Here’s a simple guide on how to convert USD to CAD in Questrade.
Let’s say you just sold stocks of a US based company in your Questrade trading account. Now you are looking to buy a Canadian stock or you may want to withdraw funds into your Canadian bank account.
So you need to convert your USD to CAD first.
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 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 USD that needs to be converted into CAD
Select the account. In the Transaction, choose ‘Exchange USD to CAD’ and in action, you need to choose ‘Specify the amount of USD to sell’ .
If you are converting 1000 USD to CAD, enter 1000 in the Amount field and click ‘Submit’.
You are done. You have successfully submitted a request to convert your USD to Canadian dollars in 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 CAD 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 USD to CAD on Questrade – Wrap Up
I hope the above steps helped you to convert USD to CAD on Questrade.
Do you want to convert cad to usd in Questrade? We’ve got you covered.
Happy Investing.
