When a large supported currency trade will buy a foreign investment, settle a trade or hedge portfolio exposure inside the brokerage, Interactive Brokers is one of the strongest price options available to an individual investor. Its exceptionally low spot-currency commission can leave far more of the amount intact than Wise's percentage fee. Wise remains the simpler product when the job is sending money directly to another person.
Our table often gives IBKR the lower modelled conversion cost. That row includes its Tier I commission of 0.002%, with a USD 2 equivalent minimum per order. Some current IBKR agreements reviewed here restrict accounts used mainly or repeatedly for unrelated currency conversion, so IBKR is best used when the exchange supports genuine investing, trading or hedging in the account.
- Wise is the direct transfer product. Its account-holder estimate includes the conversion and supported payout path shown in the quote.
- IBKR can have the lower brokerage conversion cost. The USD 2 equivalent charge is a minimum, not a permanently flat fee.
- Large investment-related exchanges are IBKR's sweet spot. The fixed minimum becomes tiny as a share of the amount, while Wise's percentage fee continues to scale.
- Small IBKR conversions are odd lots. USD orders below the published USD 25,000 standard minimum can execute at a wider spread than the table models.
- Convert Currency submits a market order. The final rate is executable market pricing, not a guaranteed mid-market rate.
- Recipient payments are not automatic. Third-party IBKR withdrawals require approval and due diligence, while withdrawal and correspondent-bank fees can sit outside the FX commission.
How Wise charges
Wise uses the mid-market rate and adds a visible fee that depends on the currencies, amount and payment method. The estimate used here follows the account-holder quote path selected for this site.
On a $1,000 transfer, Wise estimates about $3.44 all-in, or 0.34%. The final checkout still controls because funding choices, taxes and route-specific payout charges can change the fee.
Wise is designed to deliver to a supported recipient bank account. You enter the recipient and payment details in the transfer flow, see the expected delivery time and fund the quoted amount. That is different from converting a cash balance in a brokerage and arranging a later withdrawal.
How Interactive Brokers charges
IBKR's Tier I spot-FX commission is 0.20 basis points, or 0.002% of trade value, with a USD 2 equivalent minimum per order. At $1,000, $10,000 and $50,000, the percentage calculation remains below USD 2, so the minimum controls. Above roughly USD 100,000 of trade value, the percentage starts to exceed the minimum.
Convert Currency submits a market order. The order executes against available bid or ask prices, so spread and slippage can change how many euros the account receives. The comparison does not claim that a retail order executes at the mid-market reference.
IBKR publishes standard order sizes for IDEALPRO. For USD, the standard range is USD 25,000 to USD 7 million. Orders below USD 25,000 are odd lots whose prices are not displayed in the interbank market. An order above the maximum uses a large-size process rather than the normal comparison path.
You also need a funded, eligible brokerage account and a supported direct currency pair. Currency availability varies by IBKR affiliate. CNY is not the same product as IBKR's listed CNH, and this site's corrected model does not show IBKR for unsupported pairs. Every account has basic non-leveraged currency-conversion permission; direct spot-currency trading needs separate approval and is not offered by every local IBKR company.
Head to head, by amount
The widgets compare conversion cost. They do not compare identical delivery services.
$1,000: the IBKR order is an odd lot
The commission-only model shows IBKR at 0.20% and Wise at 0.34%. A $1,000 IBKR conversion is far below the USD 25,000 standard minimum. The unmodelled odd-lot spread, account funding and withdrawal path can matter more than the displayed fee gap.
Wise is the more direct comparison for a $1,000 recipient payment. IBKR can still make sense when that EUR is needed to buy an investment, settle a trade or hedge exposure inside the funded brokerage.
$10,000: still below standard size
At $10,000, IBKR's model still uses the USD 2 equivalent minimum (0.02%), while Wise estimates about $29.46. The IBKR order remains an odd lot, so confirm the executable price rather than assuming the commission is the entire cost.
$50,000: inside IBKR's standard USD range
At $50,000, the order falls inside IBKR's published standard USD size range. The commission remains at the USD 2 equivalent minimum in the model, while Wise estimates about $120.32. IBKR can be compelling when the exchange supports investment, trading or hedging activity, but a later withdrawal can introduce fees, approval rules and bank deductions that the chart does not show.
Withdrawal and recipient rules
An IBKR conversion leaves the resulting currency in the brokerage account. It does not itself send money to another person. IBKR allows eligible third-party withdrawals only after the payee and withdrawal pass its approval process, and says payments for goods or services are generally not approved. Use a dedicated transfer provider for a house purchase, supplier payment or other payment to somebody else.
