Neteller is always one of my first recommendations to players looking for a reliable deposit method to gamble online. It functions as an online wallet that you can load with funds through a variety of funding methods such as credit cards, bank transfers, prepaid cards and more. Once your e-wallet is funded, you can make instant deposits to gambling sites that accept Neteller.
The best Neteller gambling sites can also pay out your winnings to your Neteller account. From there, you can either cash out with a transfer straight to your bank account or move your bankroll over to the next online casino. All in all, Neteller is flexible, easy to use and secure. I’ve been using the service off and on since 2004 and have always been happy with my experience.
Neteller was founded in 1999 and has always specialized in processing payments for the online gaming industry. The company has working relationships with every major gambling site in the world and is therefore able to process deposits and payouts faster than most other banking methods.
How to Use Neteller
The core of the Neteller business is an e-wallet account that you can get for free at www.neteller.com. Your e-wallet serves as a hub from which you make deposits to casino sites and receive cashouts. Deposits are made by first uploading funds to your e-wallet and then moving them over to the casino site of your choice.
Uploading Funds to your E-Wallet
The first time you use Neteller, you’ll be asked to choose a funding method to upload funds to your account. There are about 50 ways to do this. You can link Neteller to your bank account for direct transfers, upload funds with your credit card, transfer money in from a different e-wallet and even use bitcoins to fund your account.
Deposit limits vary from site to site. On average, the minimum deposit you can make with Neteller is about ₤20 while the average maximum amount per transaction is about ₤20,000 to ₤30,000.
Prepaid Net+ MasterCard
If you end up using Neteller frequently, you may want to consider signing up for a Net+ prepaid MasterCard. This card works like a debit card, but attached to your Neteller balance rather than your bank account. There are a couple reasons why it may come in handy, and one reason why you may want to pass on it.
Let’s talk about the good points first. The Net+ card is pretty useful because you can use it online and in the real world just like any other debit card. You can buy gas, pay for dinners and so on without ever giving anyone your actual banking debit card. It is only attached to your Neteller account, so the risk of card theft is mitigated to a degree.
It’s also pretty cool to have instant access to your withdrawals with the Net+ card. If you win a big jackpot and decide to go party that night, you can just bring your prepaid card with you and go have fun. You won’t have to wait for the cashout to hit your actual bank account. You may also make cash ATM withdrawals of up to $3,300 per day (or your currency equivalent).
This leads to the one potential negative point. It’s easy to blow your bankroll with irresponsible spending. Having such easy access to your winnings is tempting. I can’t tell you how many times I’ve been tempted to go out and make some outlandish purchase just because I had a good day at the casino. The only thing that saved me was the delay associated with other withdrawal methods.
Here’s a quick list of fees associated with the Net+ card:
- Shipping the card to you: ₤8
- Point of sale purchase: free
- ATM withdrawal: ₤3
- Foreign exchange on purchases or ATM withdrawals: 2.95%
- Cancel and replace a lost card: ₤8
VIP and Rewards Programs
Neteller has both a VIP program and a rewards program that give you special benefits in return for using Neteller to gamble online. The more you use the service, the more you get in return. The VIP program offers quite a bit, so here’s a quick screenshot I snagged from the Neteller website that breaks it all down:
As you can see, there are five levels in the VIP program based on how much you deposit per year. Some of the more useful benefits include a VIP fraud guarantee (if someone gets access to your information and causes you losses, you get reimbursed), larger transaction limits, reduced fees and faster accumulation of rewards points.
Speaking of which, the rewards program offers its own set of benefits based on how many points you earn. You earn 1 reward point for every 1 unit of your currency moved into or out of your account. As you accumulate points, you can redeem them for cash, electronics and other gifts from the Neteller rewards store. Your points can also be used to enter other promotions and giveaways.
Refer a Friend Program
Neteller has a simple referral program that awards cash bonuses to you and anyone you refer. Inside your account is a special referral link that you can share with your friends. Whenever someone you refer signs up for an account and makes a deposit, you get a referral bonus equal to 20% of that person’s first deposit for up to €16 extra. Your friend will get an extra 10% for up to €8 extra.
Neteller can be considered a very safe deposit method for several reasons. Most importantly, the company is registered with the UK Financial Conduct Authority (FCA). Entities licensed with the FCA are regulated and monitored to ensure they practice sound money management and account security.
Additionally, Neteller keeps your banking information private because gambling sites are never given your bank account or credit card details. Once you have money in your e-wallet, Neteller handles transactions to and from online casinos without sharing your information.
Neteller also includes optional 2-step verification if you need extra security. When enacted, 2-step verification sends a temporary 6-digit number to your smartphone every time you log in to your account. You must enter this number in addition to your password to access your account. This renders it impossible for anyone to log in to your account unless they have physical access to your mobile device.
The one annoying thing is that the FCA requires Neteller to verify your identity before you can use your e-wallet to its full potential. This will require you to scan a copy of a government-issued photo ID and send it to Neteller’s security team. It’s a bit of an annoyance, but it does increase account security and prevent people from signing up for an account in your name.
Wasn’t there some kind of scandal a while back?
Neteller did have a “misunderstanding” with US authorities in 2007 but I wouldn’t call it a scandal because Neteller handled a difficult situation very well. Here’s a quick recap of how it all went down.
During its early years, Neteller processed payments for players in the USA as well as the rest of the word. This came to an abrupt halt in 2007 when US authorities stepped in and seized the funds of all US-based customers. Neteller was also prohibited from processing any transactions for US customers.
The seizure gave Neteller a black eye and many gamblers assumed their funds would never be returned. Fortunately, Neteller had a habit of smart money management and remained financially viable throughout the entire ordeal. It continued to do business in the rest of the world while company officials worked out a deal with the FBI.
Later that year, the FBI released the confiscated funds and allowed Neteller to issue payouts to players who had been affected by the seizure. Neteller paid back every last penny and pulled out of the US market as a part of the deal they reached with US authorities.
Fast forward to late 2014: In December of 2014, Neteller announced that it would be making a return to the US market. This difference this time around is that Neteller is complying with all state and federal laws in the United States. More specifically, Neteller only processes payments for licensed gambling sites in states that have legalized online gambling.
It’s unfair to call the Neteller seizure a “scandal” because they handled the situation the best they could. The inability to pay players wasn’t a choice made by Neteller. You can thank the FBI for that whole ordeal. Personally, I find it impressive that Neteller managed to not only survive and pay all affected customers, but was also able to eventually receive the blessing of the US government to return to the US market.