Before Questrade introduced the option to choose how currency settled, no other institution in the industry allowed investors to hold U.S. cash in a registered account. Cash was always in Canadian dollars, meaning any trade in the U.S. markets would trigger a currency conversion.
One of the great features of Questrade’s registered accounts, including RRSPs and TFSAs, is being able to hold both U.S. and Canadian dollars. This means you can trade in markets on both sides of the border without paying currency conversion each time you trade.
The currency settlement preference lets you control how money is deposited (settled) in your registered account when you sell securities, receive cash, and when you transfer in funds from another financial institution.
With this feature, you can set your account preference to Currency of transaction, USD or CAD settlement. No more surprise currency conversions means more savings for you.