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The Neteller Account Advantage
You’ve probably heard of Neteller since it’s one of the first net wallets to do business on the internet. As more websites gained popularity and big hitters like eBay gained dominance, buyers and sellers were looking for easy ways to buy goods and services on the web.
Although some buyers had bank accounts ready to go, or credit cards they somewhat reluctantly used, not everyone had access to cards or felt safe blasting their private information into cyberspace. Several electronic trade wallets popped up for just that task, but not all of them were around even a few years later, and not all of them were safe for buyers.
Today, Neteller is referred to as an e-money transfer service for moving money to and from merchants – including social networks and foreign exchange. Users may withdraw funds to their bank account or use the Net+ card at ATMs.
As a global payment's provider, Neteller now boasts nearly 25 million account holders around the world. Using their services, you can safely upload your banking information, transfer cash to your net wallet, and then send that cash to friends and family, buy goods from thousands of sites, and make deposits to online casinos and bookmakers. Transactions are quick and easy.
Online Gambling Champ
In July 2000, Neteller began processing online gaming payments. Soon afterward, it moved nearly 85% of the world’s gambling deposits, and 95% of the company’s revenue came from transferring funds for online gaming sites.
Neteller was the original go-to provider for poker players and gaming enthusiasts for their low fees and instant deposit ability. During the United States crack down on online gaming, Neteller’s ability to move money instantly for US residents was stopped. After the July 2007 US restrictions, the company started to diversify while their US revenues fell. In 2019, Neteller ended its support of the US net wallet market.
Due to legal issues surrounding online gambling operations, customers in Albania, Cambodia, Canada, Hong Kong, Israel, Laos, Lebanon, Macau, Singapore, and Turkey are not allowed to transfer to gaming sites through Neteller.
Although Neteller is in the money business, it is not a bank and does not make loans. Under FCA e-money regulations, it must maintain customer funds in trust accounts, separate from incoming operating cash. Those trust accounts must always be sufficient to pay all customer balances at any one time.
The History of Neteller
Neteller began business in 1999 while based in Canada. In 2004, business offices were moved to the Isle of Man, and in April, Neteller PLC issued a public offering on the London Stock Exchange.
The following year, Neteller PLC acquired Netbanx Ltd and became Neovia Financial PLC. In early 2011, Neovia Financial PLC acquired Optimal Payments of Montreal, Canada, and changed its name to Optimal Payments PLC.
Optimal Payment PLC purchased Meritus Payment Solutions and Global Merchant Advisors, Inc in late 2014 for approximately $235 million. The buying continued the following year when OP PLC acquired Skrill group and paysafecard for more than €1.1 billion. The merged companies became known later as Paysafe Group.
In August 2017, Paysafe Group was sold to business partners The Blackstone Group and CVC Capital Partners for £2.96 billion. At the end of the year, Paysafe left the London Stock Exchange.
Paysafe Group purchased Openbucks in July of 2020, which became a part of PSG’s eCash solutions division. By December of the same year, Foley Trasimene Acquisition Corp had acquired Paysafe Group for $9 billion. And why not? The company and its major pieces, Neteller, Skrill, and paysafecard, were booming!
The Benefits of a Neteller Account
There are many benefits to patrons of a Neteller Account. It’s easy to sign up at the company’s website, and accounts are available in 26 currencies and multiple languages. Currently, there are more than 40 methods to load cash from banks, credit and debit cards, and other online sources. Types of deposits vary country.
You can use the money in your account to pay for goods and services or send it to other Neteller customers. You can also spend it at brick-and-mortar outlets or retailers that accept Mastercard by using the prepaid Neteller card you receive when you join.
Neteller is still one of the major transfer agents for online casinos and wagering sites. You can have your online winnings and video-gaming trading proceeds transferred to your account at any time. The cash in your account may then be withdrawn by bank transfer or check.
The company launched the Neteller card in 2003 for use as a prepaid method to withdraw funds at ATMs and for use at retail outlets. In 2008, the Neteller card got renamed Net+ and became available to the European Economic Area residents.
As a security precaution, Net+ virtual cards generate a new card number for every transaction to prevent fraud. Transactions fail if unauthorized users try to use card numbers or try to take additional payments later.
High-use customers can enroll in a free premium membership dubbed “Neteller VIP.” The membership offers the ability to earn cashback on transfers, increased transfer limits, and a free prepaid MasterCard.
Membership status begins at Silver and includes stair-steps to Gold, Platinum, and Diamond VIP groups. You may also buy and hold crypto with your Neteller wallet, and transactions help you earn a VIP slot.
The VIP program’s benefits include discounted deposits and withdrawals and lower FX (foreign exchange) fees.
Silver members and above can send money anywhere in the world for free. Higher membership levels get exclusive invitation-only promotions as well as rewards and prizes. They also get access to a personal VIP Manager who can with any questions in your home language.
Buy and Sell Crypto – Instantly
With a simple Neteller account, you can quickly buy and sell cryptocurrency with more than 100 alternative payment methods. No extra verification is required; just cash in your account. Fees start at only $1.99, and for amounts of purchase above $100, your cost is 1.5%.
