Neteller is a leading e-wallet owned by PaySafe Group Plc. The service was first launched in 1999 and within a year it was available at four out of every five gambling websites. Not only that, but nearly all of the company’s revenue came directly from this link – 95% to be precise.
However, when Neteller was forced to exit the US market it suffered badly. Much in the same way that Full Tilt Poker lost huge revenue shares after Black Friday, Neteller’s revenue took a big hit. In four years its yearly revenue dropped from $239m to $61m. In response, they diversified. In 2015 the company purchased Skrill Group, their biggest competitor who had in turn purchased UKash. This put them in a dominant position within a three-wallet market, and helps to explain why it’s so widely available today.
Why Choose Neteller?
There are a lot of reasons people choose to use a Neteller card, and these will vary for each individual. However, it comes with some very useful features which make up the bulk of reasons.
Payment online is quick and easy. Whether with a regular Neteller card or a Net+ Prepaid Mastercard, deposits and withdrawals will be accepted at thousands of retailers both offline and online. There are plenty of popular gambling sites that allow players to make Neteller transactions.
If you need to transfer money internationally, Neteller also makes this process quick and painless. You can do it entirely online with no need to visit a bank.
Frequent users will reap the benefits of the group’s rewards programme. Firstly, there are loyalty points awarded every time funds are moved in or out of your account. Accumulated over time, these loyalty points can be exchanged for straight cash.
As well as this, Neteller users are offered the chance to take part in frequent promotions. These range in nature and tend to change every month, but some recent examples include double points on all deposits and withdrawals, a raffle to win $5,000, and the opportunity to win a VIP experience to see Manchester United play at Old Trafford – along with $3,000 cash.
In addition to their regular card, there’s also the option to get a Net+ Prepaid Mastercard. This is a special type of cash card. It’s accepted in all of the same places that welcome Mastercard all over the world. The main difference here is that your card is prepaid, meaning you will have to have already loaded funds onto it to be able to use it.
This can be extremely useful if you only want to spend a certain amount of money, or if you’re heading abroad and want a cash card that has a fixed amount of funds on it. Some people prefer this over the traditional Mastercard option as it has less of a direct link to their personal details or bank account, adding another layer of protection.
Will I Have to Pay a Fee?
When putting money into to your Neteller account, there’s nearly always a fee attached. However, with more than 60 ways to make a deposit, these charges vary widely.
First up, are the free ways to make a Neteller deposit. Both international bank transfers and local bank deposits are completely free of charge, so if possible, this would be the preferable choice. Failing that, there are dozens more options available worldwide including iDeal, MultiBanco, Przelewy24 and Skrill. Fees range from just 1% up to 9%, so it certainly pays to shop around.
Neteller withdrawals made through selected merchants are free. And if you get a Net+ Prepaid Mastercard the fee will be 1.75% or less, depending on the retailer. But bank drafts, bank transfers, and both wire and money transfers all come with a charge. This can be as much as €25 in some cases. This is an important factor to consider if you’re looking to make regular withdrawals, or only want to withdraw a small sum.
In terms of spending with a Neteller card, it’s free to use at shops, restaurants and online. It’s just under 4% for foreign exchange fees. You’ll also incur an annual fee of £6 to keep the card. Initially, your first card is free and each additional card costs £2.
You can use your card at a huge number of retailers both online and offline. But there are limits in place that curb your potential spending. And they’re quite strict. You can make up to ten withdrawals every 24 hours up to a combined total of £650. Unfortunately, you can’t make more than 50 purchases each day, capped at a total of £1,950. Depending on how you intend to make deposits and withdrawals, this could be quite prohibitive.
How Can I Sign Up?
You can sign up to get started with Neteller without giving much personal information to the company. However, if you want to increase your limits and earn the right to apply for a Net+ Prepaid Mastercard, you’ll first need to verify your account in a few different ways.
Start by creating a Neteller account and uploading funds to your card. You’ll be offered the chance to enable two-step authentication. This is an increasingly common security measure which makes it difficult for fraudsters to access your account. They’ll need a live number generated on your mobile app. This means they won’t necessarily be able to access your account even if they managed to get hold of your password.
You will then be asked to verify your ID. Select the ‘Upload’ button and attach either your passport photo, national ID card or driver’s license. Unlike all websites, there is another step to the verification process. Having already submitted their ID, users must then use their webcam or the app to take a selfie holding the ID. This is a less common security method, but not unheard of.
The site also requests a proof of address from a recent utility bill in your name. Some users may be able to skip this step by sharing their location through the website or app.
Once uploaded, all of these documents will enter a period of review. Once approved, your account will be upgraded and you can enjoy increased deposit and withdrawal limits, plus the chance to apply for a Net+ Prepaid Mastercard.
Are Neteller Transactions Safe?
As already mentioned, Neteller is owned by Paysafe Group Pic via Paysafe Financial Services Ltd. It’s authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011. This requires them to use high level security measures including Anti-Money Laundering technology. They have more than 100% of on-deposit, un-cleared and in-transit funds in their accounts at any given time. This means that you’re always safe when using Paysafecard, as well as Neteller.
This is very important for many players, as a lot of trust is needed to hand over your personal details or leave funds in an account. That’s why it pays to find the safest online casinos available.
Are There Any Alternatives?
Perhaps you like the overall idea of Neteller, but don’t quite agree with their fees. Or maybe you’ve had a bad experience with them in the past. Whatever the reason, if you don’t feel Iike using this e-wallet, there are some other interesting options available out there. Some of the best alternative payment methods to Neteller are PayPal, Paysafecard, Stripe, Worldpay and Payza.
If you’re a Neteller user you probably already know that it’s easy to use your card at online casinos. A large proportion of gambling sites happily accept deposits and withdrawals from the provider. Whether it’s an older online casino or a new kid on the block, Neteller tends to bridge the gap and is accepted at many sites worldwide.