Online Auctions - Neteller

Neovia Financial PLC is a British global payments company based in the Isle of Man and regulated in the United Kingdom. It is the provider of the NETBANX gateway, NETELLER e-wallet, and Net+ debit card products that are used by merchants and consumers in over 170 countries.

Neteller is an e-money/e-wallet stored-value service. Consumers in over 170 countries use the Neteller service to send and receive money from their banks to and from merchants. The operation of the service is authorised and regulated by the UK government’s Financial Services Authority (FSA).

Consumers can sign up for a Neteller account for free on the company’s website. Accounts may be set up in any major currency including: AUD, BGN, CAD, DKK, EUR, GBP, HUF, INR, JPY, LTL, LVL, MXN, NOK, PLN, RON, RMB, SEK, USD. Money can be loaded into the account from a bank, credit/debit card or via other methods including Giropay, Ideal, Ukash, DirectPay 24 or POLi. These deposit types vary by country and some are instant.

Money in a Neteller account can be used to pay merchants, send to other customers of the service, or spend at any retailer that accepts MasterCard using the Neteller debit card that is part of the account. Money can also be received into the account directly from merchants, such as gambling winnings, insurance payouts or video-gaming trading proceeds. Customers can withdraw funds from their accounts by bank transfer, cheque, or using the company’s Net+ MasterCard debit card at point-of-sale and ATM machines.

Arguably money held in the service is safer than in banks because the service is not susceptible to the run-on-the-bank issues that impacted most major banks during the 2008 global financial crisis. This is because, unlike banks, the company maintains over 100% of deposited funds in separate trust accounts, separate from its operating cash, i.e. all of the customers cash is on hand and available if they all wanted it at the same time.