A numbered account is a specific type of bank account that is offered by Swiss banks. Instead of specifying the customer’s name and other information, the account will have a code number attached to it. The purpose of disguising the identity of the account holder with a number is to ensure that the individual receives utmost privacy and confidentiality with regards to their banking activity.
Understanding numbered accounts
A numbered account is a type of bank account whereby the name of the account holder remains confidential through the use of a series of coded numbers. The numbers reflect the name of the individual client; however the exact identity of the individual is only available to a select few individuals who work within the bank. This is to ensure maximum privacy and confidentiality for the client.
Numbered account holders are provided with a code word that enables them to identify their account. This word is known only by the account holder and a select number of people within the bank, in order to enhance the privacy of the account.
The purpose of a numbered bank account is to provide the account holder with a greater degree of confidentiality, as their personal details, including their full name, does not appear on any bank statements. In addition, the customers’ name does not appear on the bank’s computer system. The purpose of this is to augment the privacy of the account, particularly in cases where bank statements become lost or stolen.
Numbered accounts are often regarded as a way to avoid paying taxes and to conceal one’s funds from anyone who would potentially try to take the funds from the owner. Nevertheless following the imposition of a 15% withholding income on interest earned by EU residents, the tax benefits of numbered accounts have been reduced in recent years.
To learn about the various bank account services Starting Business can assist you with, please refer to our Bank Accounts page.