Neteller is an e-Wallet that allows their customers to receive and send funds to other users in a number of different currencies. It is now accepted by many online retailers and online casinos. In this review, we will reveal everything you need to know about this banking option.
A Very Brief History of Neteller
Neteller was founded in Canada in 1999 and, in 2004, they decided to move their company to the Isle of Man so that they were close to the European Market. They now have offices in a number of different cities, such as London, Montreal, Sofia, and Vienna, meaning they are able to provide a great experience for customers, no matter where they are. The owners of Neteller, Paysafe Group PLC, are actually also the owners of Skrill. It is now available in over 200 countries and is used by millions of people to send money securely and safely.
Opening up a Neteller Account
The first thing that you will obviously need to do is visit their website. If you would like to change the language, you can do so at the top right corner of the screen. Once you are happy with the language being used, click the “Join for free” button.
You will then be taken to a page where you will be required to enter your email, country of residence, and the currency you want to use. To avoid having to pay exchange rate fees, we recommend that you choose the same currency that you are using at any online sportsbooks that you have signed up to.
Click the “Continue” button and you will be taken to a second page where you will be prompted to add your first name, surname, address, date of birth, gender, and phone number. You will also be required to choose three security questions and answers. Once you have done this, click “Continue“. You will now be asked to confirm the answers to your security questions. When you are finished from this, click “Continue” and you are now the owner of a Neteller account.
You will be shown a screen that gives you your Secure ID and Account ID. We highly recommend that you take a note of these as you will need them in future to log in and make use of your account.
How to Verify Your Neteller Account
You will be subjected to transaction and withdrawal limits if you do not verify your Neteller account. We will now outline how you can do this below.
Once you have an account set up, you can begin the verification process by going to settings section. Please note that you must have deposited money into the account at least once in order go forward with this process. We will talk about the different deposit options that are available later on in this review.
In the verification section, locate the “Option 2 Fast” and select it. You will now be taken to a section where you will be able to upload photos of the relevant documents to prove your identity.
When it comes to acceptable ID, you can use your national ID card, passport, or driver’s licence. If you choose your ID card or driving licence, you need to upload an image of the front and back of it. You are also required to upload an image of yourself holding a piece of paper that has the day’s date on it and the word Neteller”.
Once you have done this, you just have to wait while they check and process your verification.
With some e-Wallets, you will also be asked to verify your address, but Neteller makes use of great technology that is able to verify your address for you. However, this does depend on what country you are from, so if it is not working for you will need to upload some documents that will help prove your address.
The documents that are accepted for address verification are a utility bill or a bank statement. The document cannot be more than 90 days old and must clearly show your name, your address and the logo of the bank (if you chose a bank statement).
If you follow all the instructions properly, you account should be verified relatively quickly. You will be notified by email when the verification process has been completed.
How Can You Add Money to Your Account?
After you have created a new account, the next thing that you will be required to do is add money to it. There are over thirty deposit options that you can choose from, so we are just going to list ten of the more popular ones below:
- Debit/credit card
- Bank transfer
If, out of all of these options, you decide that a bank transfer is the best option for you, please pay attention to what we are about to tell you. When going through with a bank transfer deposit, you will be provided with the bank details that you need to send your money to. They will also give you a reference number, which you need to add. If you forget to add it, the deposit might not be processed correctly. The funds could appear in your account in as little as one hour or as many as six working days.
What Fees Do Neteller India Users Face?
You always need to take fees into account when you are making a final choice about which banking option to use. There will always usually be deposit fees, withdrawal fees, transfer fees, and exchange fees. So, what are the fees like with Neteller? Well, all is revealed below.
- Deposit fees: The fees for depositing money into your Neteller account can be from 1% all the way to 8%. All this depends on the banking method that you use.
- Withdrawal fees: Withdrawing funds from your account can cost you 1.9% (capped at the equivalent of 18.53 euro). The most you will ever be charged is the equivalent of 25 euros, which is quite a lot if you ask us.
- Transfer fees: If you are looking to transfer some money to another Neteller account, then you will be charged 5%. So, if you are making a 10,000 Indian rupee transfer, you be charged a transaction fee of 500 Indian rupees. If you send money to somebody that has a different currency, the exchange fees will have to be paid by you.
- Exchange fees: When it comes to exchange rates, Neteller charges its customers 3.99% on top of the conversion fees.
What Are the Pros and Cons of Using Neteller in a Betting Environment?
- Complete anonymity: If a bank looks at your transactions and sees that you have been gambling, you can probably kiss goodbye to that loan or mortgage that you were after. Thankfully, e-Wallets such as Neteller help to keep this type of activity a secret from the bank.
- Solid security: Sharing your personal bank details and information with an online casino might make some people feel a bit anxious. However, Neteller gives another layer of security as the casino will only have the information for your Neteller account, not your Indian bank account.
- You can send money anywhere: You can send money to whoever you like using just their e-mail address.
- Special bonuses: Some casinos out there give extra bonuses to those who deposit money with them using Neteller.
- Fees: As we showed in the previous sections, the fees for Neteller can be quite high.
- Verification process: Some people might find the verification process pretty annoying to say the least, but we, personally, don’t see it as too much of an issue. After all, it is there for extra security. Without it, somebody could create an account using your personal details and then use it for fraudulent activity.
- Live chat is only available to VIP Customers: If you don’t have a VIP account and need help with something, you can only get in touch with a Neteller customer care agent by giving them a call or sending them a message using their contact form or email address.
Download the Neteller E-Wallet App
Neteller, just like Skrill, has a great app that you can download on any Android or iOS device. Unfortunately, if you have a Blackberry or Windows phone, there is no app for you just yet.
This app gives you the power to check what your balance is as well as transfer, withdraw, and deposit money. We have downloaded the app ourselves so that we could test it out, and we found it to be extremely user-friendly. Navigation is easy and you will have an issue carrying out the tasks that you want to do.
Our Final Verdict on Neteller India
In our view, Neteller is great for receiving and sending money online. Wherever you need to send money to, you can be certain that you can do so with absolute ease. We also like the fact that Neteller provide their customers with a wide range of deposit and withdrawal options.
We do have an issue with Neteller though, which is the fees that they charge. These are higher than plenty of other options out there such as Skrill and PayPal. However, if you don’t mind the fees that we mentioned, you will find Neteller to be a very pleasant e-Wallet to use.