Interactive Brokers, a US online brokerage firm, has partnered with Wise Platform to give existing clients additional payment options when they add money to their trading accounts.
Interactive Brokers customers can now select ‘Pay with Wise’ to convert their local currency to a currency accepted by IBK at the mid-market exchange rate without hidden costs or surcharges. Wise provides access to 150 foreign markets and the opportunity to minimize money transfer fees.
Clients can transfer money directly from their linked Wise accounts and may receive their funds in their preferred currency within seconds. Approximately half of all global Wise transactions are immediate, arriving in less than 20 seconds.
The EVP of Marketing and Product Development at Interactive Brokers, Steve Sanders, said:
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.
They offer Wise Balance to help clients move funds quickly and affordably. This feature charges a fixed fee of $0.39 and makes funds available for trading immediately upon arrival in the account. Funds can be withdrawn after three business days. Additionally, Interactive Brokers receives 5.5% of the transfer fee collected by Wise for all cross-currency transfers made through its platform.
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