Wise, the company building the best way to move and manage money around the world, has announced a collaboration with Interactive Brokers (IBKR), an automated electronic broker.
What does Wise integration mean for IBKR’s clients?
IBKR has integrated Wise to allow clients a simple and seamless experience when making deposits in their trading accounts. This integration is made possible by Wise Platform, which allows banks and businesses to leverage Wise’s global payments infrastructure, and makes investing easier than ever by allowing clients to save money on transfer fees when investing in their choice of 150 international markets worldwide through a quick and easy service.
IBKR offers clients from over 200 countries and territories the ability to trade stocks, options, futures, currencies, bonds, funds, and more on 150 markets from a unified platform. With IBKR, clients can fund accounts and trade assets in up to 26 currencies. This offers clients a simple way to trade products without opening multiple accounts in different currencies.
Clients of IBKR can now also elect 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, free from hidden fees and markups 一 all 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 — over 50% of all transfers globally sent on Wise are instant (arriving in less than 20 seconds). Together, these features help reduce transfer fees and shorten the time clients of Interactive Brokers need to move funds between their bank accounts and their trading accounts.
What does the partnership mean IBKR and Wise?
Steve Sanders, EVP of Marketing and Product Development at IBKR, said: “Interactive Brokers serves over two million self-directed investors and active traders in 200+ countries. 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.”
Steve Naudé, Head of Wise Platform, said: “Our integration with IBKR will make investing in global stocks through IBKR’s platform affordable and fast for users worldwide. Clients 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 investing easier for clients all over the world.”
Wise Platform partners with over 60 banks and businesses worldwide, allowing them to leverage Wise’s technology and embed the best way to send, receive and manage money internationally. Wise’s collaboration with Interactive Brokers is one of its largest to date.