XTB has introduced two new products to its offering, as announced earlier this year. The first one is IKE, now available for Polish investors. The second is a virtual wallet with a multi-currency card, which has so far debuted in the Portuguese and Czech markets.
The year 2024 for XTB is marked by new product innovation. At the beginning of the fourth quarter, the Polish fintech’s offering was augmented by products eagerly awaited by investors. The first of these is the Individual Retirement Account (IKE), and the second is a virtual wallet with a multi-currency card.
By introducing IKE, XTB is expanding its product offering for long-term investors. Previously, thinking of them, Investment Plans were created based on ETF funds selected by clients, in which by specifying a specific allocation of funds, frequency and value of payments, the investment process can be automated. Now, having the opportunity to open an IKE account on the XTB investment platform provides an opportunity to invest for retirement with a capital gains tax exemption, provided certain conditions are met.
“Questions about when IKE will be available on our platform have been appearing for years. As we announced at the beginning of the year, our goal was to offer investors the ability to invest long-term in capital markets through IKE accounts at XTB,” says Omar Arnaout, CEO of XTB. “I am convinced that combining our broad offering with the benefits of IKE will significantly increase interest in investing funds for retirement. This is an important issue that affects us all, so I am glad that you can now think about your financial future using our app,” adds Arnaout.
According to the “mobile first” principle adopted by XTB, the ability to create an IKE account will initially be available only in the mobile application. A desktop version is planned for 2025. New IKE accounts will be made available gradually – within a week this option will become available to all Polish users with the current XTB mobile application. At the beginning of the product’s operation, it will be possible to open a new IKE account in Polish zlotys, with access to the full XTB stock offering – both Polish exchange and foreign markets. For investors with IKE accounts at other financial institutions, the option to transfer the account to XTB will be made available gradually.
It’s important to note that investors deciding to open an IKE account will be subject to the standard XTB fee and commission table. This means that no commission will be taken from trading stocks and ETFs up to a turnover of 100,000 EUR per month. Transactions above this limit will be charged a commission of 0.2% (min. 10 EUR). A currency conversion fee of 0.5% may also be charged.
IKE is not the only novelty that XTB is introducing this fall – a virtual wallet with a multi-currency card has already debuted in Portugal and the Czech Republic, and will appear in Poland in the coming weeks.
“I believe that the introduction of a virtual wallet with a multi-currency card will be a step that will highlight the evolution that XTB has gone through. For years we were an investment platform, known among active market participants, and today we are becoming an investment super-app for people who want to effectively manage their finances, both short- and long-term,” says Omar Arnaout.
Initially, users will be able to hold accounts in seven currencies (EUR, USD, GBP, PLN, HUF, RON, and CZK). The virtual wallet at XTB was created in cooperation with the international company DiPocket, an Electronic Money Institution registered by the Bank of Lithuania, and as part of this cooperation, XTB users will receive virtual multi-currency Mastercard cards. Like other products introduced by the Polish fintech, the wallet will be developed, gaining new features in the coming months.
Source: https://managerplus.pl/xtb-wprowadza-ike-i-wirtualny-portfel-z-karta-wielowalutowa-53549
