Numbered bank accounts don’t just exist in the movies. Discreet private banks are opening secret numbered bank accounts for their privacy-conscious wealthy clients more than ever before. Secret numbered accounts don’t just exist in Switzerland, but also in the best offshore banks in other European private banking havens including Austria, Singapore, Monaco and Andorra.

The main reason for this is probably recent high-profile data thefts by corrupt bank employees, hoping to turn a quick penny by turning over stolen data to foreign governments. A numbered bank account offers protection against the theft of data by corrupt bank employees. Although the holder’s identity is known to the bank, the files are kept in a safe using a paper based system accessible only to a few highly-trusted private bankers – typically the relationship manager and the branch manager. Anyone who may have access to the bank’s computer records only gets to see an account number – not a name.

Private bankers don’t, however, like to talk about these accounts!

“These accounts are subject to exactly the same duty of diligence as any other banking relationship,” UBS spokesman Dominique Gerster told swissinfo.ch. “We are obliged to know the origin of the funds and the identity of the beneficiary. If we receive a legal request, we can supply the authorities with information, just as we can for any other account,” he is reported as saying.

“We always know the identity of our clients, whether the account is a numbered one or not,” commented Jan Vonder Mühll, head of media relations at private bank Julius Bär in Zurich, in the same article.

“A colleague from another branch of our bank couldn’t discover the identity of a client who has an account with us,” an asset manager at the Ticino branch of a  Swiss co-operative bank told the swissinfo reporter. “Foreigners are now going for numbered accounts as a precaution…”

Apparently, smaller banks, particularly the independent co-operatives such as Raiffeisen banks, and the state-owned Swiss Cantonal banks which are both seen as bastions of strength, are profiting from the huge capital outflows at big international Swiss banks like UBS and Credit Suisse. Depositors feel safer dealing with smaller, more personal banks that better reflect the Swiss banking traditions of yesteryear.

“There’s no doubt that given the attacks by the Italian government in particular, or to ensure that their details do not fall into the hands of some untrustworthy bank employee, our customers are becoming more and more demanding as far as confidentiality is concerned. And there is nothing better than a numbered account to respond to their expectations,” he explained.

Fortunately, the article also points out that it  is not only for tax reasons that clients of private banks are looking for numbered accounts:

In cases of divorce, inheritance or even blackmail it gives the holder additional protection. If there is a court case, the plaintiff has to name the bank where he believes the funds in question are held before proceedings can go ahead. And that is a major advantage for potential victims of blackmail, such as politicians or celebrities.

Most bank orders pass through several hands within a bank and any bank slip normally includes the client’s name and address, but a numbered account avoids these risks.

Who can open a numbered bank account? Almost anyone with a private bank account in one of the European offshore banking centres can qualify for this type of account. Like anything else, it’s a service that costs money and the banks will charge extra for the additional administrative burden involved. But it’s not a service that is advertised in flashy brochures at the counter. It’s a matter of knowing who to ask.

More information on numbered bank accounts can be found in the Practical Offshore Banking Guide, available free to members of Q Wealth. Not yet a member? Click here to see what you are missing!

The $64,000 question now, is whether the powers that be can continue to play out the hard ball scenario to protect the dollar that we recently wrote about here: What they Don’t Want You to Know about the Euro Crisis. Whilst a reasonable analyst would conclude that they cannot – meaning that the US dollar is doomed long term – it’s looking like they can support it for a while yet. Germany, France, the UK and Switzerland are playing along.

Expect to see attacks on other currencies, particularly the yen. And, for the many readers whom I know like the Aussie dollar (AUD), I am none too confident in its future. I can tell you I wouldn’t put my money on a currency controlled by a government that just decided to kill the goose that lays the golden egg, by proposing a stiff extra tax on its mining industry.

• So you might want to keep short term funds in US dollars, always being aware that there will be ever more restrictions on what you can do with them. (In the wake of the HIRE Act, several countries, most notably Mexico, have introduced further restrictions on the use of US dollars in their banking systems)

• You definitely need a multi currency bank account, in a neutral private bank in a neutral country which is not likely to introduce exchange controls. A multi-currency account gives you flexibility to switch currencies quickly when the need arises, as it definitely will. You’ll find plenty more of information on some of the best offshore private banks within our Members Area. US citizens in particular should be aware that there are numerous signs of further restrictions on export of capital from the USA. So act now rather than later.

• You should keep substantial wealth in gold… physical gold bullion that is. Again, if you need independent advice on how to invest from people who know what they are talking about, Q Wealth is your source of information. Gold bullion is a non-reportable asset.

• And if your right to privacy is a concern to you – as it should be – hold all your assets through corporate entities like LLCs, corporations (IBCs), offshore trusts or foundations. There are good, inexpensive options out there that can keep your assets one step removed from you and anyone who wants to take them away from you, whilst allowing you to retain control, completely legally of course. Reporting requirements depend on your country of residence and citizenship.

• Finally, we live in turbulent times, and if you like what you read in Q Wealth, there is no substitute for coming to one of our live events. This will give you a chance to meet experts like Peter Macfarlane, Frank Suess, Richard Cawte and Thomas Bolther. For further details on upcoming events, visit our Offshore Events page.

Our next event will be in Ireland in late September. There is just time to get in on the early bird bonuses, enabling you to attend for well under $1000. For this event we are offering several different modules, depending on your level of existing knowledge, and the amount of wealth you manage. VIP Mastermind members receive a 50% discount on the event fees, so there’s another thing to consider.

What if you are not yet a member of Q Wealth? At just $87 for a year’s membership that gives you all these benefits, we think it is well worth your while join today. We will help you sort the wheat from the chaff by introducing you to the best offshore banks and international private bankers who can help you achieve your asset protection goals.

However, if you don’t have $87 to invest in a membership, there’s also a free option: try our five part Secrets of the Super Rich course absolutely free and without obligation.

Whatever you do, as the title of this article suggests, RIGHT NOW is the time to start protecting your assets internationally if you haven’t already done so. Don’t put it off!