Founded by Optimal Payments PLC in 1999, Neteller is an online payment system that is regulated by the Financial Services Authority (FCA) in the UK. Even though Neteller isn’t officially classed as a bank, the system it operates under is very similar. Funds are kept in separate secured accounts so that in the event of bankruptcy all client balances can still be honoured.
Neteller has well in excess of 1 million account holders and is available in over 200 countries worldwide. Its primary functions include the transferral of funds between accounts and depositing at online casinos. In the early 2000s Neteller were responsible for 80% of all transactions made to online casinos.
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How does Neteller work?
Neteller is an e-Wallet. This kind of service offers faster transaction times than even conventional bank accounts. You can open an account on their website in less than 5 minutes, needing only a valid email address to get started. From this point you can upload money to your Neteller account to begin making payments online. To take advantage of the Neteller branded NET+ MasterCard you must verify your identity using the system in place on their website.
You can upload funds to your Neteller account in a number of ways. These include debit or credit card deposits and Internet banking transfers. There is a fee for uploading funds to your account and dependant on the currency it can be anywhere from 1.9 to 7%. Many of their funding options are instant. For both deposits and withdrawals, Neteller use 128 bit encryption methods so you’re transactions are always safe and secure.
Neteller: The pros and cons
Did you want to setup an account faster than is possible with Neteller? There are some quicker options available to you in the list below: