International money transfer company Wise has partnered with Interactive Brokers, a US-based online brokerage firm, to simplify the process of investing for its customers.
The collaboration aims to provide Wise customers with easy access to Interactive Brokers’ investment platform and its vast range of investment options.
Why the Partnership Makes Sense
Wise has always been focused on providing affordable and transparent cross-border payments to its customers. With this partnership, it is now expanding its services to include investment opportunities as well.
By teaming up with Interactive Brokers, Wise aims to provide its customers with a seamless experience when it comes to investing in US-based securities, which can often be a complex process.
Interactive Brokers, on the other hand, is a well-established player in the online brokerage industry, known for its low fees and extensive range of investment products.
By partnering with Wise, it can expand its reach to a wider audience and tap into the fast-growing market of cross-border payments.
How it Works
Wise customers will be able to open a brokerage account with Interactive Brokers through the Wise app, without having to go through the lengthy and cumbersome process of filling out multiple forms and providing numerous documents.
Once the account is open, they will have access to a wide range of investment products, including stocks, bonds, options, futures, and more.
Wise will also provide its customers with a unique feature called “FX Optimizer,” which will help them optimize their currency conversions when making investments.
The feature will automatically convert the funds to the currency of the investment, at the most favorable exchange rate available, thereby reducing the cost of investing.
Benefits for Customers
The partnership between Wise and Interactive Brokers will provide several benefits to customers, including:
- Easy access to US-based securities – Customers will be able to invest in a wide range of US-based securities without having to go through the complicated process of opening a US brokerage account.
- Low fees – Interactive Brokers is known for its low fees, which will be beneficial to customers who want to keep their costs low.
- Currency conversion optimization – The FX Optimizer feature will help customers save money on currency conversions, which can add up over time.
- Seamless experience – With the Wise app, customers will be able to open a brokerage account and make investments, all in one place, without having to switch between multiple platforms.
Final Thoughts
The partnership between Wise and Interactive Brokers is a significant step towards simplifying the process of investing for customers.
By providing easy access to US-based securities, low fees, and currency conversion optimization, the two companies are making investing more accessible and affordable for everyone.
With this partnership, Wise is expanding its services beyond just cross-border payments and moving towards becoming a one-stop-shop for all financial needs.
