, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Profile icon at the top-right of the screen
- Choose the Status and subscriptions menu item
- Under Subscriptions, your USD account will show as inactive
- Tap USD accounts
- Select Open USD accounts
- Your USD accounts will now be open
Are USD accounts right for me?
If you like to buy and sell U.S. securities several times a month, USD accounts might be a good fit for you.
In the following example, you can see how a USD account saves you money when you trade a series of U.S. securities. To keep things simple, all amounts are in CAD.
|
CAD accounts |
USD accounts |
|
|
Fees |
$0 per month with a 1.5% currency conversion fee when buying and selling U.S. securities |
$10 per month (or free with WS Premium/Generation) with a 1.5% currency conversion fee when converting between USD and CAD |
|
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 $2,000 of $D |
$30 |
$0 |
|
Sell $1,000 of $D |
$15 |
$0 |
|
Convert and withdrawal $3,000 CAD |
N/A |
$45 |
|
Total cost |
$270 |
$130 (includes $10 subscription) |
Change your billing account
You can choose which account you'd like your subscription fee to come from. To change your billing account, follow these steps:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Profile icon at the top-right of the screen
- Choose the Status and subscriptions menu item
- Tap USD accounts under the Subscription heading
- Tap on Billing account and select a different account
Frequently asked questions
How do USD accounts work?
Tip: If you'd like to get right into the details of how USD accounts work, we recommend taking a look at our guide to Using USD accounts.
When you upgrade to USD accounts, we'll automatically add a USD account to each of your eligible accounts. We'll also transfer any U.S. assets you hold in your CAD account into your USD account.
When you want to add funds to your USD account, you can convert your Canadian Dollar cash balance into U.S. Dollars. There is a one-time 1.5% foreign-exchange fee to convert your funds from CAD to USD. Alternatively, you can deposit USD directly from a US dollar bank account (at a Canadian financial institution), transfer USD from another institution, or wire USD to your USD account.
Once you have U.S. Dollars in your USD account, there are no fees or commissions to buy or sell shares in your USD account.
Please note it’s currently not possible to move a USD cash balance between USD accounts.
How does the instant deposit limit work?
You can deposit your unique instant deposit limit immediately every 3 business days. You can use it all at once as a single deposit, or make multiple deposits within the 3-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 3-day window – you can still trade $5,000 straight 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 account. There are no currency conversion fees to transfer U.S. securities or USD cash into your Wealthsimple USD account.
Can I deposit USD into my USD account? Or withdraw USD from my USD account?
We currently accept deposits in USD to registered as well as non-registered accounts from USD bank accounts.
You can also transfer USD from an investment account at another institution. There are no currency conversion fees when you transfer USD from another institution.
Can I use journaling or Norbert’s Gambit to avoid currency conversion fees?
Journalling 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.
Wealthsimple doesn't support journalling or Norbert’s Gambit at this time.
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