Neteller Review
What is Neteller?
Neteller is an online money wallet, otherwise known as an e-wallet, which allows you to both send and receive funds in multiple currencies. It is one of the best-known e-wallets in the world and is accepted at many reputable online retailers as well as a large number of online casinos.
Using Neteller as a payment method at online casinos has a number of advantages over credit and debit cards or bank accounts. We will enumerate those advantages before the end of this review.
Neteller Fees
As with all financial services, using Neteller will see you incur some fees along the way. It is possible to upgrade to the Neteller VIP program, reducing the following fees substantially.
The following are some examples of what you will pay:
Deposit Fees – Putting money into your Neteller account can mean a fee from as low as 1% to as high as 8%, depending on which payment method you use.
Withdrawal Fees – Taking funds out of your Neteller account can cost as little as 1.9% capped at 18.53 € (or the equivalent in your currency), or as much as 25 €. Using your funds at merchant sites will cost nothing.
Card Fees – Using the Net+ card (outlined below) will have its own set of fees. Charges include a 3.99% foreign exchange fee, a 1.75% cash withdrawal fee, and 9.32 € to replace a lost/stolen card.
Currency Conversions – As with the Net+ card, Neteller charges 3.99% on top of all exchange rates. This drops further when you reach the VIP program.
Admin Fees – There are no admin fees as long as you keep an active account.
Is Neteller Safe?
Neteller is definitely safe to use, and as far as using it for banking at online casinos go, is arguably safer than using cards or bank transfers.
Neteller is a massive company and so its security is world-class, with a 24/7 team on the lookout for suspicious account activity, and it also makes use of cutting edge SSL encryption, which would make it extremely difficult for any security breaches to occur.
It’s also possible to set up two-step authentication, meaning an account breach would be all but impossible.
Neteller Card (Net+ Prepaid MasterCard®)
Neteller offers you the chance to access your funds directly through a pre-paid MasterCard, known as Net+.
This card allows you to access your Neteller funds directly at ATMs around the world, shop online, and make purchases as you would with a credit or debit card.
To apply, you will first need an active and verified Neteller account, and then will need to request it through the Net+ Card menu option.
Benefits of Net+ Prepaid MasterCard®:
- Instant cash withdrawals at ATMs worldwide
- Can be used anywhere MasterCard is accepted
- No monthly or dormancy fees
Neteller Virtual Card (Net+ Virtual Prepaid MasterCard)
Neteller also enables you to buy instant virtual cards that can be used for any online purchase. Simply go to the Virtual Card tab of Net+ Cards and choose the card currency, card name (optional) and lifetime limit (optional). The fee for creating a card is 2 €.
You can use your Net+ Virtual Prepaid MasterCard on any site where MasterCard is accepted. It comes in very handy if you need to pay for something where you don’t fully trust the seller and only want to risk the set limit of the card.
You can also buy a virtual card for anyone, even if they don’t have a Neteller account. This would come in the form of a prepaid MasterCard, which the recipient could then use to buy what they want.
If you have someone special in mind, this could be a novel idea.
Why Use Neteller?
Many online casino players use Neteller as a preferred payment method. Some of their reasons for doing so are:
- Extra Security – Sharing bank details, credit card numbers and personal financial information with online casinos can make some players feel uncomfortable. Neteller provides an extra layer of security, since the casino will only ever have information on your Neteller account, and never your bank details directly.
- Lower Fees – There are savings to be made by using e-wallets, for example in the form of reduced withdrawal fees at casinos online. If you qualify for the Neteller VIP program, these savings can become even greater.
- Extra Bonuses – Some casinos offer extra bonuses for using Neteller. This doesn’t happen at every casino, but there are a growing number which lists Neteller as a preferred payment method and will give you a bonus for using it.
- Faster Deposits/Withdrawals – Using e-wallets like Neteller will mean getting your funds much faster and can make deposits at the casino basically instantly. Typically, the withdrawal time at most online casinos is under 24 hours, as opposed to several days for cards and bank transfers.
- Anonymity – It’s no secret that banks don’t like gambling activity on your account, and if they see a history of it, this can impact and affect your ability to get credit such as loans and mortgages. E-wallets offer a legitimate way to keep your gambling a secret, at least from the bank!
- Fast Funds Transfers to Anywhere – You can send money to other users with only their e-mail address. This is great for sending money to friends and family internationally.
- Lots of Currency Options – It’s possible to open an account in many different currencies. This is a big plus for people who transfer lots of money internationally. The FX fees also drop as you graduate to the VIP program.
Neteller Review Summary
Neteller is a big name, and you can be 100% certain you can trust it. Before deciding whether or not to use Neteller we recommend checking out how Skrill compares.
If you want to enjoy the benefits listed above, Neteller is definitely worth considering.
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