Interactive Brokers (NASDAQ:IKBR) has integrated Wise (LSE:WISE) into its platform to allow account holders to benefit from Wise’s global transfer services.
Interactive Brokers supports clients from over 200 countries and territories, so partnering with Wise makes a lot of sense. Interactive Brokers is a regulated broker-dealer that allows account holders to trade stocks, options, futures, currencies, bonds, funds, and more on 150 global markets from a single unified platform.
Wise is a global transfers platform and stealth bank that has also integrated interest-bearing accounts. Currently only available in the UK and Singapore, “Assets” generates up to a 3.61% variable rate return. An account holder may also hold money in Stocks.
Wise’s transfer services are typically the lowest-cost transfers available. Wise provides a transparent transfer process with multiple options. At the same time, exchange rates tend to be more reflective of actual market pricing. Interactive Brokers probably had a fair number of account holders already using the Wise service so integrating the process will streamline the process. Over 50% of all transfers globally sent on Wise are instant (arriving in less than 20 seconds).
Steve Naudé, Head of Wise Platform, said the integration will make investing in global stocks faster and more affordable.
“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, reported they have more than 2 million self directed investors around the world and now they can offer more local currencies in a unified platform.
Wise currently partners with over 60 banks and businesses worldwide. Wise’s collaboration with Interactive Brokers is said to be one of its largest to date.