If IBKR does not currently support your local currency, you must first convert it into a supported currency such as USD.
There are several ways to convert your unsupported currency into USD or another IBKR supported one. 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 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 bank and initiate an international wire transfer using those instructions
- Your bank will convert your local currency to USD at their exchange rate and send the funds internationally
Pros
- Widely available - virtually all banks offer international wire transfers
- No third-party account required
- Suitable for large transfers
- Familiar, traditional process
Cons
- High fees - local banks typically charge significant fees for international wires
- Unfavorable FX rates - Banks often offer non-competitive exchange rates with wide spreads
- Transfers can take 2-5 business days
- Larger transfers may involve significant paperwork due to local banking reporting requirements
Best For
Any 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, PYUSD or RLUSD)
How It Works
Purchase USDC, PYUSD or RLUSD (all USD-pegged stablecoins) through a crypto exchange or financial institution that supports your local currency, and transfer it to IBKR. IBKR converts it to USD and credits your account.
Steps
- Open an account with a reputable crypto platform or financial institution that offers USDC
- Purchase your Stablecoin of choice using your local currency 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 Stablecoin deposit address
- From your crypto exchange or financial institution, withdraw your Stablecoin to your IBKR Stablecoin 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 often offer tighter currency exchange spreads than traditional banks
- Increasingly accessible via mainstream 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 Stablecoin
- Network (gas) fees may apply when transferring Stablecoin 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 in countries that support Stablecoin, who are comfortable with crypto, want fast transfers, or want to achieve a more competitive local currency 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 the local currency.
Steps
- Open a Wise account at wise.com if you do not already have one
- Fund your Wise account in your local currency 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 your local currency 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 bank transfer instructions. You send your local unsupported currency from your bank account to a local Wise bank account (as a domestic transfer), Wise converts the currency 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 bank transfer details for a Wise account
- Log in to your bank account and send a domestic transfer to the provided Wise account details
- Wise converts the unsupported currency 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
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 business 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 your currency directly.
- Tax obligations - Regardless of the method chosen, residents should be aware of their obligations under local tax law, including financial reporting requirements. IBKR recommends consulting a local tax advisor.
- Security - Always initiate deposits from within the IBKR platform and verify all account details carefully before transferring funds.