Why Disnat is the cheapest in 2026
Across our four Norbert's Gambit broker tutorials — Wealthsimple, Interactive Brokers, RBC Direct Investing, and this one — Disnat sits at the bottom of the cost stack for one simple reason: it charges $0 commission on Canadian stocks and ETFs since 2024, with $0 journaling fees. The other three sibling guides each reference Disnat as the cheaper alternative.
Disnat is the consumer name for Desjardins Online Brokerage (also known as Courtage direct Desjardins). It is owned and operated by Mouvement Desjardins, the largest financial cooperative in North America. Despite the Quebec roots, Disnat is open to any Canadian resident — no Caisse membership required.
For Canadians converting CA$1,000 or more to USD, Disnat is the textbook answer (the $9.95-per-leg threshold of ~CA$6,800 doesn't apply since Disnat charges $0 commission). The only friction: the journal request must be made by phone, not online.
Disnat vs the other three brokers — head-to-head
Same CA$25,000 outbound CAD→USD conversion, four different brokers:
| Broker | Commission total | Journal | Total cost | Source page |
|---|---|---|---|---|
| Disnat | $0 (since 2024) | $0, phone-only | ~CA$10 (bid-ask only) | This page |
| Interactive Brokers | ~$2 (tiered) | Free, near-real-time | ~CA$12 | IBKR tutorial |
| RBC Direct Investing | $19.90 | Free, phone-only | ~CA$30 | RBC DI tutorial |
| Wealthsimple Trade | $0 | 2-5 business days | ~CA$120 (with USD add-on $10/mo) | Wealthsimple tutorial |
Disnat is cheaper than IBKR by a few dollars on this size (IBKR pulls ahead at very large volumes via IDEALPRO direct FX). It is roughly half the cost of RBC DI. Wealthsimple Trade comes out distant fourth once you account for the USD account add-on overhead.
Step 1 — Buy DLR on TSX in CAD
From your Disnat platform (web or mobile), in the CAD side of your account:
- Search for ticker
DLRon TSX. This is the Global X U.S. Dollar Currency ETF (formerly Horizons DLR; the issuer was renamed Global X in 2022). The CAD-denominated units track USD cash held by the issuer. - Place a limit order at the current ask or 1 cent above. DLR's bid-ask spread is typically 1–3 cents.
- Quantity: divide your CAD by the current DLR price (around CA$13.70 per share when USD/CAD trades near 1.37). For CA$25,000 ≈ 1,825 shares.
- Submit. Confirmation appears within seconds. Trade settles T+1 (one business day after trade date — Canadian and US equity markets moved to T+1 in May 2024).
Commission: $0.
Step 2 — Wait one business day, then call to journal
Unlike Questrade (web chat) or RBC DI (general phone line), Disnat requires a phone call to its brokerage line for the journal. The number is:
When you call, use this phrasing:
Disnat's agents are familiar with Norbert's Gambit — saying the name explicitly speeds up the request. Ask for the full balance to be journaled so no stray units stay in CAD.
Disnat typically processes the journal within 1–2 business days. The position appears under DLR.U in your USD sub-account when complete.
Step 3 — Sell DLR.U in USD
- Switch to your USD sub-account view in Disnat.
- Search for
DLR.U. Your journaled position should appear. - Place a limit sell at the current bid or just above. Tight spread, typically fills in seconds.
- Submit. Trade settles T+1; USD cash appears in your USD sub-account one business day later.
Commission: $0.
Step 4 — Transfer the USD where it is needed
Once settled, the USD in your Disnat sub-account can be:
- Internal transfer to a USD chequing account at any major Canadian bank (Desjardins AccèsD, Tangerine USD savings, RBC US Personal Account, EQ Bank USD savings). Free for most account types; takes 1-3 business days.
- USD wire to a US bank account if you need US-resident-side access. Disnat charges a wire fee (verify current rate at disnat.com).
- Left in Disnat as USD cash earning the platform's USD interest rate (currently modest; check disnat.com for the current rate).
Worked example — CA$25,000 → USD
Realistic numbers with USD/CAD trading near 1.37:
| Step | Action | Cost |
|---|---|---|
| 1 | Buy 1,825 DLR shares @ ~CA$13.70 | $0 commission |
| 2 | Journal DLR → DLR.U (phone call) | $0 |
| 3 | Sell 1,825 DLR.U shares @ ~US$10.00 | $0 commission |
| Bid-ask spread on the pair | ~CA$10 | |
| Total all-in | ~CA$10 |
Effective conversion cost: 0.04%. Compare with:
- A Canadian bank wire at 2.5–3% spread on CA$25,000 = CA$625–750 lost
- Wise at 0.6% = CA$150 lost
- PayPal at 4% FX margin = CA$1,000 lost
Disnat saves CA$615–740 on this single CA$25,000 conversion compared to a bank wire — enough to fund a return flight, six months of US health insurance for a snowbird, or a meaningful TFSA contribution.
When Disnat is the right choice — and when it isn't
Disnat wins when:
- You are converting CA$1,000 or more (below CA$1,000, Wise's simplicity is worth the small premium).
- You can tolerate a 3-5 business-day timeline for the full round trip.
- You are comfortable making a 5-15 minute phone call to journal.
- You want the absolute lowest cost, even if only by a few dollars over IBKR or Questrade.
- You are already a Desjardins Caisse member (transfers from your Caisse to Disnat are free and instant via AccèsD).
Use a different broker when:
- Conversions under CA$2,000 — Wise's 0.4-0.8% all-in is simpler, faster, and the extra cost is under CA$15.
- Urgent timeline — Wise (1-2 days) or your bank (instant but expensive) beat Disnat's 3-5 day round trip.
- You strongly prefer online over phone — RBC DI uses phone too but Questrade has online chat for journals.
- Very large amounts (CA$100,000+) — IBKR's IDEALPRO direct FX executes at the institutional rate without the ETF mechanic, beating even Disnat on raw cost above this threshold.
Caisse Desjardins vs Disnat — the relationship
The two are related but distinct:
- Caisse Desjardins — your retail banking institution (chequing, savings, mortgage, credit cards). Your day-to-day money sits here.
- Disnat (Desjardins Online Brokerage / Courtage direct Desjardins) — the brokerage subsidiary. Self-directed equity/ETF trading lives here.
Both are under Mouvement Desjardins, but operate as separate entities with their own pricing, interfaces, and customer service. You can open a Disnat account without being a Caisse member — apply directly on disnat.com.
If you are already a Caisse member, free instant CAD transfers between your Caisse and Disnat via AccèsD are a tangible bonus. Otherwise the experience is functional but slightly more friction at funding time.
Account requirements and tax considerations
- Account types eligible: Cash (non-registered), TFSA, RRSP, RRIF, LIRA, RESP. All support the Norbert's Gambit mechanic provided they have both a CAD and a USD sub-account.
- Multi-currency activation: Most Disnat accounts are natively multi-currency. If yours is not, call to activate the USD side — free and same-day.
- Tax treatment: In a non-registered account, each leg of the Gambit produces a small capital gain or loss reportable on Schedule 3 of your T1. Inside TFSA/RRSP/RESP the activity is sheltered. The journal itself is not a disposition. Consult a CPA for material amounts.
- T1135 reporting: If your total foreign property at cost during the year exceeds CA$100,000, file Form T1135. USD held in US-resident accounts after the Gambit counts.
Related guides
- Norbert's Gambit Canada — pillar guide
- Norbert's Gambit on Wealthsimple Trade
- Norbert's Gambit on Interactive Brokers
- Norbert's Gambit on RBC Direct Investing
- Bank wire fees compared: RBC, TD, BMO, Scotia
- Our methodology