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I've just opened my own retail business and am looking for a good bank to work with. Someone told me that the WIR bank is a good choice for SMEs. Would you recommend this bank?
Hi there,
WIR Bank differs from other Swiss banks in that assets are held in an alternative currency - the WIR franc. Recent updates to the bank's terms and conditions by which account holders forfeit their right to bank customer secrecy and accept to be publically listed as WIR participants have led a number of merchants to withdraw from the bank. This reduction in the number of businesses which accept the WIR franc as settlement for purchases has reduced the value of the WIR franc as a medium of exchange. Because of this, holding large amounts of assets in WIR francs is associated with a certain level of risk. However, the WIR Bank does offer a number of beneficial services for small and medium-sized enterprises.
Best regards from Moneyguru
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