Questrade USD purchases: when a margin debit earns interest
A positive CAD balance does not automatically fund a USD purchase in a margin account; inspect currency-specific debits and the current interest schedule.
Separate currencies
The margin page says Questrade does not automatically exchange currencies in margin accounts. If USD is insufficient for a US security, the resulting USD borrowing can attract interest despite a separate CAD balance.
Sources for this section
Diagram explained
Review each currency balance before assuming cash funding
- CAD cash ≠ automatic USD conversion
- USD overnight debit can accrue interest
- Posting can occur the following month
Interest follows the overnight debit
Rates are annualised, calculated daily and posted around the middle of the following month. A fee appearing later is therefore not necessarily a new loan created on its posting date.
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A simple account example
A hypothetical account with CAD cash but a USD 1,000 overnight debit should review that USD debit separately. No interest amount is estimated here because rate tier, currency and the actual daily balance matter.
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Official programme, eligibility or contract source Official programme, eligibility or contract source
Margin calls are not a promised grace period
The schedule permits liquidation in some cases without prior notice. Review the relationship disclosure and total account costs; a commission-free equity order does not remove borrowing risk or ongoing margin obligations.
Sources for this section
Official programme, eligibility or contract source Official programme, eligibility or contract source
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