The exchange rates offered to Canadian retail customers are extremely uncompetitive. Norbert’s Gambit allows those customers to get reasonable rates when they change their money. This is a very simple website set up to help Canadians save money on foreign exchange transactions.
This website is for:
- Canadian investors who want to buy US dollar securities (which often come with lower fees and better liquidity)
- Canadian snowbirds who spend part of the year in the US and need US dollars for living expenses
- Canadian tourists who regularly visit the US and spend money on hotels, shopping etc
- Canadian businesses that have expenses in US dollars and revenue in Canadian dollars (or the other way around!)
If you or your business falls into one of those categories, Norbert’s Gambit can likely save you money on your foreign exchange transactions.
The calculators that we have created on this website allow you to see how much money you can save by using this simple technique. They also provide the exact amounts of each security that you need to buy and sell, along with the effective exchange rate that you are getting when you do the transaction.
A typical retail customer will pay something like 1.5% to their bank to change money from Canadian dollars to US dollars, or vice versa. By using Norbert’s Gambit, you can easily cut that down to around 0.2% or less.