Overview
When you upgrade to self-directed USD accounts, you'll get a USD account associated with each of your CAD self-directed stock trading accounts. Self-directed USD accounts allow you to trade U.S. securities without the conversion fee on every order.
Upgrading also provides:
- U.S. dollar trading accounts with no foreign exchange fees or commissions for buying and selling U.S. equities. You only pay a foreign exchange fee when converting funds to use in your self-directed USD account
- The option to deposit U.S. dollars from another Canadian institution without foreign exchange fees.
- Lower foreign exchange (FX) conversion fees when converting funds between your self-directed CAD and USD accounts.
- The ability to wire USD directly to your account.
- An instant trading limit of up to $50,000.
After upgrading, your U.S. assets are automatically transferred from your CAD self-directed trading account to your new USD account. If you hold a security on a U.S. exchange that's also listed on a Canadian exchange, we'll cover it to the Canadian option, as we don't support dual-listed securities.
Eligible accounts
You can only upgrade individual self-directed trading accounts. Managed, chequing, and crypto accounts aren't eligible for USD accounts. USD accounts are only available for trading stocks and ETFs, not cryptocurrencies.
How to upgrade to self-directed USD accounts
You can upgrade to self-directed USD accounts in 2 ways:
- Subscribe $10 CAD fee each month (non-taxed).
- Qualify by reaching either Premium or Generation status and opting in for free.
Subscribe
Follow these steps to subscribe to self-directed USD accounts:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Profile icon at the top-right of the screen
- Scroll down and tap USD accounts under More
- Select Upgrade
- Choose the account you want your monthly subscription payment to come from
- Select Confirm
Your monthly payment comes from your Available to trade balance. Ensure enough cash is available to cover the payment. Consider setting up an auto-deposit to cover your subscription fee. We’ll notify you in-app and by email if funds are insufficient.
Opt-in (Premium or Generation client)
Wealthsimple Premium or Generation clients qualify for free Self-directed USD accounts. Opt-in to get a USD account for each CAD self-directed stock trading 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:
- Sign in to the Wealthsimple app on your mobile device
- Tap the Profile icon at the top-right of the screen
- Scroll down and tap USD accounts under More
- Review how USD accounts work, then tap Open USD accounts
- Your USD accounts will now be open
Foreign exchange (FX) conversion fees
The more you convert between your USD and CAD accounts, the lower your FX conversion fee. If you don’t have self-directed USD accounts, your FX conversion fee is 1.50% for all FX conversion transactions.
| Conversion amount per transaction | FX conversion fee |
|---|---|
| Under $10,000 | 1.50% |
| $10,000 — $24,999.99 | 1.00% |
| $25,000 — $99,999.99 | 0.50% |
| $100,000 and over | 0% |
The FX Conversion Fee is applied to the WSII Corporate Exchange Rate as described in the WSII Fee schedule. The WSII Corporate Exchange Rate is a live rate including a spread which may vary due to market conditions.
FX conversion fee example
Here's an example of how a self-directed USD account saves you money when you trade U.S. securities. To keep things simple, all amounts are in CAD and reflect only the difference in the FX conversion fee.
| 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 $2,000 of $D |
$30 |
$0 |
|
Sell $1,000 of $D |
$15 |
$0 |
|
Convert and withdraw $3,000 CAD |
N/A |
$45 |
|
Total cost |
$270 |
$130 (includes $10 subscription) |
Frequently asked questions
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 self-directed 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 self-directed USD account. There are no currency conversion fees to transfer U.S. securities or USD cash into your Wealthsimple self-directed USD account.
How do I fund my self-directed USD account?
Learn how you can fund your self-directed USD account.
How do I change which account I pay for my USD accounts subscription from?
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
- Scroll down and tap USD accounts under More
- Tap on Billing account and select a different account
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 journaling or Norbert’s Gambit at this time.
What happens to my self-directed USD accounts if I cancel my subscription?
If you cancel your self-directed USD accounts, we'll move all your USD stocks to your CAD account and cancel any open orders. Please keep in mind the following regarding currency conversion fees:
- You won't incur any currency conversion fees when we move your holdings from a USD account to a CAD account.
- You will incur currency conversion fees for any cash transferred from a USD to a CAD account.
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