If you play in online casinos regularly or if in the past you’ve had an account in some of the foreign ones, you’ve certainly seen Neteller before. It’s a well-known online wallet that is used by a large number of players around the world due to its simplicity specifically for deposits and withdrawals in casinos and betting offices.
Neteller was created in the year 1999 and together with the online wallets Skrill and PayPal it quite notably dominates its segment. Neteller mainly dominates across the pond and it's possible to use it in more than 200 countries around the world. Therefore, it shouldn’t occur that you encounter a problem while using it where ever you are.
Setting up a Neteller account
Similar to its competitors, Neteller also builds on simplicity. Registration is comfortable and fairly fast. After filling up an online form with your personal details, it's necessary to verify your identity in order to use all of the services without notable limits. You will need one ID document that contains your address for verification. You can use your ID, driver’s license or passport and then your electric bill or phone bill. The process of verifying your identity should take a maximum of 24 hours. Then Neteller verifies your bank account. It will send you a small sum that you have to then enter in the appropriate window. After that your verification is complete.
Financial transactions with the Neteller electronic wallet
Similar to Skrill, Neteller is also regulated by the British regulatory body (FCA) and falls under British and European law. Its use is safe and there’s no reason to fear the loss of your money.
You can deposit money to your Neteller account in several ways. There is a wire transfer, credit or debit cards Visa, MasterCard, Visa Electron, and also Maestro. You can also charge your credit via Paysafecard or Trustpay.
When it comes to withdrawals, you can once again use a wire transfer which will take about 3 to 5 days or you can use a check. With that, you’ll have to wait 14 to 30 days for your money. It’s also simple to withdraw money from an ATM but you can only do it 2-times a day up to the amount of € 750 and you have to withdraw a minimum of € 20.
We’ve already mentioned that Neteller built its name in casinos and betting offices and in the beginning, they made up 85% of its business. This connection is working to this day. Transfers from Neteller to the casino are immediate and what’s more important they are without fees. Online casinos do not transfer their legal fees to you. With the opposite direction, it’s also problem-free but you will have to wait for your money for 2 to 72 hours. Most casinos only allow withdrawals to a Neteller account that already made the deposit.
Fees and restrictions
You won't completely avoid fees even with Neteller. This service is also trying to get a lot of money moving through it and so it will put fees on the other methods. With deposits, whatever method you chose you will pay 2.5% of the deposited sum. Transfers to other services such as Skrill, Paysafecard, TrustPay, Bitcoin are also restricted with a fixed deposit height.
You will also pay for withdrawals. With a bank withdrawal you’re paying EUR 7.50 and with an ATM withdrawal via the Neteller card, the fee is 1.75%. You can also send the money to a different Neteller account but also to an email address that doesn’t have an account registered yet (if you don’t register a Neteller account with this email for a certain time, the money will not be credited and will be returned to the sender). Currently, this service is free but as standard, there is a fee of 1.9%.
When using the services of Neteller you can also use the Net+ payment card. In order to receive it, you have to have a verified account. It’s currently possible to pay in 8 world currencies EUR, GPB, USD, JPY, AUD, DKK, CAD, SEK. You can use the most beneficial exchange rate when paying.
When it comes to restrictions. They are about the same as with the competition. Unless you have a verified account, you can only send up to € 75. When you verify your account and you’re sending money to your account or another one, the limit is € 3,700. If this is an unverified person or an unverified account, the limit is € 225. An exception is VIP accounts, where the limits are a lot higher. Currently, they are € 50,000.
The benefits of Neteller
- deposits in real-time
- a high-quality mobile application
- VIP program
- safety – regulated by the British government
- custom payment card in 8 currencies
The disadvantages of Neteller
- fees on deposits and withdrawals