Overview
You can add funds to your USD self-directed trading or USD savings account by either
- linking a USD account and directly depositing USD into your account, or
- by converting your Canadian Dollar cash balance into USD
When you convert funds from CAD to USD (and vice versa), there's a foreign exchange (FX) conversion fee on top of the Wealthsimple Investments Inc. corporate exchange rate. You can convert an unlimited amount of funds between CAD and USD.
FX conversion fees
Here are the FX conversion fees based on the conversion amount per transaction:
| Conversion amount per transaction | FX conversion fee |
|---|---|
| Under $10,000 | 1.50% |
| $10,000 — $24,999.99 | 1.00% |
| $25,000.00 — $99,999.99 | 0.50% |
| $100,000 and over | 0% |
Review these details about FX conversion fees:
- 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.
Convert funds between USD savings and CAD chequing accounts
Follow these steps to convert funds between USD savings and CAD chequing accounts:
- Open the Wealthsimple app on your mobile device
- Tap on the Move tab at the bottom of the screen
- Select Move money
- Tap From, and choose a USD savings or CAD chequing account
- Tap To, and choose a USD savings or CAD chequing account
- Tap Next
- Enter an amount to convert
- Tap Next
- Review the details and tap Submit
- Log in to your Wealthsimple account
- Select Move money from the Home tab
- Select From, and choose a USD savings or CAD chequing account
- Select To, and choose a USD savings or CAD chequing account
- Select Next
- Review and submit your conversion request
Converting funds in a self-directed trading account
- You must upgrade to USD accounts before converting funds between CAD and USD. If you've recently subscribed to USD accounts, it may take 2-4 hours to update your account before you can convert funds.
- You can only convert funds between paired CAD and USD accounts. For example, you can convert funds from a CAD TFSA to a USD TFSA but not from a CAD TFSA to a USD RRSP.
Follow these steps to convert funds between CAD and USD in a self-directed account:
- Open the Wealthsimple app on your mobile device
- Tap on the Move tab at the bottom of the screen
- Select Exchange CAD and USD
- Choose the account in which you'd like to convert funds
- Tap the drop-down menu at the top of the screen to convert CAD to USD or USD to CAD
- Enter an amount to convert
- Tap Continue
- Review the details and tap Submit conversion
- Log in to your Wealthsimple account
- Select the Move menu item
- Select Convert money
- Select either CAD to USD or USD to CAD
- Choose an account and an amount
- Select Continue
- Review and submit your conversion request
View your currency conversion history
You can view your currency conversion history in your account activity.
Frequently asked questions
When is a currency conversion fee charged?
You’re charged an FX conversion fee when you convert funds from CAD to USD or from USD to CAD. The FX conversion fee is applied to the WSII Corporate Exchange Rate. See the WSII Fee Schedule for more details.
What currency is the conversion amount per transaction based on?
The currency of the conversion amount depends on the currency you're converting from.
- For conversions from USD to CAD, the conversion amount is in USD.
- For conversions from CAD to USD, the conversion amount is in CAD.
Do these FX conversion fees apply when executing a USD trade from a CAD account?
No, the lower FX conversion fees only apply to cash conversions between a CAD account and a USD account. USD trades from a CAD account are still subject to the 1.5% FX conversion fees as outlined in the fee schedule.
Why is a self-directed USD account necessary for converting funds in a trading account?
Self-directed USD accounts let you hold USD funds when converting between USD and CAD in a trading account. Learn more about USD accounts.
Can I fund my USD savings account from a CAD bank account?
No, you can only fund a US savings account from a USD bank account based in Canada. Learn about linking a bank account.
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