NETELLER started in 1999 and their payment network is the world’s largest independent money transfer business. NETeller is part of NEOVIA Financial Plc and has been publicly traded on the London Stock Exchange since 2004. The company is based on the Isle of Man (where many online casino operators reside) and is authorized and regulated by the Financial Services Authority in the UK.
NETELLER works pretty much like MoneyBookers and PayPal whereby you can transfer and withdraw your funds to online casinos securely as well as online merchants. NETELLER operates in over 185 countries and you can fund the account from your credit or debit card as well as many other deposit methods. You can also send money to another NETELLER user or receive money too. This service is absolutely FREE!
A big advantage to using a service like NETELLER is that it’s safer than banks. NETELLER is not susceptible to economic issues that banks are open to. This is because NETELLER keeps 100% of the money from all their accounts in separate trust accounts and therefore is not affected by the money they use to operate the company. Banks on the other hand re-invest their customers’ money to make more and should these investments turn sour – customer’s funds can be affected
In 2003, the company launched their award winning NET+ card NETELLER offers this prepaid card absolutely free to e-wallet holders. The Net+ card has no welcome fees or annual fees and you can upload funds onto the card for free from your bank account to use at thousands of point of sale merchants or you can even use it to withdraw cash from standard ATM’s. (or cash points to us Brits).
If you receive money from your NETELLER account back to your bank account there is a small fee however with the NET+ card this cost can be avoided.. If you take money out of a cash machine, the fee is £3 per withdrawal. Also, withdrawing from your NETELLER account back to your bank account takes between 3 and 5 days even though an online casino will pay to your NETELLER account instantly.
Updated – When it comes to security, NETELLER is very safe. This is one of their best features as users are required to use a 12 digit code, a 6 digit personal code and a password. Furthermore, NETELLER keeps track of the IP address/country used by account holder. This means that if access is attempted from another country, NETELLER locks the account until the owner can verify it’s a genuine attempt to access the account. Whilst this may be inconvenient if you check your NETELLER account from various locations, it ensures that your security is at the forefront of their policies.
NETELLER also offers a fantastic Rewards & Loyalty programme whereby you can receive exclusive promotions for using your NETELLER account to deposit and wager online. They also offer a refer a friend program where you earn 20% of your friend’s first deposit up to €16. Better than nothing in our opinion and all that simply for sharing the benefits with your friends!
On the whole, NETELLER offers a very safe payment method for transacting with online casinos. Hugely popular to its convenience and ease of use.