IBKR does not currently support Brazilian Real (BRL) as a deposit currency. To fund your account, you will need to first convert your BRL into a supported currency such as USD.
There are several ways to convert your BRL to USD or another supported currency. The guide below outlines each option to help you choose the one that works best for you.
Option 1: International Wire Transfer
How It Works
You instruct your Brazilian bank to send an international wire transfer in USD (or another supported currency) directly to your IBKR account, using the wire instructions provided when you notify IBKR of your intent to deposit funds.
Steps
- Log in to the Client Portal
- Select Transfer & Pay and then Transfer Funds menu options
- Select Deposit Funds then click Go for Bank Wire
- Follow the on-screen steps and note your unique deposit instructions
- Next, contact your Brazilian bank and initiate an international wire transfer using those instructions
- Your bank will convert your BRL to USD at their exchange rate and send the funds internationally
Pros
- Widely available - virtually all Brazilian banks offer international wire transfers
- No third-party account required
- Suitable for large transfers
- Familiar, traditional process
Cons
- High fees - Brazilian banks typically charge significant fees for international wires
- Unfavorable FX rates - Banks often offer non-competitive BRL/USD exchange rates with wide spreads
- IOF (Imposto sobre Operações Financeiras) Tax applies to international transfers
- Transfers can take 2-5 business days
- Larger transfers may involve significant paperwork due to Banco Central do Brasil reporting requirements
Best For
Clients who prefer a fully traditional banking process and are transferring large enough amounts that fixed fees represent a small percentage of the total.
Option 2: Stablecoin Deposit (USDC)
How It Works
Purchase USDC (a USD-pegged stablecoin) through a Brazilian crypto exchange or financial institution, and transfer it to IBKR. IBKR converts it to USD and credits your account.
Steps
- Open an account with a Brazilian crypto platform or financial institution that offers USDC (e.g., Mercado Bitcoin, Nubank, BTG Pactual's Mynt)
- Purchase USDC using BRL on that platform
- Log in to the Client Portal and from the Transfer & Pay menu select Transfer Funds
- Select Deposit Funds then click Go for Fund with Stablecoin and follow the on-screen steps
- Note your unique USDC deposit address
- From your Brazilian crypto exchange or financial institution, withdraw your USDC to your IBKR USDC deposit address
- IBKR will credit your account in USD once the transfer is confirmed on the blockchain
Pros
- Fast - blockchain transfers typically settle within minutes
- Competitive FX rates - crypto exchanges in Brazil often offer tighter BRL/USD spreads than traditional banks
- Increasingly accessible via mainstream Brazilian financial institutions
- No correspondent banking fees or intermediary bank fees
- Available outside of traditional banking hours
Cons
- Requires setting up an account on a crypto exchange or platform if you do not already have one
- Crypto platform fees apply when purchasing USDC
- Network (gas) fees may apply when transferring USDC on-chain
- Our crypto provider zerohash charges a fee on stablecoin deposits (see How to Deposit via Stablecoin)
- Requires comfort with cryptocurrency concepts (wallet addresses, blockchain transfers)
Best For
Clients who are comfortable with crypto, want fast transfers, or want to achieve a more competitive BRL/USD conversion rate.
Option 3: Transfer from Wise Account
How It Works
You link your existing Wise (formerly TransferWise) account to your IBKR account. From within the Client Portal, you initiate a pull transfer that draws funds from your Wise balance into your IBKR account. You are responsible for separately funding your Wise account with BRL.
Steps
- Open a Wise account at wise.com if you do not already have one
- Fund your Wise account in BRL and convert to USD within the Wise platform using their currency exchange feature
- Log in to the Client Portal and from the Transfer & Pay menu select Transfer Funds
- Select Deposit Funds then click Go for Transfer from Wise Balance and follow the on-screen steps
- Initiate a funds transfer from your Wise multi-currency account to your IBKR account. Wise will automatically convert BRL to USD and the USD will be credited to your IBKR account
Pros
- Excellent FX rates - Wise is well known for offering mid-market exchange rates
- Simple and user-friendly interface
- No need to visit a bank branch
- Once linked, future transfers are straightforward
Cons
- Requires opening a separate Wise account
- Wise has transfer limits that may restrict very large deposits
- Wise fees apply (typically lower than those charged by banks)
Best For
Clients who already use Wise, or those who want an excellent FX rate and are comfortable managing a multi-step process.
Option 4: Local Bank Transfer via Wise
How It Works
This option also uses Wise, but instead of requiring you to pre-fund your Wise account, Wise provides you with local Brazilian bank transfer instructions. You send BRL from your Brazilian bank account to a local Wise bank account (as a domestic transfer), Wise converts the BRL to USD, and sends the USD to your IBKR account.
Steps
- Open a Wise account at wise.com if you do not already have one
- Log in to the Client Portal and from the Transfer & Pay menu select Transfer Funds
- Select Deposit Funds then click Go for Transfer from Wise Balance and follow the on-screen instructions to link your Wise account to IBKR
- Select the local bank transfer option - you will receive local Brazilian bank transfer details for a Wise account
- Log in to your Brazilian bank account and send a domestic BRL transfer to the provided Wise account details
- Wise converts the BRL to USD and forwards the funds to your IBKR account
Pros
- Feels like a domestic transfer - no need to navigate your bank's international wire process
- Excellent FX rates - same competitive Wise rates as Option 3
- Generally lower fees than a traditional international wire
- No need to pre-fund a Wise balance - funds are transferred in a single seamless process
- Accessible to clients whose banks make international wires difficult or expensive
Cons
- Requires opening and maintaining a separate Wise account
- Wise has transfer limits that may restrict very large deposits
- Slightly less intuitive than a direct bank transfer as funds pass through Wise
- Transfer times can vary - not as instant as a stablecoin transfer
- Wise fees apply on the BRL/USD conversion
Best For
Clients who already use Wise and want a competitive FX rate with a process that feels familiar (domestic bank transfer), without the complexity of purchasing cryptocurrency.
Quick Comparison
| International Wire | Stablecoin (USDC) | Wise Account Transfer | Local Bank Transfer via Wise | |
| FX Rate Quality | Poor | Good | Excellent | Excellent |
| Fees | High | Moderate | Low | Low |
| Speed | 2-5 days | Minutes | Variable | Variable |
| Ease of Use | Familiar | Requires crypto knowledge | Simple two-step process | Familiar, domestic-style transfer |
| Third Party Account Required | No | Crypto exchange | Wise | Wise |
| Large Transfer Suitability | Yes | Limits apply | Limits apply | Limits apply |
Important Notes
- All funds must arrive at IBKR in a supported currency (e.g., USD, EUR, GBP) - IBKR cannot accept BRL directly.
- Tax obligations - Regardless of the method chosen, Brazilian residents should be aware of their obligations under Brazilian tax law, including IOF and Receita Federal reporting requirements. IBKR recommends consulting a Brazilian tax advisor.
- Security - Always initiate deposits from within the IBKR platform and verify all account details carefully before transferring funds.