Swiss bank accounts are very attractive due to their specific features. An average business man can now easily open a Swiss bank account. There are many new offers introduced for this purpose. It is considered very important to know about the specific aspects of these accounts. These accounts generally provide the secrecy and protection to the savings of people. Swiss bank accounts are operated with a number rather than account holder’s name. Some hard terms and conditions are led for opening these accounts.

Every new account needs an in-person appearance in Switzerland. There is a huge amount of money at least $100,000 required for an initial deposit. It also needs some more $300 per year for account maintenance. So, these secret accounts considered somewhat costly for an average person.

Cheaper ways to open a Swiss Bank account

There are some easier and cheaper ways also available to open Swiss Bank accounts. These secret accounts are working under the Swiss law from 1934. No Swiss bank official has right to disclose any information about an account. However, U.S. law enforcement agencies now may interfere for criminal investigations according to newly introduced rules for Swiss Bank accounts.

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Swiss Financial Market Supervisory Authority (FINMA) regulates all the banks in Switzerland. The Swiss Financial Market Supervisory Authority is an institution that regulates activities related to bank, securities markets and investment funds.

Major Banks

Four type of banks operate in Switzerland, Central bank, private banks, semi-government banks, there are 327 authorized banks in Switzerland, UBS and Credit Suisse are the largest Swiss banks and account for over 50% of all the deposits in Switzerland. The Swiss National Bank, founded by Federal Act serves as central bank. The federal government does not hold any shares; its shares are publicly traded and are held by the individual investors, and are held by private and semi-government banks.

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A numbered account is an important type of account in Swiss bank accounts. A codeword or number is used to operate this account rather than name of account holder. This was introduced to provide the privacy to the account holder’s name. The codeword or number is only known by the account holder and some of the authorized bank officials. A numbered account also provides the privacy to its holder for financial transactions. There is no information related to these accounts provided to any private or government agencies. There are special Swiss secrecy laws are usually applied to operate these accounts.

Advantages of Numbered Accounts

There are so many advantages of numbered accounts. Some of these advantages are:

1. Privacy of Account Holder

Numbered accounts now a day serve to provide the great degree of protection to its holder.These accounts help to minimize the exposure of name of account holder in the public.”’

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2. Information of Account

There is usually no information provided to any government or private agency for these accounts.However, an exception usually remained if any proof of fraud is established against the account holder.

Distinct Features of Operating a Numbered Account

There are many distinct advantages of the numbered accounts. Those are:

1. Pseudonym or Number

This is suggested as more consistent due to the privacy of the account holders.

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