IBKR currently provides a monthly allowance of free withdrawal requests, then publishes method- and currency-specific charges. Its fee schedule also warns that beneficiary and correspondent banks can deduct charges not covered by IBKR. A recipient payment should therefore be costed as:
- brokerage funding;
- FX commission and market execution;
- settlement and withdrawal eligibility;
- IBKR withdrawal charge, if any; and
- correspondent or recipient-bank deductions.
Wise's quote is built around the supported transfer route, so more of that workflow appears in one place.
Timing and weekends
IBKR's spot-currency market has defined trading hours. Convert Currency needs an executable market, and a weekend search is not evidence that the order can execute immediately. This site intentionally ignores weekend-specific adjustments and recommends waiting for the next weekday when timing is flexible.
Wise remains in the comparison on weekends because the user may schedule or fund the transfer later. Confirm Wise's guaranteed-rate window and IBKR's open-market price at the time you actually act.
Who should pick what
Choose Wise if you want a direct recipient transfer, a visible account-holder quote and no brokerage workflow. It is also the safer comparison for small sends where an IBKR odd-lot spread is not captured by the table.
Check IBKR first when a large exchange will buy an investment, settle a trade or hedge portfolio exposure in the account. At or above the standard order size, its commission schedule can make the cost exceptionally low when the direct pair is supported.
Price the withdrawal before choosing IBKR if the euros must leave the account. Confirm the destination is eligible, any third-party payee is approved, and the recipient bank will not deduct an unknown amount.
Run the same currencies and amount through the comparison tool, then read the Interactive Brokers provider page before treating the IBKR row as a transferable payout. Our real cost guide explains why execution and delivery belong in the total.
Frequently asked questions
Is Interactive Brokers always cheaper than Wise?
No universal claim is sound. IBKR often has the lower modelled commission, but the table excludes bid/ask spread, slippage, withdrawal and outside-bank fees. Small IBKR orders are odd lots. Wise's quote is for a direct supported transfer, while IBKR's row estimates a brokerage currency trade linked to investing, trading or hedging.
Is the IBKR fee a flat USD 2?
No. USD 2 equivalent is the minimum per order at the Tier I schedule. IBKR charges 0.002% of trade value, so the calculated commission rises above the minimum at roughly USD 100,000. Higher-volume tiers can differ.
Does Convert Currency use the mid-market rate?
Convert Currency submits a market order. It executes against the available bid or ask, so the result includes the live spread and can experience slippage. The mid-market rate is a comparison benchmark, not a guaranteed execution price.
Can IBKR send directly to another person?
An IBKR conversion does not create a payment to another person. Eligible third-party withdrawals require payee approval and a separate approved withdrawal request. Use a dedicated money-transfer service when you need a straightforward recipient payment.
How much do I have to invest to use IBKR for currency conversion?
Standard IBKR accounts list a $0 account minimum and $0 inactivity fee. The current agreements reviewed here do not set a simple minimum investment that permits otherwise unrelated currency conversion; they allow restrictions when an account is used mainly or repeatedly for that purpose. In practice, the exchange itself should support genuine investing, trading or hedging in the account.
How long does an IBKR conversion take?
Settlement depends on the currency pair and market. Spot FX commonly settles on T+2, but that does not promise when funds can be withdrawn. Funding holds, account checks, market hours and withdrawal review can extend the full process.
Wise figures use the site's current account-holder estimate. IBKR figures model its published Tier I commission against the current reference rate and exclude buying-versus-selling price difference, slippage, tax, withdrawal and third-party-bank costs. The IBKR row estimates a brokerage currency trade connected to investing, trading or hedging; it is not a quote for paying another person. Always confirm the live order and withdrawal path before acting. We may earn a commission from affiliate links at no extra cost to you; this never affects rankings. Nothing here is financial advice.
Sources: Wise transfer fees (opens in a new tab), Interactive Brokers spot-FX commissions (opens in a new tab), Interactive Brokers trading permissions (opens in a new tab), Interactive Brokers account minimums (opens in a new tab), Interactive Brokers standard FX order sizes (opens in a new tab), Interactive Brokers Convert Currency guide (opens in a new tab), Interactive Brokers withdrawal fees (opens in a new tab), Interactive Brokers third-party withdrawal process (opens in a new tab), Interactive Brokers (U.K.) Limited Client Agreement for Carried Products (opens in a new tab), IBUK and IBLLC Client Agreement (opens in a new tab). All sources accessed 22 August 2026.