PlusGirot

Introduction to PlusGirot

PlusGirot is not a payment system in the traditional sense but a specific type of account that’s used to manage payments. It was introduced in 2002 when the bank Nordea acquired the former state-owned PostGirot system.

To explore PlusGirot and other Swedish payment schemes in more detail, read our guide to bank payments in Sweden.

• Year introduced: 2002
• ‍Operated by: Nordea
• ‍Availability: Monday to Friday
• ‍Settlement: Same day
• ‍Clearing: Nordea
• ‍Fee per payment: 1.85 kr. (approx.)

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How PlusGirot works

PlusGiro accounts are a transaction account that can be used for domestic and international payments, but PlusGiro payments can only be sent domestically in Swedish kronor. Almost all companies in Sweden, and most individuals, have a business relationship with Nordea and PlusGirot.

PlusGirot and the Bankgiro system offer similar services to end users. Only businesses can own a PlusGiro account but both consumers and businesses can make payments to a PlusGiro account. Payments between PlusGiro accounts are essentially an internal transfer between two Nordea accounts.

A PlusGiro number can be 2-8 digits long and is formatted as 1-2, 12-3, 123-4, and so on. PlusGirot also facilitates both structured and unstructured payment references and uses the same formats as Bankgirot.

Nordea determines the settlement cut-off time for the initiating party. Transfers sent before the cut-off time are credited to the payee’s account on the same day and one business day later if sent afterwards.

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Benefits and drawbacks of PlusGirot

A PlusGiro account can be used to make cross-border payments and the account comes with other corporate banking services included. There is no cost when transferring funds to another PlusGiro account, making it an attractive option for limited use cases.

Conversely, Plusgirot payments are typically only used for payments between two PlusGiro accounts.