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Norbert's Gambit on National Bank Direct Brokerage: Step-by-Step (2026)

MTLast reviewed June 2026 by Mike Taylor, Canadian financial writer. Fact-checked

Yes, and National Bank Direct Brokerage is one of the cheapest places to do Norbert's Gambit, because it charges $0 commission on stock and ETF trades. You buy DLR, request the journal by secure message or phone, and sell DLR.U. A handy feature: NBDB can flag your account so you sell the U.S. side right away, without waiting for the buy to settle. The main cost is the journaling fee.

For the general method, see the step-by-step guide. This page is specific to NBDB.

The steps at NBDB

  1. Buy DLR. In your Canadian-dollar account, buy DLR.TO with a limit order. NBDB charges no commission on Canadian-listed ETF trades of at least 100 shares.
  2. Request the journal. Send a secure message through the Message Centre, or call NBDB, asking to journal your DLR shares to the U.S. side as DLR.U.
  3. Sell DLR.U, often right away. Once the journal request is noted on your account, NBDB typically lets you sell DLR.U immediately, even before the original buy has fully settled. The full journal takes a couple of business days to finish processing in the background.

What it costs at NBDB

With no trading commissions, NBDB's gambit cost is essentially that journaling fee plus the bid-ask spread. Estimate it with the calculator.

Getting the U.S. dollars out

If you need the U.S. dollars in a U.S. bank account, NBDB now lets you link an external U.S.-dollar account online through Flinks, which takes a day or two. This replaced the old method of mailing a cheque, so the full money-out journey is faster than it used to be.

Accounts

NBDB supports the gambit in RRSP, TFSA, FHSA, and non-registered accounts. You need a U.S.-dollar account set up alongside your Canadian one, which you can arrange by secure message.

Frequently asked questions

Is Norbert's Gambit cheap at NBDB? Yes. With $0 trading commissions, your main cost is the journaling fee of about $9.95 plus tax, plus the bid-ask spread.

Can I sell the U.S. side before the buy settles? Usually yes. Once the journal request is noted on your account, NBDB typically lets you sell DLR.U right away, while the buy settles in the background.

How do I request the journal? By secure message through the Message Centre, or by phone.

Do I need a minimum number of shares? For the $0 ETF commission, NBDB generally requires at least 100 shares of a Canadian-listed ETF.

Sources

This article is general information, not financial or tax advice. NBDB's fees and processes change. Confirm current details with NBDB before you trade.