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CHEAP AND EASY CURRENCY CONVERSION (CIBC Investors Edge) CAD TO USD

Mrs Invest 9 views

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CLARIFICATION: @9:09 - I was not clear enough on this important point Sell the shares as DLRU on the Canadian Market You will see these trade around 1015-1017 USD When you sell DLRU into your USD account, you will receive US dollars
Comment from : @MrsInvest

Hi So I bought about 250 DLR shares and did the sub account transfer as well to the USD side now the question is ( On the holdings page on the USD side it shows 250 DLR @ price ( DLRU price ) BUT when I try to put a sell order on those shares the form shows 250 shares but @ the price of DLR and not DLRU I am confused is there something wrong ( NOTE : it just took 1 business day to transfer ) Please suggest Thanks in advance
Comment from : @nirpjeetbawa5103

Could not find the Transfer Securities under the preference menu anymore, instead there is a Sub-Account Transfer option, does this work the same? Could I do Norbert's Gambit under this option? Thanks
Comment from : @TinTin-cb9kq

Did you disappear on us :( Hope you are well and simply taking some time off Truly enjoyed all your videos, and sense of humor :) Hope to see you soon
Comment from : @johnnyv5995

Every fckn step takes 1-3 business daysbrSign up investor's edge: 1-3 business daysbrLink account to transfer money from your chequing: 1-3 business daysbrBuy DLR - instant, okbrMove DLR to another currency acc: 1-3 business daysbrMy advice: plan in advance
Comment from : @RossieeissoR

Question: If I don't use Norberts Gambit and the exchange rate for buying a US stock is 135 wouldn't this be the same as using Norberts Gambit (it's the same rate)? I also use CIBC IE I just want to make sure I am not misunderstanding something
Comment from : @kanerhawk8703

doesnt work
Comment from : @chrishsiung-fb1jz

Hope you will make more videos soon?
Comment from : @preuc3367

Can you move usd money into different accounts once you completed the transaction I mean if you want to use your bank card to purchase in usd
Comment from : @skvirk2669

Hi, Mrs Invest Would be nice to have another interesting and well-expounded video from you
Comment from : @galaxytrio

Very good and quite useful info
Comment from : @PrashantPandya-nr1gj

Thank you for this video! 1,000 times better and more helpful than cibc support agents
Comment from : @msalazars

Man, you should add Norbert's gambit in the title or something this is a great explanation But I couldn't find it by just searching
Comment from : @TGIM

I purchased DLR on my Canadian side; journaled over to the USD side, but it's still showing as DLR, not DLRU If I manually type in DLRU on my US side to sell, it quotes the price as $1032CAD with proceeds (for 1,000 shares) as 10,320CAD This would give me a loss of over $3,000!! I don't understand what's going on, I followed your instruction step by step and everything worked as you said, but for this last step Any advice?!
Comment from : @randisney

Does the online method eliminate ECN fees?
Comment from : @bward7960

@MrsInvest Just looking for further details on the "sell DLR (USD Side) I have submitted the journal request using the info exactly as shown in the screenshot in the video For the next step (selling in USD), how long generally does it take for it to show up as converted to USD? Will it show up on the transaction history? When it has been processed, will it show up as DLRU:US on the Trade Stocks and ETF's page? My dropdown menu still shows DLR:CA, which I'm guessing means that the journal request hasn't been processed?
Comment from : @ryanbennett4351

I repeated my test of Norbert's Gambit at CIBC IE This time I called IE support after purchasing DLR and transferring it to the US side I had them approve the transfer to DLRU and execute the sale of DLRU There was no apparent exchange rate hit I estimate up to 018 loss (could be less) due to buying and selling at market and DLR ETF price drift
Comment from : @jondank1065

I will try the Norbert's Gambit at Interactive Brokers
Comment from : @jondank1065

A warning for those attempting this: After you journal DLR over to DLRU, CIBC can STILL DEFAULT to DLR if you try to sell your shares in USD, even if your account is showing you own the securities on your USD side I made this mistake and was hit with a 1 commission on a $150k trade, resulting in losing $1500 CAD You must ensure that you manually type in DLRU instead of letting the system default to DLR I spoke with CIBC and this is a known issue experienced by others Unfortunately I was not wise enough to do a test run of this as I assumed once everything was journaled I no longer had any DLR to trade, but this was not the case as DLRU can be changed to DLR instantaneously and CIBC doesn't care which you're selling or which account it is from Very frustrating
Comment from : @BVRDMUSIC

Thank you for the latest update It is great to know that I don't have to call cibc to do the journal,
Comment from : @yuehuang1446

this doesnt work u still gonna get charged 3 percent
Comment from : @krissean397

Are we allowed to perform all these steps within the same day? Because I heard that TFSA is not allowed to make more than one trade per day?brIf that is the case, when I sell it after the journal is done, and the price drops, I will be risk of losing more money after selling the ETF? Normally how long does the journal take?
Comment from : @aaronxiong6249

how long for account transfer？
Comment from : @yingfeng340

Dammit I converted 150k!!! Nobody told me this!!!
Comment from : @TheJoeMoneyShow

When will you do a new video ????
Comment from : @AnnGagnon-k3m

Good morning Can you move other stocks from cdn to us in the same way? Thanks Enjoy your videos
Comment from : @ernestmohamed2443

Hiya
Comment from : @memyself4588

Hi! We need a new video please 😊
Comment from : @memyself4588

Hmm I tried this - journaling the shares over - but I got a message saying they would process it in 1-3 business days!
Comment from : @HistoryBoxChannel

if you were 18 again and just starting out investing in TODAYS economy, would you buy google, microsoft, apple, amazon? i've just noticed how high the price is for their stocks and am not sure if I should invest in them, thanks!
Comment from : @AngelChaeng

Mrs Invest brLooking forward to your first video of 2023
Comment from : @valveman12

how about tax side problem？anything relate tax person，if they assume you make money in this trade？please explain
Comment from : @yingfeng340

Any idea if the shortcut works for TD? (journaling without phone confimation*)
Comment from : @OliverOwnageX

Thank you for the good video !
Comment from : @WalkingEagl

Question regarding process how does someone start from scratch living in a rural area in US (limited banking choices) My spouse is a transplant from Toronto now residing in US and recently received an inheritance (approx 300k Canadian) we would like to convert to US dollars Can we open an online acct with CIBC in order to avoid the bank fees Also does TD Canadian Trust offer the same service? I know nothing about trading stocks or funds so I apologize if question is callow Thank you
Comment from : @lloydtalinethompson8033

Thanks Mrs invest I heard about this but have not tried it yet I’m with scotia Itrade Let’s see if I can figure this out
Comment from : @jagjitparhar214

Thank you, very helpful! we miss you! we nned an update with what credit cards you have right now and recomendations!
Comment from : @andrecunningham

Thank you and nice job making this , very clear and helpful 👍
Comment from : @grateru

That was a really clear explanation I've never used CIBC investor's edge Thanks for that and I'm happy I found your Channel 😃
Comment from : @mrfinancial