wissel

Wissel is the Dutch term for a bill of exchange, a negotiable financial instrument used in commercial transactions. It is a written order by a drawer directing a drawee to pay a specified amount of money to a payee or to bearer, either on demand or at a future date (maturity). The instrument is transferable by endorsement and delivery, allowing it to circulate as a means of payment or financing in trade.

Key features include three parties (drawer, drawee, and payee), the possibility of payment at a designated place and time, and transferability through endorsement. When the drawee accepts the bill, he becomes liable to pay the amount at maturity. If the bill is not paid, it may be protested or pursued through legal remedies under applicable negotiable instruments law. The holder can negotiate the wissel by endorsing it to another party, who then becomes the new holder entitled to payment.

Wissel is distinct from a promissory note, which is a two-party instrument in which one party promises to pay another. It also differs from a cheque, which is typically drawn on a bank and payable on demand. In international and domestic trade, wissels have historically served as a tool of financing and payment, often used alongside other instruments such as letters of credit. Today, usage varies by country and market, with modern payment methods and credit arrangements increasingly supplementing or replacing traditional wissels in some contexts.

Etymologically, wissel derives from the concept of exchange. In everyday Dutch, wissel can also refer to the act of exchanging or changing money.