Introduction
Fund your Interactive Brokers (IBKR) account using Wise free of charge via InstaPay transfer. This method ensures you get a competitive exchange rate with minimal fees.
Step-by-Step Guide
1. Deposit PHP into Your Wise Account
- Open your Wise dashboard and create a PHP account.
- Click the Deposit button and fund it via InstaPay (bank transfer).
- Example: If you deposit PHP 50,000, Wise will receive the full PHP 50,000.
- Note: Some banks may charge an InstaPay fee of around PHP 10.
2. Convert PHP to USD in Wise
- Wise uses live exchange rates, ensuring transparency.
- In this example, Wise converted PHP 49,804.64 to USD 856.83 at a rate of 58.1264.
- Conversion Fees:
- Wise fee: PHP 174.43
- VAT: PHP 20.93
- Total PHP Converted to USD: PHP 49,804.64
3. Transfer USD to Interactive Brokers
- Once you have the USD in Wise, send it to your Interactive Brokers USD account.
- Wise charges a fixed fee of USD 1.27 for the transfer.
Cost Breakdown
| Step |
Fee/Cost |
% of PHP 50,000 |
| InstaPay fee |
PHP 0 (Some banks may charge PHP 10) |
0.00% |
| Wise fee |
PHP 174.43 |
0.35% |
| VAT on conversion |
PHP 20.93 |
0.04% |
| Total PHP converted |
PHP 49,804.64 |
99.61% |
| Exchange rate |
58.1264 PHP/USD |
- |
| USD received |
856.83 USD |
- |
| Wise to IBKR transfer fee |
USD 1.27 |
- |
Why Use Wise for IBKR Funding?
✅ No bank wire fees when funding IBKR.