We’re offering reduced currency conversion fees ("Reduced FX Conversion Fee") for select Wealthsimple clients. Conversion fees apply when converting between Canadian Dollar (CAD) and US Dollar (USD) currencies in Wealthsimple Investment Inc. (“WSII”) accounts. 

You’ll receive an invitation email from Wealthsimple or a notification in the Wealthsimple app if you’re selected to take part in this offer.

Learn more about reduced currency conversion fees

The amount of money (regardless of currency) you convert in a single transaction determines the Reduced FX Conversion Fee.

Please refer to the Reduced FX Conversion Fee table to review the conversion fees you’re eligible for as part of this offer.

Convert funds between CAD and USD (vice versa) in your account

If you recently subscribed to USD accounts, you must wait approximately 2-4 hours for your account to update before you can convert funds. 

To convert funds between CAD and USD (vice versa):

Frequently asked questions

When is a currency conversion fee charged?

You’re charged a currency conversion fee when you convert funds from CAD to USD or from USD to CAD. The currency conversion fee is then applied to the WSII Corporate Exchange Rate. See the WSII Fee Schedule for more details.

Which transactions qualify for reduced conversion fees?

Reduced conversion fees apply to cash conversions to either CAD or USD for amounts greater than $10,000 to and from a WSII USD account.

What currency is the transaction breakpoint based on?

The currency of the transaction breakpoint depends on the currency you are converting from. For conversions from USD to CAD, the breakpoint is in USD. For conversions from CAD to USD, the breakpoint is in CAD.

How can I qualify for this offer?

This offer is currently available by invitation only. If you have received an invitation email from Wealthsimple or a notification in the Wealthsimple app, the offer applies to you. Otherwise, please keep an eye out for future offers.

How are the reduced fees applied?

The Reduced FX Conversion Fee applies each time you perform a currency conversion for amounts greater than $10,000 with the USD account. This applies to conversions from USD to CAD and CAD to USD. The Reduced FX Conversion Fee decreases as the converted amount increases. Please refer to the email you received from Wealthsimple for detailed information on fee distribution across different amount ranges.

How long do I have access to these fees?

There is currently no set end date for this offer. Wealthsimple reserves the right to terminate this offer at any time or to make the reduced pricing the standard pricing, or to introduce a different pricing structure.

Do reduced fees apply to instant conversions needed for executing a USD trade?

No, Reduced FX Conversion Fees only apply to cash conversions between a CAD account and a USD account. To benefit from the reduced fee offer, a USD account is required if you have received this offer.

Why is a USD account necessary for converting funds?

USD accounts enable you to hold USD funds when converting between USD and CAD. You can learn more about USD accounts here.

Terms & Conditions

Wealthsimple USD Account Reduced Currency Conversion Fee Offer (the “Offer”)
This Offer is sponsored by Wealthsimple Technologies Inc. (together with its affiliates  “Wealthsimple”). 

Offer Effective Date. The Offer is effective at 12:01AM ET on the date Wealthsimple first sends the eligibility confirmation to the Clients (as defined below) regarding participation eligibility (the “Offer Effective Date”). 

Eligibility. To be eligible for the Offer, the person must:

• be an existing Wealthsimple client with all other Wealthsimple accounts in good standing at the time of participation;
• be a legal resident of Canada (excluding Quebec);
• be the age of majority, or older, in their province/territory of residence at the time of participation;
• be selected by Wealthsimple to participate in the Offer based on internal criteria; and
• meet the requirements set out below
  (the “Client”).

Offer Details. In order to participate in the Offer, eligible Clients must have a Wealthsimple account with Wealthsimple Investment Inc. (“WSII”) that holds USD currency with currency conversion functionality  (a “USD Account”) at the time of the currency conversion. As of the Offer Effective Date, eligible Clients will be charged a discounted currency conversion fee on eligible currency conversions of cash between your WSII CAD Account to your USD Account and vice versa, depending on the total amount being converted per transaction (the “Reduced FX Conversion Fee”):

All amounts shown are in the currency the Client is converting from. For clarity, a currency conversion of USD$9,000 to CAD and a currency conversion of CAD$9,000 to USD will both have a Reduced FX Conversion Fee of 1.50%.

The Reduced FX Conversion Fee would then be applied to the WSII Corporate Exchange Rate as described in the WSII Fee Schedule (the “Fee Schedule”).

The Reduced FX Conversion Fee is only applicable to currency conversions to and from the USD Account. Trades of US-listed securities outside the USD Account are still subject to the WSII Corporate Exchange Rate and 1.5% currency conversion fee as outlined in the Fee Schedule. All other fees and terms related to the WSII accounts still apply.
General. Wealthsimple reserves the right to cancel, amend, withdraw or restrict the Offer at any time without notice. Wealthsimple is the sole arbiter of these rules and any other issue arising under the Offer. If Wealthsimple suspects fraudulent or abusive behaviour, gaming of the system, inappropriate, offensive or derogatory language or information or a violation of these terms, Wealthsimple reserves the right to remove the Offer from the Client’s Wealthsimple account(s) and take any other action it deems appropriate including, but not limited to, closing the Wealthsimple account(s). This Offer is only valid for individuals in the location cited above that otherwise meet our eligibility requirements. Our standard terms (https://www.wealthsimple.com/en-ca/legal/terms) relating to your use of Wealthsimple and any agreements that apply to your Wealthsimple account(s) each apply and are not affected in any way by this Offer.

Self-directed Investing is offered by WSII. WSII is a member of the Canadian Investment Regulatory Organization. Customer accounts held at WSII are protected by Canadian Investor Protection Fund (“CIPF”) within specified limits in the event WSII becomes insolvent. A brochure describing the nature and limits of coverage is available upon request or at CIPF.