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Currency exchange fees for Questwealth Portfolios
February 22, 2020
How does it work? When you don’t have enough U.S. Dollars required to purchase a U.S. ETF in your portfolio (or don’t have enough Canadian funds to purchase a Canadian ETF), we will convert currency on your behalf. The 100 basis points covers brokerage costs. We will convert funds to buy ETFs when necessary to maintain the proper allocation in the portfolio. Let's use an example: If we’re buying an ETF for $100 USD and the CAD/USD market exchange rate is 1.30. You take the exchange rate and add 100 basis points: 1.3000 + 0.0100 = 1.31 Therefore, to buy the ETF for $100 USD, you would need $131.00 CAD.There is a fee added to the exchange rate whenever you need to exchange currencies in your Questwealth account. The fee to exchange currency with Questwealth Portfolios is 100 basis points (which is about 1%) added to the market exchange rate.
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