Netteler is one of the oldest e-wallets that’s still in use and one of the most reliable ones. It can be used for making online purchases or for transferring funds. Its unique safety features make it especially suited to be used by online casino players.
In this article, we’ll go in-depth about all the pros and cons of using Neteller as your payment method when depositing and withdrawing funds to an online gambling establishment. A player should be aware of both before deciding to use one of the Netteler casinos.
What’s Neteller?
Netteller is an online money transfer service launched in 1999. It was first established in Canada but in 2004 it moved to the Isle of Man due to tax regulations. It’s a publicly traded company that started with $70 million in its IPO. Netteler started accepting casino payments in 2000 and it soon became one of its main markets.
The company merged with Paysafe in 2008. It issues its own debit card as do many other e-wallets. This is done in cooperation with Mastercard which provides the cards and the logistics. It’s the second most used e-wallet in the gambling industry.
Pros of Using Neteller
There are many reasons Neteller has become so popular with casino players all over the world. The pros come from the tech behind the wallet as well as its long-established ties with the gambling industry.
Instant deposits
Deposits made from a Neteller account to the casino one are made instantaneously. This is true regardless of the currency you’re using and the amount you’re depositing. There are however both minimum and maximum limits as to how much a player can deposit to a casino and it depends on the establishment.
Instant deposits aren’t always a good thing as they allow the player to easily and simply add funds to their account at any time. That’s why players should carefully plan bankroll management and stick to the budgets they’ve set up for themselves.
Fast Withdrawals
Withdrawals made from casinos to a Neteller account aren’t instantaneous, but they are pretty fast when compared to the competitors. The player will usually have the funds available on a Neteller account in no more than 48 hours.
The funds that are transferred from a Neteller account to a card or a bank are also delayed for a while depending on the payment option you’re using. The card provider or a bank can also charge fees at this point.
Great Security Features
With e-wallets, security is the most important feature. Neteller is one of the best e-wallets when it comes to how safe it is for end users. It features a 2-step authentication where a user needs a mobile device to confirm their identity and confirm a payment or withdrawal.
Neteller features the latest 128-bit SSL encryption certificate. This feature helps protect all users’ information from third-party access. Neteller is based on the Isle of Man and local laws require e-wallets to use the latest tech at their disposal when it comes to security.
Mobile Apps
Neteller e-wallet has a dedicated mobile app that provides all the same features that Neteller users could get from their website. Apps allow users to deposit and withdraw funds as well as to make online payments to merchants unrelated to the casino.
This is especially useful since most online casinos can also be used on a mobile app. That way the players can complete the process – from depositing funds to betting and withdrawing the winnings – using just their phone or a tablet device.
Different Currencies
Neteller supports a variety of different currencies. This is important if you plan to use casinos based abroad or to play when traveling. Online casinos are available worldwide and the gameplay and the odds are pretty much the same regardless of where you play from.
The exchange rates can differ depending on which currency and which bank the player is using. The rate that the Neteller sets for their users may be different than those set by banks. It’s a form of a fee that the e-wallet charges on top of those charged for transfers.
Anonymity
The only personal information a player needs to share with the casino when connecting a Neteller account is an email address. This provides a buffer between you and the casino since all the funds are transferred to and from a Neteller account rather than from your bank or a card directly.
However, in order to move the funds from Neteller to a bank account in your own name, you’ll need to provide a bank account number or a debit card number. That’s why so many players are looking into alternatives such as cryptocurrencies. These allow complete anonymity online.
Cons of Using Neteller
Neteller also has some downsides that online casino players need to be aware of. These don’t have to be deal breakers depending on how much you’re betting and what kind of services you’re expecting from an e-wallet service.
Not Available Worldwide
Neteller still isn’t available worldwide as it depends on local and national laws and regulations. The e-wallet provides a list of about 30 countries and territories in which their services aren’t available. This is something the player should keep in mind if they travel a lot or reside in one of those territories.
Neteller is expanding its services and the countries in question are changing their policies to be more welcoming towards online retailing and financial transactions so there’s always a chance more territories will start accepting Neteller as a payment option.
The Isle of Man-based e-wallet supports over 20 languages. It also supports over 28 different currencies. This covers the needs of most players including those who travel a lot and are used to betting from different countries.
Fees on Transfers
Neteller charges a fee when you transfer the funds from your account to a bank or card. These can be somewhat high for some users especially those who bet for small amounts and transfer the funds often. There’s no way to change the fees, but some players get around it by not transferring the winnings right away and waiting for them to add up.
The fees range from 0.5 percent to 7 percent depending on the transfer option you’re using and the fees for bank transfers are set at $10.
Setting up a Neteller account is free of charge as is keeping the funds on your Neteller account. All the charges are made when you withdraw the funds from a Neteller account, your bank or a card.
To Sum Things Up
Neteller is a payment method that’s especially popular among online casino users. It’s been around for 25 years now and for most of that time it catered to online gamblers. The payment method is safe and widely accepted both by banks and cards and by online gambling establishments. It provides a complex security system allowing users to quickly and safely transfer funds.
Neteller is available in more than a hundred countries and it accepts over 25 different currencies. The fees paid when the users transfer funds from Neteller to a bank or a card are somewhat high and that may be an issue for those that bet small amounts
