It is a payment system which connects your bank account or credit card with your casino account. So far millions of users have chosen Neteller as a payment option.
In order to use Neteller, one should register with an account on the official website. Besides a valid email, a user should also provide personal details and create a password. Once the procedure is completed, Neteller will provide you with a hassle-free experience.
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What is Neteller
Basically, Neteller is an e-wallet you should top up via traditional means of payment. The options you can use to upload funds to your Neteller account may vary from one country to another, but in most cases users can choose from a wide array of international and local payment methods. Credit and debit cards like MasterCard or Visa, local bank transfers, prepaid solutions or other e-wallets, all of them are supported and it is up to you which one you will use. More about fees and timeframes will be given further in the text.
To move your money to the casino of your choice, you will need an ID number and account security ID. These are given to you upon registration. Neteller also allows you to receive funds from third parties, so you can make withdrawals without difficulty. These transactions can be made via a long list of methods. They include bank drafts, bank transfers, Money Transfer and so on. Don’t forget to verify your account so that you can make the most of it. All the data you have shared with the service provider will be fully protected and your casino deposits and withdrawals will be carried out anonymously.
History of Neteller
Neteller was founded in 1999. The online payments service is operated by Optimal Payments PLC, a public traded company with its roots in Canada which is also the owner of Skrill. The company moved from Canada to the Isle of Man in 2004. All Neteller operations are regulated by the United Kingdom Financial Services Authority (FSA). In terms of safety, Neteller is considered as a bank and it is required to keep the funds of its clients in separate trust accounts. This requirement is imposed so that Neteller can pay out the customers’ funds all at once if they are asked.
When it comes to online gambling, there are countries where Neteller is not welcomed. Some of them are Albania, Cambodia, Canada, Hong Kong, Israel, Macau, Singapore and Turkey. In the 2000s, Neteller was enforced to exit the US market and the accounts of citizens using it for online gambling were frozen. Today Neteller offers its services in 200 countries across the world. It allows registration of accounts in more than 20 currencies.
How to Deposit with Neteller in online casinos
As soon as you create your Neteller account and upload your funds to it, you can make a deposit the the casino. Go to the Deposit page and select Neteller as a preferred means of payment. You will be asked to enter the account ID and security ID you have got on the registration. Enter the desired amount and the currency you have registered your account in. Make sure that the casino accepts the chosen currency to avoid paying exchange fees.
How to Withdraw your casino winning with Neteller
To clear your winnings from the casino account, go to the Withdrawal page and follow the steps. They do not differ from those you have to follow when making a deposit. Choose Neteller as a withdrawal method and provide the required data including your account ID, security ID and the amount you want to cash out.
Neteller Fees and Timeframes
When making deposits with Neteller, your funds will be instantly transferred to the casino. As soon as you send them, they will be available on your casino balance and available for wagering. The same goes for withdrawals. However, keep in mind that withdrawal periods may vary from casino to casino. One of the reasons is a pending period your withdrawals may be subject to. To cash out via Neteller, you may be required to use the same option for your first deposit.
Typically no deposit or withdrawal fees are charged by online gaming operators. On the other hand, Neteller will charge fees when funding your account and clearing your funds from it. For example, fees attached to deposits via Visa credit and debit cards vary between 1.9% and 4.95%. If you top up your Neteller account via Maestro, MasterCard or MasterCard debit, fees can be from 2.25% up to 4.95%. If you use PaySafeCard to upload fund, you will be charged 7.5%. International bank transfers and local bank deposits are free of charge.
Withdrawing funds from your Neteller account via bank draft will cost you between €7.50 and €25 per transaction. Fees when withdrawing via bank transfer are €7.50 and via Money Transfer are charged 1.90% up to $20. Payments made from your Neteller account to merchant sites including online casinos are not charged by the service provider.
If you want to make a deposit in a currency other than the one you have chosen when you registered with Neteller, your transactions will be subject to a currency exchange fee equal to an average daily interbank market rate published by a third party foreign currency data provider plus 3.99%. If you are a VIP member, you will pay only 1% in foreign exchange fees.
To avoid paying administrative fees to Neteller, keep your account active. If it is not active for 13 months, from the next month of inactivity you will be charged an administrative fee of up to $40. The sum will be deducted from your available balance.
Pros: Why Use Neteller in Online Casinos
Using Neteller as a payment option at online casinos has numerous advantages. It will provide you with completely safe and secure online payment service. All you date will be protected with the latest encryption technology. As a matter of fact, you are required to provide your data only to the payment service provider. That means that you are not supposed to share your financial information with the casino you play at. As a result, all your transactions will be absolutely anonymous.
Both deposits and withdrawals are processed instantly. You can spend only the funds that are in your Neteller account, so there is no risk of exceeding the bankroll. Online casinos will not charge you additionally for using Neteller as a preferred banking method. What’s more, you can come across ones that offer exclusive promotions for Neteller users. Last but not least, you won’t find a casino which does not support Neteller. If you are coming from a country where online gambling is still in grey area, this may be a perfect banking solution for you.
Cons: Disadvantages of Using Neteller
Although Neteller provides its customers with a smooth payment experience, there are a few things you should pay attention to. You are required to create an account in order to use Neteller. This will take some time, especially when it comes to the verification of your account. Once the procedure is completed, you can easily carry out your transactions. Fees charged by Neteller can be high if you opt for certain banking methods. Choose wisely a method you will use for finding your Neteller account and withdrawing funds from it.