You can exchange your fiat balance into cryptocurrency instantly and setup recurring purchases or conditional orders. If you are waiting for just the right price, set up automatic alerts at no cost, and you’ll get a notification.
Your cryptocurrency may be exchanged for cash at any time – all or just a portion. Crypto can’t be sent to exchanges, but you may send any available cryptocurrency balance to other Neteller members by initiating a transfer with their mobile number or even an email address.
Starting a Neteller Account
You can start a Neteller Account in minutes; it’s super easy. You join with your name, country, currency, email, and password. There are many terms and regulations, but generally, you need to be 18 years of age and have a verifiable and active address, email, and phone number. And, you can’t be a resident of any country that Neteller does not provide service.
For your safety and theirs, you’ll also have to pass all of their required security validations and verification checks. Fill in your name and address info correctly to avoid issues. If you change address, phone number, or emails, advise Neteller immediately not to be locked out of your account.
And then what?
Your account will be verified quickly. If there is a hiccup, they’ll let you know and may require additional information. Usually, there is only a short delay. Then, you can use your account online. If you ordered a physical Net+ card, it will arrive in due time.
When you have funds in your account, you’ll be able to transfer cash to other people, merchants, and gaming sites! You can quickly send funds to a friend with just an email, even if they don’t have a Neteller account!
And again, if you are itching to do a little online gaming, get revved-up because you can transfer your funds there in an instant. Now’s the time to take advantage of those great deposit bonuses and free bets!
If you want, you can also add a Skrill account from Neteller’s home base – the Paysafe Group. Skrill allows you to even more.
- Use Skrill to send money over to a Neteller account
- Send money to a bank or mobile money account for free
- No hidden fees, no transfer fees – it’s all free
- Send cash with automatic currency conversion
- 22 currencies currently supported
Neteller Fees You’ll Pay
Getting that cash into your Neteller account is possible from dozens of money handlers. The fee for each is open and upfront. The following options are available with a 2.5% transfer fee:
Almancense Exito – Banco de Chile – Boku – Boleto Bancario – Carulla – Daviendo – Effecty – Empresa de Energia del Quindio – Epay – Euteller – Fast Bank Transfer – Giropay – iDEAL – International Bank Transfer – Klarna – Local Bank Deposit – Maestro Debit Card – Mastercard – Multibanco – Netbanking – OXXO – Pago Facil – Paysafecard – Paysafecash – Przelewy 24 – PSE – Rapid Transfer – Rapi Pago – REDPAGOS – Santander – Servipag – Surtimax – Trustly – UPI – Visa – Visa Debit Card – Visa Electron -WebPay
There is no upload fee for USD transactions above $20,000 (and other currency equivalents).
Neteller prides itself on offering fast, secure withdrawal options that include:
- Bank Transfer Fee: $10 US
- Member Wire Fee: $12.75
- Merchant Sites Fee: Free
- Money Transfer Fee: 1.45% – Minimum fee of 50-cents US
- Skrill Fee: 3.49%
Neteller charges a standard fee of 1.45% (minimum of 50-cents US) for sending money.
Foreign exchange transactions that involve currency conversion cost 4.49%, added to the average daily interbank market rate. VIP members pay a lower rate of 1% in most cases.
Neteller Security is Priority One
Neteller’s security measures keep your account safe at all times. They use the same demanding regulations as the most secure banking services, including Secure Socket Layer (SSL) technology layered with 128-bit encryption, certified by VeriSign.
On their end, security and internet experts are always at work securing your information, from log-in and password to personal details and external accounts and transactions. On your end, follow adequate security measures to keep yourself safe, and you’ll never have issues with your account!
If you aren’t already knowledgeable about safe online practices, follow the tips below to stay safe.
- Protect your Software and Computers
Always make sure your hardware is secure. Use precautions like firewalls and antivirus software to keep the bad guys out of your private files. Don’t open unknown emails or files from unfamiliar sources, as they are the most likely way you’ll get a virus or Trojan attack.
Upgrade your browser regularly, so you’ve got the most protected, up-to-date web browser. Updating allows your computer to download any missing critical security updates and patches.
Don’t share your account log-in or passwords with anyone else. If they get even one piece of either ID, they might be able to breach your security.
Most websites now demand 8-digit, highly secure passwords that include random numbers, letters, and other punctuation characters. Don’t use the same passwords you have on other websites for your Neteller account.
- Sign out of your account
Even when you are using your home computer, sign out of your account before closing the browser window. This allows your computer to clear your browser’s cache and keeps anyone else from signing in to your account with pre-logged details.
You should avoid using any money transfer accounts on public computers. These may already have Trojans and be subject to attack at any time.
- Enjoy the Security of Two-Step Authentication
Using two-step authentication adds another layer of security to your Neteller account. With 2-SA, you’ll require Neteller to send a code to your smartphone that will need to be added to your log-in detail each time you access your account. It’s an easy but critical method for securing your account. Don’t skip steps with security!