Savvy DIY investors have long used a technique called “Norbert’s gambit” to sidestep these steep currency conversion costs. The name comes from Norbert Schlenker, an investment advisor in B.C. who was the first to popularize it. You can use Norbert’s gambit to convert US dollars to Canadian dollars as well. Just call BMO InvestorLine and have them purchase shares of DLR.U on the US-dollar side of your account. Once this is complete, sell the same number of shares of DLR on the Canadian-dollar side of your account.

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