Neteller: payment system detailed review

In this article, we will dwell in more detail on the Neteller payment system, including the process of working with it, as well as its pros and cons.

Overview

Neteller is an e-payment system created in Canada in 1999. Neteller allows you to securely pay for online purchases and instantly transfer money around the world. The system operates in 200+ countries, including European countries.

For the time being, this payment provider is part of the Paysafe Group and is one of the most popular payment methods along with PayPal, Payoneer, and Skrill. In particular with Skrill, these two payment systems have a lot in common, as they have the same owner.

As of today, Neteller supports 26 major account currencies, and the payment system's website interface is available in 13 languages, including English.

Registration

Merely a few clicks separate you from the successful sign-up - it’s pretty easy and completely free. Just perform the following steps:

• go to neteller.com and press “Register”;
• enter the information required (full name, email, password). Also select your country and currency;
• specify your date of birth, country, mailing address (in Latin), and postcode;
• enter your phone number and press “Open an account”.

It is worth mentioning that true personal information is a must. The information you provided would be verified in different ways which we will elaborate on further. The verification is carried out to make sure you’re a real person and indicate your personal information correctly.

Take our advice and open the Neteller account in euro since it’s a universal currency, which is accepted in most bookmaker offices. This way you won’t have to spend extra money on conversion.

When the whole procedure is over, you are assigned an ID and your account is activated. Please be advised that you cannot change the currency after the registration.

Deposit / Withdrawal

Neteller has quite a lot of deposit/withdrawal options, especially when it comes to depositing funds. The payment system contains over 30 deposit options, among which the main ones are bank transfer and Visa/MasterCard.

It is noteworthy that absolutely all Neteller deposit methods (unlike Skrill) have a single commission of 2.5% of the deposit amount.

As for transfers within the payment system, you will be charged a commission of 1.45% on each transfer.

In terms of withdrawal, Neteller offers the following options:

• Bank transfer (commission 10 USD);
• Skrill (commission 2.5%).

Remarkably, there is no way to withdraw money to Visa/MasterCard cards in the Neteller payment system.

What is VIP status and how to get it

Each Neteller user can get one of four VIP statuses: Silver, Gold, Diamond, Exclusive. The status depends on the amount of transfers made by the user for a particular quarter of the current year.

At least $15,000 per quarter must be paid for Silver status, $45,000 for Gold status, $150,000 for Diamond status, and $900,000 for Exclusive status. Neteller's VIP status offers preferential terms for deposits and withdrawals, lower currency exchange fees, no transfer fees, and many other benefits.

Arbers and other professional gamblers appreciate the VIP program as the Gold status eliminates the commission for withdrawing funds from the Neteller account via bank transfer (by default, it is 10 USD).

You can read more about Neteller VIP statuses here.

Account verification

Upon successful registration, you will be set a limit on transactions. Typically, this is €1,000 per transaction and €2,500 total limit (or equivalent in other currencies).

You can enlarge transaction limits by completing a multi-step verification process, which includes identity verification (uploading documents), home address, and credit card verification.

You can pass the verification process through:

• Mobile application for Android and iOS.
• Personal account using a webcam.
• Uploading photos and scanned documents in your personal account.
• Sending a letter with a code to the user's registration address.

Passing verification in Neteller is similar to Skrill and is often necessary for arbers to work properly. Especially considering that to achieve a turnover of 45,000 per quarter and Gold status with the corresponding benefits, you will definitely have to go through this procedure.

Key pros and cons

Users of the Neteller payment system, including professional gamblers, choose it for the following reasons:

1. This payment system is available in the vast majority of both local and foreign bookmakers.
2. It is possible to withdraw to a bank account without commission with Gold status.
3. The system sets high limits on transfers and withdrawals after verification.
4. Neteller has a pretty simple registration process.
5. The payment provider has a mobile app through which you can pass verification.

The drawbacks include:

1. The need for account verification.
2. No possibility to withdraw funds to Visa/MasterCard.
3. Perceptible commission for transfers within the system.

Bottom line

As of today, Neteller is in demand among arbers from all over the world, and there are several reasons for that. First, this payment system is available in almost all bookmakers, which is an undeniable advantage.

Secondly, it is not difficult for those who like to play big to reach a turnover of 45,000 USD per quarter and then withdraw funds to a bank account without commission. Be that as it may, Neteller has a good alternative competitor like Skrill, and you can learn more about it here.