How to Buy Cryptocurrency Using POLi Pay

If you’re thinking of dipping your toes into the world of cryptocurrency, but you’d like a smooth, fuss-free way of acquiring it, there is a new solution. Even if you don’t have a debit or credit card, you can use a service known as POLi Pay to transfer fiat currency between your bank account and your chosen cryptocurrency exchange.

POLi Pay transactions don’t operate in the same way as a bank wire transfer. The latter can take several days to process and clear into your account. At the other end of the spectrum, POLi Pay can offer almost instant transaction clearance – even when you’re purchasing classic cryptocurrencies like Bitcoin and Ethereum.

What is POLi Pay?

POLi Pay is owned by Australia Post. It was founded back in 2006 as a means of giving consumers the ability to pay for goods and services from a merchant’s website, with no need for debit or credit card numbers. Instead, POLi Pay utilizes a direct connection to a consumer’s online bank account.

The company is headquartered in Melbourne, Australia, so it’s no surprise that it initially served Australian consumers. However, since many Australian banks opted to shun it, it’s now only available for use in neighboring New Zealand.

It’s become a popular online payment method for Kiwis, especially those who visit online casino sites. POLi Pay is compatible with many NZ-based banks, including ANZ, ASB, Bank Direct and BNZ, with all POLi Pay casinos supported by the aforementioned banks. Online banking and POLi Pay services operate independently of one another, so should you encounter issues with a POLi Pay deposit or transaction, you’ll need to contact POLi’s own customer support rather than your bank.

How to Buy Cryptocurrency Using POLi Pay in New Zealand

If you want to buy Bitcoin, Ethereum, or any other altcoin using POLi Pay, here’s how to do it. The speed of transactions compared with a traditional wire transfer is attractive, especially given the volatility of crypto prices in the market.

Step 1: Choose a Crypto Exchange That Accepts POLi Pay

First things first—make sure the platform you’re using supports POLi Pay. Some of the best crypto exchanges for POLi Pay include:

• Swyftx
• CoinSpot
• BTC Markets
• Independent Reserve

These exchanges let you deposit AUD or NZD into your account using POLi Pay, which you can then use to buy crypto.

Step 2: Sign Up and Verify Your Account

If you haven’t already, sign up for an account on your chosen exchange. Most platforms will require ID verification (such as a passport or driver’s license) to comply with anti-money laundering regulations. This process usually takes just a few minutes.

Step 3: Deposit Funds Using POLi Pay

Once your account is set up:

1. Head to the deposit section of your exchange.
2. Select POLi Pay as your payment method.
3. Enter the amount you want to deposit.
4. Choose your bank and follow the prompts to complete the transaction.

Your funds should land in your exchange account almost instantly, letting you start trading right away.

Step 4: Buy Your Cryptocurrency

Now comes the fun part—picking your crypto! Navigate to the buy/sell section of your exchange, select the currency you want, enter the amount, and hit Buy. You’re officially a crypto investor!

You’ll be pleasantly surprised to find that POLi Pay is a more cost-effective payment method for buying crypto compared with credit cards and e-wallets like PayPal and Neteller. Most crypto exchanges have lower fees for POLi Pay than these options. Just make sure your chosen crypto exchange supports POLi Pay before you go too far down the line with creating and validating a new exchange account.

 

Feature image source: Unsplash