Bookmakers offer their clients numerous deposit and withdrawal options. But not all of them are on the same standing. Also, only a few will prove to be the best for your needs. Though you can use your bank account cards, we recommend that you use a separate account for your gambling endeavors. Of the numerous payment methods available, Neteller is one of the fastest and most secure. It’s also worth noting that the company is one of the largest money transfer companies in the world.
But why should you try it out? What does it have to offer? Is it only hype, or does it deliver on the promises it makes? In this piece, we dissect Neteller and show you why it is a good payment option to explore.
What is Neteller and How does it Work?
Neteller is a digital money transfer service that was opened in 1999 and is run by PaySafe Group. When it was first established, it operated in Canada, but it moved to the Isle of Man in 2004. Over the ten years that it has been in the industry, it has grown and spread to over 200 countries and amassed millions of businesses and customers. Every year, the company processes billions in transactions.
With a Neteller account, you can transfer your cash to your bank account or a credit card. You could also opt to load your pre-paid credit card. Neteller’s parent company is authorized by the Financial Conduct Authority that operates in the UK. This body ensures that Neteller maintains strict and high standards of business to the services it offers its customers.
For punters, Neteller helps in keeping all betting transactions in a single place. It also keeps gambling transactions away from banking statements.
How to bet using Neteller
The process is easy. The first step is creating an account. If you have an account, you should ensure it is funded.
The next step is registering a payment method (from where the account funding the account will come from) with Neteller. Once the method is verified, you can proceed to load your e-wallet account with cash.
Neteller recommends that you register an address that matches the one in your betting site’s account. The good thing with Neteller is that when your bank card expires, you only have to change it on their system and not on every other online account you use it.
When you are depositing cash into your betting site, you should select Neteller as the deposit option. To do this, add your account ID, deposit amount, email address, and currency. Your funds will reflect instantly.
The withdrawal process is also simple. You generally use the same method you use to deposit.
We should point out that when starting, your Neteller account will be limited to a couple of hundred pounds. However, you can transact larger sums of cash after you verify the ID you provided and offer proof of address.
Top Online Bookmakers That Accept Neteller
Please note a lot of online bookmakers will not accept neteller payments as a qualifying deposit to receive their welcome bonus. Please read the terms and conditions below so you are fully aware. We advise using bookmakers that accept PayPal deposits or credit cards if you want to receive the welcome offer.
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History of Neteller
As pointed out above, Neteller was started in 1999 and was based in Canada under the PaySafe Group. However, it switched its base to the UK, where it obtained its license and authorization from the FCA.
Unlike many banks in the UK, Neteller can hold 100% of the cash they deposit at any time. The company got into the gambling space a year after its inception and rose through the ranks fast. By 2005, the company was handling 80% of gambling companies and merchants across the world. Most of its business came from the US.
The company faced a setback in 2007 when the founders were arrested for accommodating online gambling in the US even after it was made illegal. By this time, close to 97% of Neteller’s revenue was from the US. Despite its hard work and valiant efforts to restore the company to its previous glory and success levels, the managers of the company haven’t been quite successful. Nevertheless, they have come back to being one of the leading digital wallet services in the world supporting online betting. Because of its history in the gambling industry, its services are adopted by UK bookmakers.
Countries where Neteller can be used for gambling
Neteller operates in more than 200 countries in the world. However, its operation in these countries doesn’t equal its acceptance in the online betting and gambling industry. Here are some of the countries where Neteller isn’t available or is not allowed:
- Hong Kong
Is Neteller safe to use for online betting?
Yes, Neteller is safe and secure, and the fact that it’s licensed and authorized by the FCA is a plus. Neteller’s system is, in many ways safer than entering your financial and banking details into an online banking site. With an e-wallet like Neteller, all you need is to enter your funding once.
In the event your bookmaker is ever hacked, the hackers can’t get details to your bank card. The only funds that would be at risk of theft would be those in the betting account at the time of the hacking.
Neteller makes use of encryption technologies that many militaries in different countries are proud of. Also, the company has a close working relationship with card providers, including MasterCard and VISA. Together, they ensure that security is upheld at all stages.
To deposit cash from your bank account or your card, you need to input your password. And since Neteller isn’t a bank and doesn’t give loans, they hold 100% of the deposits and increase safety and security.
How long does it take to either deposit or withdraw funds using Neteller?
The deposits and withdrawal processes take different times. If you have sufficient cash in your account, money reflects into your account immediately.
However, withdrawal is a different ball game altogether. The time taken for cash to reflect in your account varies on the time it takes your bookmaker to review and approve the withdrawal. For most bookmakers, the internal review takes 3-5 business days. Once the review process is done, the money is deposited into your account between 2 to 6 hours.
Are there any fees for using Neteller on betting sites?
While Neteller offers free transactions between some sources, including wire transfers and bank transfers (note: fast bank transfer is charged a 1.5% fee), many other companies and funding sources are charged between 0.5% and 20%. A complete list of the charges is available on the official Neteller website.
For common funding methods such as Maestro, Visa, and MasterCard, the fee is usually between 1.9 and 4.59%.
