There are plenty of ways to protect yourself while making transactions online, and it seems that e-wallets are definitely ahead of the curve. On this episode, we are going to dive deep into another prominent example of e-money payment methods, Neteller transfer service.
History and General Information
Founded in 1999, it took only a single year for Neteller to become the poster child of online casino payment methods. The brand is owned and operated by Paysafe Group. This holding company is headquartered in the Isle of Man, and their portfolio of e-payment brands includes Skrill, Paysafecard, and Payolution.
Costs and Fees
Setting up a regular account will cost you nothing. Importantly, you will always keep your account free of charge if you continue to use it and maintain a regular balance.
Upload and withdrawal fees for a regular account are as follows:
- 2.5% fee is applied to all deposit amounts less than $20,000. Upload options include international bank transfers, local bank deposits, Visa, Skrill, Giropay, Paysafecard, Yandex Money and many others.
- Withdrawal to your bank account will cost you $10. Spending your money on merchant sites does not incur any fees.
- Sending money to other Neteller account or a money transfer requires a fixed fee of 1.45% (minimum $0.50)
- Currency conversion will add the processing fee of 3.99% to the average interbank market rates used for the transaction.
It is worth to mention that VIP members benefit from the more advantageous withdrawal and currency conversion fees. For example, FX fees for Gold and Platinum accounts amount to 2.79% and 2.39%, respectively.
Advantages and Disadvantages
As a regular e-wallet service, Neteller account allows you to send instant payments to thousands of sites, including global casinos. However, it has much more to offer apart from the quick and painless online payments.
This e-wallet offers a truly global solution to money transfers, which enables you to send the payment in 200 countries with automatic currency conversion. Here, 22 currencies are supported for the Money Transfer services.
You can also enjoy the conveniences of using Net+ prepaid master card. Go shopping with it and receive special reward points, which can be later redeemed to cash!
Neteller is a trustworthy place that will let you spend money without revealing any sensitive information to some shady third-party firms. They will protect your bank and credit card info, letting you buy, sell, gamble and whatnot from a secured standpoint.
All transactions are protected by a 128-bit encryption system. It means that your transaction wears a titanium-alloy safety hat at all times, and there are zero reasons for you to worry.
High Costs and Fees
At first glance, PayPal and Skrill offer lower transaction fees compared to this e-wallet. Neteller currency conversion fee is the same as applied by Skrill and might be considered unreasonably high.
Despite the high costs, Neteller is known for its excellent services and hassle-free withdrawals. While it is far from being the most cost-efficient e-wallet out there, many customers swear that Neteller is among the best in the industry.