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The new partnership integration aims to offer clients a simple way to trade products worldwide without opening multiple accounts in different currencies.
April 5, 2023 - Payments tech company Wise has announced a collaboration with Interactive Brokers to simplify deposits, reduce transfer fees and shorten the time clients of Interactive Brokers need to move funds between their bank accounts and their trading accounts.
Clients of Interactive Brokers will now be able to ‘Pay with Wise’, which enables them to convert their local currency to an Interactive Brokers-supported currency at the true mid-market exchange rate without leaving their IBKR platform. Additionally, clients can transfer directly from balances in their linked Wise accounts. Customers may receive their money in the chosen currency, "in a matter of seconds".
Interactive Brokers offers clients from over 200 countries and territories the ability to trade stocks, options, futures, currencies, bonds, funds, and more on 150 global markets from a single unified platform. With IBKR, clients can fund accounts and trade assets in up to 26 currencies.
Steve Naudé, Head of Wise Platform, commented “Our integration with Interactive Brokers will make investing in global stocks through IBKR’s platform affordable and fast for users all over the world. Customers will be able to see exactly how much they are paying to move their money into different currencies, which means greater peace of mind and a better return on investment. We look forward to continuing to work alongside IBKR to make global investing easier for clients all over the world.”
Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers, commented, “Interactive Brokers serves over two million self-directed investors and active traders in 200+ countries and territories. With the Wise integration, we can offer account funding in more local currencies, enabling greater participation in global markets, diversification of investments, and added protection against local economic uncertainty - all on Interactive Brokers’ single unified platform.”
