Safe Deposits with NETELLERPublished January 25, 2009
World's largest independent money transfer business offers advantages for punters.
The world's largest independent money transfer business, the network processes billions of transactions yearly and markets itself as the safest and fastest way to move money online.
Operated by UK-based company Neovia Financial and authorized and regulated by the UK government's Financial Services Authority (FSA),NETELLER provides services to account-holders in more than 160 countries.
NETELLER is essentially a middleman for customers to send and receive money from their banks to and from merchants. It costs nothing to sign up for a NETELLER account on the company's website, with the option of operating in all of the world's major currencies, including the New Zealand dollar.
The system is flexible: money can be deposited via the consumer's bank, credit or debit card or any one of a variety of other methods. Winnings from online casinos can be received directly into the account, and funds can be withdrawn via bank transfer, check or using a special Net + Mastercard debit card at ATM machines.
One supposed advantage of using companies like NETELLER is that they are not at risk of a bank run (when a large number of customers all withdraw their deposits at the one time because of a fear it might become insolvent, therefore destabilizing the bank and often leading to bankruptcy) a trend that has grown during the current global financial crisis.
Other online payment networks popular with Kiwis include Moneybookers and Entropay, which like NETELLER are certified and regulated by the UK's Financial Services Authority.