Here’s a simple guide on how to convert CAD to USD in Questrade?
So you have transferred your funds in CAD from your bank account to Questrade. Now you are looking to buy US stocks. Since you have CAD in your Questrade account, you have to convert that to USD for buying US stocks.
Let’s look at how you can do that.
Step 1 : Login to your Questrade Account
Step 2: Click 'Questrade Web' on top and select 'Accounts' from the dropdown menu
Step 3: On the Accounts page, click on 'Requests' from the top menu. In the sub menu, select 'Exchange Funds'
Step 4: Select the account in which you have CAD that needs to be converted into USD
Select the account. In the Transaction, choose ‘Exchange CAD to USD’ and in action, you need to choose ‘Specify the amount of CAD to sell’ .
If you are converting 1000 CAD to USD, enter 1000 in the Amount field and click ‘Submit’.
You are done. You have successfully submitted a request to convert your Canadian dollars to USD on Questrade.
Frequently Asked Questions
- How long does it take for the conversion to happen?
It usually takes one business day for the conversion to complete. Once it is done, you will receive the corresponding USD amount in your account.
For exchange requests that are done before 2:30 p.m EST on a trading day, the exchange request can be processed even on the same day.
2. Can I track the status of the request?
Yes. You can track that under ‘Request History’ (refer the image above). The ‘Request history’ tab will contain all the previous exchange requests.
3. How much does Questrade charge for the exchange?
Questrade charges a flat fee of 1.5% for currency exchange.
How to convert CAD to USD on Questrade - Wrap Up
I hope the above steps helped you to convert cad to usd on Questrade.
Do you want to setup drip on questrade? Set it and forget it.
Happy Investing.
