WIR Bank
The WIR Bank issues and manages its own private issue complementary currency, called the WIR Franc, which is used in combination with the Swiss Franc to generate dual-currency transactions.
The WIR Bank today serves 76,000 small and medium sized enterprises across Switzerland. One quarter of Swiss businesses use the WIR to some degree, and there are 76,000 member businesses in the WIR Bank. Over 1.5 Billion WIR Francs are exchanged annually, for about 2% of the total Swiss GDP.
The WIR Franc is pegged 1:1 to the Swiss Franc. Interest is not paid on WIR Franc savings and WIR Franc loans are often cheaper than loans in Swiss Francs. WIR transactions are only possible with other WIR members.
As an approved credit institute with a banking license, the WIR Bank can offer its customers joint loans in Swiss Francs and WIR Francs, which, according to the WIR Bank, “from a long-term perspective offers the most cost-effective financial products on the Swiss market.”
When two customer enter into a transaction with both Swiss Francs and WIR Francs it reduces the amount of cash needed by the buyer and the seller has no need to discount its product or service.