Money transfer company Wise has integrated its platform with electronic broker Interactive Brokers (IBKR).
The integration gives clients an easier experience when making deposits in their trading accounts, Wise said in a Wednesday (April 5) news release, letting them save money on transfer fees when investing in 150 global markets.
“Our integration with Interactive Brokers will make investing in global stocks through IBKR’s platform affordable and fast for users all over the world,” said Steve Naudé, head of Wise Platform. “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.”
Steve Sanders, IBKR’s executive vice president of marketing and product development, added that the integration lets his company “offer account funding in more local currencies, enabling greater participation in global markets, diversification of investments, and added protection against local economic uncertainty.”
As noted here recently, that uncertainty has led investors to rapidly move their assets into money market funds.
Investors shifted $508 billion into these cash funds in the first quarter of 2023, the largest such move into these funds in one quarter since the onset of the pandemic three years ago, bringing the amount of assets in United States money market funds to a record $5.2 trillion.
A report by Bloomberg News noted that these investors are turning away from traditional deposits and looking for security in funds following recent bank runs.
They’re also after the higher interest rates money market funds offer, with rates now the highest they have been in 16 years and offering 5% returns.
Many investors are also shifting from stocks due to current economic volatility and fears that the market will remain at the level it’s at now through the remainder of the year.
The Wise partnership with IBKR follows February’s collaboration with G-P to provide faster cross-border payments to freelancers and contractors.
The companies say their partnership gives businesses access to flexible payment options within the G-P platform, including bank transfer, credit, debit, ACH, wire and international wire. In addition, users can view the mid-market exchange rate, real-time payment status and other parts of the payments process.
“We’ve seen a growing need from companies to have more control over their international payments, especially to contractors, and are proud to see G-P trusting Wise to manage and power their cross-border capabilities,” Naudé said at the time.
For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.