Here’s how you can use this ETF to exchange $10,000 Canadian:
1. Get a quote for DLR and calculate how many shares you can buy for $10,000 Canadian.
2. Place an order for that number of shares. The trade will settle in Canadian dollars.
3. Call your discount brokerage’s customer service desk and ask them to take your DLR shares and “journal them over” to the U.S. dollar side of your account, where they should show up as DLR.U.
4. Place an order to sell all of your DLR.U shares. The trade will settle in U.S. dollars.
You’ll pay two commissions and lose a little on the bid-ask spread, but you’ll still save big overall.
Good to know, but it said:Note that this technique only works if you can hold U.S. dollars in your account. Most brokerages don’t allow this with RRSPs.
Good to know, but it said:Note that this technique only works if you can hold U.S. dollars in your account. Most brokerages don’t allow this with RRSPs.
Most brokerages?
My bmo rrsp account has nothing but US stocks and USD.