Fixed fees also apply during withdrawals and are also available on Neteller’s website. But just as an example, ban transfers attract a €7.50 fee.
It’s also important to note that most bookmakers don’t charge their customers for using Neteller. But on the flip side, some do.
Do all UK bookmakers accept Neteller for deposits and withdrawals?
The UK gambling industry has grown a lot over the years. Moreover, it has evolved and matured. Today, many bookmakers in the UK accept multiple payment options, including Neteller. Since Neteller is licensed and authorized by the UK FCA, bookmakers in the UK have confidence in this platform, and hence use it.
Are there any taxes When depositing and withdrawing with Neteller?
The only cost you incur when depositing and withdrawing cash with Neteller is the fees charged. You don’t have to pay for the money you add to your Neteller account since chances are you’ve already paid tax for it.
In the case of making withdrawals of your wins, you will be required to pay your taxes on the wins. However, this is not because you used Neteller, but as a rule in most countries.
If you are a professional gambler, then you will have to pay taxes for your winnings. But if you play for leisure, then you don’t have to pay tax on your wins.
Are there any bonuses when depositing via Neteller?
At the moment, there are not many bookmakers left that allow you to avail of their welcome offer bonus.
This is due to widespread abuse of the welcome bonus by unscrupulous betting syndicates who tend to use e-wallets like neteller as it is easier to make multiple accounts. Therefore criminals can set up multiple e-wallets and have fraudulent money sent to them via another neteller account. Then they deposit onto a betting site and take the welcome offer, abuse it and withdraw the money back to their account and withdraw to a bank account clean.
While most bookmakers accept Neteller as a payment and deposit method, most do not allow you to avail of bonuses. The one exception at the time of writing is Unibet, where you can secure a 100% risk free on your first bet up to €25.
Why is Neteller a preferred method for transfers to online bookmakers?
While there are a couple of payment methods available, online bookmakers don’t fail to include Neteller in their list of options. Why is this? Well, for one, Neteller has been in the online betting industry for two decades. It understands how the industry works and has adjusted its operations to make it easier, safer and more secure for bookmakers to integrate it.
The fact that it’s registered by the FCA gives it a plus. In addition to this, the platform is cost effective and also helps online bookmakers to uphold the security and safety of its clients.
Neteller gambling or non-gambling. What’s the difference?
When depositing cash into Neteller, you will be required to state the purpose of the funds; either gambling or non-gambling. If you choose ‘gambling’, then the cash you deposit can be used for all kinds of payments with Neteller wallet, including transferring it to bookmakers.
However, if you choose ‘non-gambling’, then you can use the cash for anything except for gambling purposes. Neteller won’t allow you to end the cash to bookmakers. So when you are making your choice, be careful to choose the right purpose.
What currencies can I use when betting with Neteller?
Apart from accepting payments from multiple sources, Neteller also accepts different currencies (after all, it is operational in more than 200 countries worldwide).
The currencies that Neteller support include;
- Australian Dollar – AUD
- Bulgarian Lev – BGN
- Brazilian Real – BRL
- Danish Krone – DKK
- Canadian Dollar – CAD
- Indian Rupee – INR
- Euro – EUR
- Hungarian Forint – HUF
- Mexican Peso – MXN
- Japanese Yen – JPY
- Malaysian Ringgit – MYR
- Norwegian Krone – NOK
- Moroccan Dirham – MAD
- Nigerian Naira – NGN
- Russian Ruble – RUB
- Polish Zloty – PLN
- Romanian New Leu – RON
- Swedish Kronor – SEK
- Singapore Dollar – SING
- South African Rand – ZAR
- United Arab Emirates Dirham – AED
- Swiss Franc – CHF
- Taiwan Dollar – TWD
- Colombian Peso – COP
- Tunisian Dinar – TND
- United States Dollar – USD
Neteller Prepaid MasterCard
This is a card that is designed to operate on the MasterCard Platform. The card provides direct access to funds in Neteller. With this card, you can also make online purchases and in physical stores and shops. You can also withdraw cash from an ATM that accepts MasterCard.
To get this card, you apply for a Net+ Card on Neteller’s website and make a payment of €10. You then have to wait for 21 days to receive the card.
Can I use the Neteller Prepaid MasterCard to deposit on an online betting site?
Unfortunately, many betting sites don’t accept the card as a deposit method. But this is because it’s a rule by Neteller. However, in most ‘gray’ bookmakers, you can use it to make a deposit.
Advantages of Neteller
- It is accepted by many bookmakers
- The deposits to betting accounts are free
- You can withdraw instantly to the Neteller Prepaid MasterCard
- Minimal withdrawal charges
- High deposit and withdrawal limit (after ID verification and proof of address)
- It increases safety and security
Disadvantages of Neteller
- When sending cash to a Neteller user, you’ll be charged
- Arbitrage reputation. Some bookmakers low-key ‘discriminate’ against bettors who deposit through Neteller
So, using Neteller is easy and convenient.
And in some cases, will have you receive your winnings faster. We should also point out that finding a bookmaker that accepts Neteller as a payment option, especially in the UK, isn’t a problem. Neteller is fast, secure and available in most leading bookmakers.