Neteller is an e-wallet finance service based out of the Isle of Man and acts as a third party in making deposits to and withdrawals from online gambling sites and other merchants.
Everything you need to know about this payment method is listed on this page (deposit limits, timescales, security features etc.) and each site recommended has a minimum of a four star review rating.
Neteller Need To Knows…
- Part of the PaySafe Group that also includes Paysafecard and Skrill.
- Password-protected account makes it an extremely secure method for betting deposits.
- You can link your Neteller account to many different forms of payment including Internet banking, Maestro, Visa and Mastercard services.
- You can both deposit and withdraw into your betting account using Neteller.
- Neteller charges a fee for their service – your bookmaker will never charge you for using Neteller though.
- Some bookmakers restrict bonuses to Neteller users so check the T&C’s before you join.
Best Neteller Betting Sites: Top 7
The following is a list of the best sites for betting with Neteller:
*Info accurate as of 20-10-2021 for the UK market.
Comparison: Neteller Betting Sites
|William Hill||£5||Instant||24 hours||0%|
|Paddy Power||£5||Instant||1-4 hours||0%|
If you live in a part of the world where online gambling is restricted, or if you use a financial institution located in such a place, Neteller performs an invaluable service. It essentially allows you to link nearly any payment method to it, which it in turn links to most gambling sites. We’re not suggesting you break the law here but just pointing out a fact.
Additionally, you can withdraw money through Neteller directly to your bank account, or use the debit card which comes with the account to withdraw winnings as cash – as you can imagine Neteller is extremely popular with gamblers online.
How to Use Neteller to place a Bet
As one of the world’s largest money transfer services, Neteller brings a great deal of convenience to the world of online gambling. Not only can you use the service to make deposits and withdrawals to and from your online accounts, but you can use it to rapidly transfer money to other users of the service as well.
You can use Neteller by going to their site and opening an account. From here, you’ll have to link it to one or more methods of payment. Neteller accepts most forms of payment, including Visa (credit and debit), MasterCard (credit and debit), Maestro, wire transfer, and online check. Additionally, internet banking is available with Neteller in most European countries and the United Kingdom.
Once you’ve linked your Neteller account, you can use it much as you would use a debit card or bank account to deal directly with online bookmakers. Simply make a deposit to fund your account, and when you want to withdraw your money, take it back out through your Neteller account.
Please note that it is not permitted in the United States; and that under US regulation, American financial institutions are forbidden from processing payments to or from Neteller. This also holds true for citizens and financial institutions of Thailand, Malaysia, Indonesia, and Afghanistan. The company welcomes customers from all other countries.
Pro’s & Con’s Of Neteller
- Very widely available across the world and extremely popular with customers in many countries.
- One of the most secure ways you can deposit and withdraw money from a betting site available online.
- Wide range of payment options are available through Neteller’s service.
- Excellent support from bookmakers in the UK and around the world for Neteller.
- The fees that Neteller charge make smaller transaction not particularly viable.
- Not available to customers in the United States, Thailand, Malaysia, Indonesia or Afghanistan.
- Some bookmakers limit players using Neteller by not allowing them to claim their sign up offer.
Neteller Online Security
As Neteller has built its business specifically on the protection of financial information and on the safe and reliable movement of its customers’ funds, it is only reasonable that it is a very security-minded company. Sites which accept Neteller also take security very seriously.
In dealing with Neteller, you are ensuring a very high degree of security for your financial information. In fact, the level of security is much greater than when you input the details of your credit or debit card. For one, it means that only one company has direct access to your financial details. It also means that you are not running the risk of potentially sending personal financial information over an unsecured or non-encrypted connection.
In terms of security, Neteller secures all data with what it terms military-grade encryption technology. It supplements this security by engaging with the Visa and MasterCard for their Verified by Visa and MasterCard Securecode programs. Any time you make a deposit from a card processed by either of these companies, Neteller requires that you input a password previously set up with the credit card processor to ensure that it is not a fraudulent payment.
Additionally, as it is not technically a bank under UK financial law, it does not lend money, and holds all deposits in trust accounts separate from its own operating costs. Theoretically this means that any money you do withdraw from your bookies account and hold in your Neteller account is 100% safe and secure.
History of Neteller
Although originally started in Canada in 1999, Neteller did not enter its current form until 2004 when it migrated to the UK. Due in a large part to restrictions on internet gambling in the United States, Neteller was successful in grabbing a huge share of the global online market. As of 2005, it was processing payments for nearly all major bookmakers.
Also due to United States restrictions on online gambling, and to the inability of American financial institutions to process payments to online bookmakers, Neteller found itself in a position where the vast majority of its revenue (roughly 95%) was coming from the United States.
Then, in early 2007, the founders of Neteller were arrested by American law enforcement officials, funds of the company and its clients were temporarily frozen, and the company was forced out of the American market.
This didn’t stop the company pushing forward however and in 2015 Optimal Payments, the company who own Neteller, bought out their biggest rivals Skrill in a deal worth €1.1B making them the dominant force in the industry.
Optimal Payments have since re-branded as the PaySafe Group and operate Neteller, Skrill and Paysafecard under the same umberella.
Fees Associated with Neteller Deposits
As a dedicated financial service, Neteller does incur fees for deposit, transfer, and withdrawal. The fees vary depending on the transaction, and depending on which service you’re using.
For deposit, fees are typically a percentage of the amount deposited, and vary from 0-2%. Notably for UK residents, funding your Neteller account with a Maestro debit card is free of any fees or charges. Likewise, direct deposits from local and international banks are free of Neteller charges as well, though they may incur charges from your financial institution. For other popular deposit methods, including Visa and MasterCard credit cards and Debit cards, the fee stands around 1.75% of money deposited.
To take money out, on the other hand, you’ll incur a small, flat, fee. For cheques and bank transfers, this fee is 7.5 EUR, while withdrawing money via the Neteller debit card incurs a fee of up to 4 EUR. Transfers to other neteller users are free.