Transfer of funds IBKR UK to IBKR IE

[GTbiker]

I'll be moving out of UK next month and want to continue with Interactive Brokers.
Since I'll be based in Central Europe I'll have to open IBKR account in Ireland. I have a Monzo bank account open in UK.
What would be the cheapest way to transfer funds from UK to Ireland?

[Oswulf]

When you say "funds" do you mean investments or cash?

If cash what currency do you want in IBKR Ireland? Euro or Sterling?

[GTbiker]

Cash. EUR

[the0ni0nking]

Are the funds you intend to deposit with IBKR IE currently in GBP or Euros?

Going forward, will the deposits purely be in Euros or from funds generated in GBP?

If it's currently in GBP, then probably the cheapest transfer method would be to use a Wise account (I have used Currencies Direct, FairFX and some others I've forgotten) but generally Wise in terms of fee and overall rate to move monies from GBP to EUR has been the cheapest.

I no longer use it for that purpose as I have sufficient earned income in Euros not to need to transfer anymore and have a reasonable amount sat in cash in Trading 212 earning 3.7% interest should I need to call on that in emergencies.

[GTbiker]

Are the funds you intend to deposit with IBKR IE currently in GBP or Euros?

Going forward, will the deposits purely be in Euros or from funds generated in GBP?

If it's currently in GBP, then probably the cheapest transfer method would be to use a Wise account (I have used Currencies Direct, FairFX and some others I've forgotten) but generally Wise in terms of fee and overall rate to move monies from GBP to EUR has been the cheapest.

I no longer use it for that purpose as I have sufficient earned income in Euros not to need to transfer anymore and have a reasonable amount sat in cash in Trading 212 earning 3.7% interest should I need to call on that in emergencies.

Thank you for your response.

Sorry for a late answer I was too busy with moving out.
So, to answer your questions, I liquidated my portfolio and funds sit on IBKR UK in GBP, and going forward deposits will only be in EUR.
Now, I need to convert to EUR to fund iBKR IE.
If I use Wise for conversion, can I directly withdraw GBP from one brokerage to Wise account and than after conversion directly fund other brokerage account with EUR?

[the0ni0nking]

I've never used Trading 212 for currency conversion - but their fee (0.15%) is low however the key thing would be the rate they achieve on the exchange.

I also don't currently use IBKR IE so can't comment - but assume to fund your account there you are expected to send funds to an IE account which would therefore be in Euros.

Depending on the amounts (as for large amounts - say >£50k but I can't recall exactly other FX providers may be better than Wise when the rate and fee is combined) but I would likely extract the GBP amount to Wise (to your GBP account with specific sort code and account number) and then transfer that into Euros to the IBKR IE account specified.

But, I've never done it like that - as my brokerage account (with Trading 212) has always been funded in Euros from an Euro account due to where the income that provides funding to that account comes from.

[GrahamPlatt]

If I use Wise for conversion, can I directly withdraw GBP from one brokerage to Wise account and than after conversion directly fund other brokerage account with EUR?

AFAIK, you cannot transfer money from a broker into a Wise account. Not until Wise get a full banking license.

[the0ni0nking]

If I use Wise for conversion, can I directly withdraw GBP from one brokerage to Wise account and than after conversion directly fund other brokerage account with EUR?

AFAIK, you cannot transfer money from a broker into a Wise account. Not until Wise get a full banking license.

I’ve never tried but the GBP Wise account for an individual has a unique account and sort code so I’d have thought it would be fine.

Same with the EUR and AUD accounts with Wise.

[Oswulf]

AFAIK, you cannot transfer money from a broker into a Wise account. Not until Wise get a full banking license.

I'm sure it will depend upon the broker, but IBKR includes the option to transfer to Wise. I've used it a few times.