Interactive Brokers and Wise Partner to Secure Seamless Deposits

Interactive Brokers (IBKR) has teamed up with online money transfer service Wise to provide its clients with a simple and seamless experience when making deposits in their trading accounts.

With today’s launch, clients of Interactive Brokers can now elect to ‘Pay with Wise’, which enables them to convert their local currency to a currency supported by the broker at the true mid-market exchange rate, free from hidden fees and markups without leaving the trading platform.

Additionally, clients can transfer directly from balances in their linked Wise accounts. They will be able to receive their money in the chosen currency in a matter of seconds as over 50% of all transfers globally sent on Wise are almost instant – arriving in less than 20 seconds.

Together, these features help reduce transfer fees and shorten the time Interactive Brokers’ clients need to move funds between their bank accounts and their trading accounts.

Wise has partnered with over 60 banks and businesses worldwide and the collaboration with Interactive Brokers is one of its largest to date.

Steve Naudé, Head of Wise Platform said: “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.”

Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers said: “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.”

Source: fintechnews