Norbert’s Gambit – Scotia A better way to buy US dollars in Scotia iTRADE accounts

Scotia iTRADE launched its US-Friendly RRSP Account Service in January 2011. Instead of paying the egregious retail markup on foreign currency conversions, iTRADE investors can pay a quarterly fee of $30 per account (plus tax) in exchange for receiving what the brokerage calls “the single, benchmark, mid-market rate used by Scotia Capital Inc. to price its holdings of US/Canadian dollar currencies at the end of that trading day (SCI Rate).”