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Founded back in 1999 in Canada and relocated to the Isle of Man in 2004, Neteller slowly but surely became one of the most popular e-wallet services you can find online, especially for British gambling enthusiasts.
It operates worldwide as a subsidiary of British payment company Paysafe Group, along with its former competitor Skrill and another widely popular prepaid method, Paysafecard.
Be aware
Neteller is not a bank and cannot lend funds to its customers.
It is regulated by the Bank of Ireland and needs to abide by the Financial Conduct Authority’s provisions for e-wallets, in that it needs to keep customers’ funds in a separate trust fund and not use them for transactions.
By 2000, Neteller was processing payments for 85% of the world’s gambling merchants, so it’s no surprise Neteller is a widely popular option in most online casinos nowadays.
Three-tiered account system
The standard Neteller account is free, albeit it comes with some limitations. Considering a standard account is quick and easy to get, that’s not exactly a problem. Especially since you can upgrade to the next tier without paying a premium.
To remove the standard limits from your account, you only need to confirm your identity by uploading some of your legal documents through the Neteller app.
They will typically require:
Once your account has been verified, it will automatically become a Neteller True account with smaller fees and a few other perks, as seen below.
| Service | NETELLER Standard | NETELLER True |
|---|---|---|
| NETELLER Money Transfers | 2.99% | 1.45% |
| First Net+ Prepaid Mastercard application | Up to 10 USD or equivalent | Up to 10 USD or equivalent |
Neteller also has a VIP tier, which you can achieve if you transact a certain (high) amount within a few months. The VIP tier has even lower fees and other perks, such as a dedicated VIP account manager.
Transact cryptocurrencies
With a Neteller account, you can buy and sell cryptocurrencies without leaving the Neteller app, a feature that’s becoming increasingly popular among e-wallets.
Although this is quick and easy, it’s definitely not the best way to transact cryptocurrencies, as explained by Lyle Daly in his article for The Ascent. It’s a nice feature to have in a pinch, but I’d advise against getting Neteller solely for this feature.
Apart from these, here are some other perks you get along with your free Neteller account:
I’ve gathered all the necessary information a new Neteller customer might need, so you have it all available in case you want to create an account. Here’s the guide.
|
First Steps | How to Open a Neteller Account |
|
Money Transfers | How to Use Neteller’s International Money Transfer |
|
Potential Issues |
As always, I recommend scanning the Terms and Conditions page before registering a Neteller account.
If you’re facing any issues with your Neteller account, their customer service team is available 24/7. You can reach them at the phone number mentioned below.
Neteller (toll-free) phone number: +44 20 3308 9525
One vital thing to remember is that Neteller will ask whether you intend to use the funds for gambling on each of your deposits. Once you select a “Yes” or a “No,” the nature of the funds can’t be changed.
You will only be able to use gambling funds for gambling sites. So, funds you’ve deposited into your Neteller account and labelled as “non-gambling” won’t work for a future deposit in any casino.
Important
Since the United Kingdom does not allow gambling with credit cards, funds deposited with a credit card on your Neteller account won’t be eligible for UK gambling sites.
Likewise, UK-issued credit cards can’t be used on any gambling sites, regardless of their headquarters location.
You’ll find a hefty list of depositing options on the Neteller official site. You should know that this service charges a flat 2.5% fee for all your deposits, regardless of the payment method you choose. A full list of restrictions is available on Neteller’s Support Center.
As for withdrawing funds from your Neteller account, here are the fees you can expect to pay, depending on your payment method of choice.
| Bank Transfer | 10 USD |
|---|---|
| Crypto Wallet | 2% |
| Mastercard | 0 - 3.99% |
| Member Wire | 12.75 USD |
| Merchant Sites | 0% |
| Money Transfer to NETELLER account | 2.99%, min fee 0.50 USD |
| Net+ Prepaid Mastercard | 0 - 1.75% |
| Skrill | 3.49% |
| VISA | 0 - 3.99% |
