Funding Via Wise
What is Wise?
Wise (formerly TransferWise) is an international online money transfer service that supports 55 currencies in 80 countries, mainly providing cross-border money transfer and foreign exchange services. Wise offers lower transaction fees than cross border bank transfers, are faster to arrive than cross-border bank transfers, and they offer competitive foreign exchange rates.
Through our collaboration with Wise, IBKR is able to provide you the following services while logged into the IBKR platform:
Through our collaboration with Wise, IBKR is able to provide you the following services while logged into the IBKR platform:
- Link your IBKR account to your WISE account for funding
- Transfer currency not directly supported by IBKR (e.g. RON, BGN, MYR, IDR) from your local bank to Wise, convert at Wise and credit your IBKR account with a supported currency (e.g. EUR, USD, GBP, AUD, HUF, CHF, SGD (not supported for IBIE and IBCE) or NZD (not supported for IBIE, IBCE and IBSG))
- Transfer from existing Wise balance to your IBKR account and back
Does IBKR allow deposits and withdrawals via Wise?
Yes, clients can deposit funds into their IBKR account via Wise and can also withdraw funds from their IBKR account back to their Wise account.
Who is eligible to use Wise funding methods?
Individual clients of IBLLC, IB-UK, IBIE, IBCE, IB-HK, IB-AU and IB-SG are eligible to use Wise for funds transfers.
Is it your first time using a Wise funding method?
If it is your first time using a Wise funding method in Client Portal, you will be redirected to wise.com to authorize your Wise account to be linked to Interactive Brokers.
If you currently do not have an account at Wise, you will be prompted to create one. IBKR will prefill your application for a Wise account with information (name, email, etc) from your IBKR account and you will have to login to wise.com to complete the on-boarding process and upload the documents Wise may ask for.
This linkage of your Wise and IBKR accounts only needs to be established once. You may only link to an account under your name at Wise.
How can I deposit funds via Wise?
To deposit funds via Wise, login to Client Portal and select Transfer & Pay followed by Transfer Funds. Click Make a Deposit and select the Currency you would like to deposit from the drop-down menu. Upon selecting an eligible currency, select “Bank Transfer Via Wise” OR "Transfer from Wise balance" as the funding method.
If it is your first time using a Wise funding method, you will be prompted to link your Wise account.
If it is your first time using a Wise funding method, you will be prompted to link your Wise account.
Bank Transfer via Wise: Offers a direct integration to deposit local currencies (e.g. RON, BGN, MYR, IDR). You will send a local currency to a Wise bank account and Wise will convert and deposit to your IBKR account a currency supported by IBKR. The list of local currencies depends on the IBKR entity where you have your IBKR account.
You will be presented with the Quote screen. The Source Currency will populate with the local currency you selected above, and you will need to choose a Target Currency to be deposited into your IBKR account (e.g. EUR, USD, GBP, AUD, HUF, CHF, SGD (not supported for IBIE and IBCE) or NZD (not supported for IBIE, IBCE and IBSG)). You can modify the quantity of the Source Currency to see the applicable fees, the conversion rate, the amount of the Target Currency that will arrive in your IBKR account and the expected arrival time. Once confirmed, you will be given the Wise bank account details and instructions to send the funds.
With respect to timing, funds can take from a few hours to a few business days to move from your local bank to Wise and then up to a full business day to move from Wise into your IBKR account, depending on the currencies involved.
Transfer from Wise Balance: You can see the balances in your multi-currency account at Wise and you can initiate a funds transfer into your IBKR account. You can either transfer the funds you hold at Wise without any conversion when the currency is supported in your IBKR account OR you can choose to convert your funds at Wise and transfer a supported currency (e.g. EUR, USD, GBP, AUD, HUF, CHF, SGD (not supported for IBIE and IBCE) or NZD (not supported for IBIE, IBCE and IBSG)) to your IBKR account.
Funds take from a few hours to a full business day to appear in your IBKR account after leaving your Wise account, depending on the currency.
How can I withdraw funds to my Wise account?
You may withdraw a supported currency (e.g EUR, USD, GBP, AUD, HUF, CHF, SGD (not supported for IBIE and IBCE) or NZD (not supported for IBIE, IBCE and IBSG)) from your IBKR account to send into your Wise account.
You may withdraw a supported currency (e.g EUR, USD, GBP, AUD, HUF, CHF, SGD (not supported for IBIE and IBCE) or NZD (not supported for IBIE, IBCE and IBSG)) from your IBKR account to send into your Wise account.
To withdraw funds to your Wise account, login to Client Portal and select Transfer & Pay followed by Transfer Funds.
Click Make a Withdrawal and select the Currency you would like to withdraw from the drop down menu. Upon selecting an eligible currency, select “Transfer to Wise” as the withdrawal method.
If it is your first time using the "Transfer To Wise" withdrawal method, you will be directed to link your Wise account to your IBKR account. Once you have a linked Wise account, you will be prompted to create your withdrawal destination with the information pre-populated from your Wise account. Once created, you will be presented with a screen with your saved destinations, and your newly created destination will display as “Transfer to Wise”. Choose this selection, enter the amount, and submit the withdrawal request for processing.
Funds take from a few hours to a full business day to appear in your Wise account after leaving your IBKR account, depending on the currency.
Is there a fee to transfer funds via Wise?
There may be a fee associated with transferring funds via Wise. If applicable, this fee will be presented to you on the confirmation screen prior to submitting your funds transfer request.
Can I make a withdrawal to a third party via Wise?
No, you may only withdraw funds to an account under your name at Wise.
Who can I contact for any issues regarding my transfer?
Please contact IBKR for any inquiries regarding the initiation of your transfer in Client Portal or if your payment did not arrive in your IBKR account but left your Wise account more than 1 business day in the past.
For any other inquiry regarding the status of your payment or issues surrounding your payment from your bank to Wise or pending at Wise, please login directly into your Wise account and contact Wise customer service.
Where can I get additional information about Wise and their services?
Please refer to the Wise Help Center at www.wise.com/help.
DISCLAIMER:
- IBKR does not have access to your Wise username or password when you link your Wise profile to your IBKR account.
- IBKR operational staff do not have access to your Wise transaction history.
- IBKR's automated systems may access the transactions in your Wise account to confirm that the transfers from Wise to your IBKR account were initiated by an account held in your name at Wise.