Neteller was founded in Canada in 1999 by British global payments company Optimal Payments PLC (now Paysafe Group PLC), before they moved offices to Douglas in the Isle of Man in 2004. Today, Neteller is regulated by the UK Financial Conduct Authority. The service is used by millions of people from well over 150 countries to transfer funds to and from providers of goods and services, including, of course, online casinos. In 2014, the company won the Prepaid365 Award for Best General Spend Prepaid Card, and Best Privacy Prepaid Card.
From 2006, financial institutions were no longer allowed to process gambling-related transactions to and from US citizens. Neteller adhered to this requirement, and no longer allowed US players to make online casino deposits or cash their online casino winnings through their service. In 2007, Neteller extended these measures to Canadian players.
In 2003, the company launched the NETELLER Card. In 2008, it was rebranded as Net+. Under the Net+ name, the company offers MasterCard prepaid debit cards and merchant-brandable card programs, and formerly offered virtual cards. The Net+ virtual card generated a different virtual card number for each transaction, instead of having a fixed card number, to prevent some forms of fraud. If unauthorised users obtain and try to use card numbers, or if an otherwise legitimate merchant tries to take additional, unauthorised, payments, the transaction fails, as the card number cannot be re-used. You can choose from 3 types of NET+ prepaid cards - plastic, virtual and virtual gift.
How to Use Neteller
Signing up for a Neteller account/eWallet is free, and you just enter your details and you are ready to go. Neteller also offers a VIP Program available to all users, but the level of VIP is determined by the amount of money transferred per year – the minimum required amount is $10,000. Gold, Platinum, and Diamond VIPs instantly receive higher limits on all transactions - a withdrawal limit of $1,000 for Bronze and Silver VIPs, and a $3,300 limit for Gold, Platinum and Diamond. They have also a personal VIP manager that speaks your language, as well as a VIP chat service available 24/7.
The deposit and withdrawal fees vary according to the payment option that you choose. Deposit fees range from 1. 9% to 7%, while withdrawal fees start at $7.50, but can reach $25. The most advantageous payment method is, of course, to use of Net+ card.
Benefits and Limitations
One of the biggest benefits that the e-wallet from Neteller offers is the choice to generate a one-time virtual card. Another big advantage is also the dual authentication, which ensures the highest level of security.
On the other hand, the high fees associated with transactions with other currencies may discourage some potential clients. However, it is possible to setup your account for just a single currency. Neteller has another solution for VIP clients only, allowing another account to be opened for use with another currency.
A list of casinos using Neteller can easily be found through the filter on our website. At some casinos, you might run into problems with deposit bonuses if you’ve deposited by Neteller, but most casinos that accept these deposits will also offer additional bonuses.