What is SWIFT and how does it work?

It identifies the bank receiving a transfer, guaranteeing security

SWIFT (Society for World Interbank Financial Telecommunication)

SWIFT is the interbank messaging system that most of the banks in the world use to send messages. Its function is to provide a secure system for exchanging information between banks.

SWIFT is primarily known for its bank codes which are used to send or receive international transfers if the bank is a member of SWIFT. Each bank has an ISO 9632 international code that identifies it in the system. The SWIFT code of a bank is made up of country code, bank code and a series of additional data, such as location or branch type.

All Andorran banks use the SWIFT system. It is identified as follows:

SWIFT codes of Andorran banks: