Indeed the IBKR approach is longer and there are more steps. You transfer cash to the account in the source country, make the FOREX transaction, transfer the money to your own bank account in the destination and the use a local payment system. It is however the cheapest option I’m aware of in the entire world. $20 per million + 0%.

If you’re sending comparatively smaller quantities then the delta between that and TransferWise is negligible, and it is a one stop shop.