Interactive Brokers has introduced a new account funding option for clients in Latin America through a collaboration with Paysafe's SafetyPay.

The move follows similar efforts by other brokers to use local payment infrastructure in the region. Earlier, IC expanded its partnership with Paysafe to offer additional payment options across eight Latin American countries, including locally preferred payment methods and bank transfers.

IBKR Broadens Latin American Funding Options

Under the new integration, eligible Interactive Brokers clients can transfer funds directly from their personal bank accounts using local currencies. The addition expands the range of funding methods available to the broker's Latin American clients.

Once their accounts are funded, clients can access products including stocks, options, futures, currencies, bonds and funds across more than 170 global markets.

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Milan Galik, the Chief Executive Officer of Interactive Brokers, said the company was seeking to simplify the funding process for clients in the region.

“Funding an account should be straightforward,” Galik said. He added that SafetyPay gives clients “a simple way to transfer funds from their local bank accounts” and access the markets available through Interactive Brokers.

Galik said the broker would continue to add local funding options to make the account funding process easier for clients.

IBKR Moves to Reduce Funding Delays

The announcement adds SafetyPay to Interactive Brokers' existing funding infrastructure as the broker continues to expand its account funding options in Latin America.

It also follows earlier efforts by Interactive Brokers to reduce delays in the funding process. In 2021, the broker introduced a Request for Payment service in the US, allowing investors to fund their brokerage accounts around the clock as an alternative to traditional bank transfers.

International Brokers Target Latin American Markets

Brokers are expanding their presence across Latin America as they seek to strengthen regional operations. In April this year, CFI secured a Brazilian licence and opened a representative office in Colombia. Polish broker XTB also obtained Brazilian regulatory approval.