Having been around since 1999, Neovia Financial PLC, or Neteller as they are more commonly known, provide online payment services tailored to online casino players.
Their main product is their ubiquitous eWallet however they also offer a prepaid Mastercard. For the sake of this article, we're only going to look at the eWallet.
NETELLER - The Casino's Best Friend
Reasons to Use:
- Fast and easy withdrawals and deposits.
- It's the most widely accepted eWallet for a reason.
- Special bonuses often available.
- Regulated by FSA.
- Depositing into NETELLER by bank transfer and Maestro is free.
Reasons Not to Use:
- Can be a bit of a hassle to get your account verified.
- Don't deposit funds into a casino using a different currency from the one your account is in. You'll get whacked with an additional fee.
The NETELLER eWallet used to be very popular with US casino players and at one time processed a staggering 80% of all online gambling payments. However, the introduction of UIEGA meant that in early January 2007 NETELLER stopped taking payments from players based in the US. Fortunately, the company's eWallet can still be used in more than 180 countries across the world and whilst not as popular as it once was, still offers a trustworthy reliable service and moreover, is accepted by 99% of all online casinos.
An Affordable Alternative
NETELLER describe themselves as an affordable alternative which is a fair comment considering that it's free to deposit and withdraw at casinos. However, if you don't know what you're doing you can incur unnecessary charges when loading up the eWallet from credit cards or other eWallets. We would always recommend depositing into your NETELLER account by local bank deposit or Maestro and withdrawing by bank transfer.
- Money In
- Maestro: Free
- Local bank deposit: Free
- Ukash: 1%
- Santander: 1.5%
- Mastercard: 1.75%
- Visa: 1.75%
- Money Out
- Money transfer (other NETELLER accounts): Free
- Bank transfer: £5.90 charge
- Cheque: £5.90 charge
- Bank Draft: £5.90 - £19.60 charge
Other little fees that can creep up on you include an inactive administration fee which is triggered if you don't use your account for 14 months. Avoiding this is pretty simple; just make some form of transaction, even if it's only withdrawing some funds.
Then there's the foreign exchange fee which stands at 2.95% and comes into action when you make a transaction that requires currency to be converted. This is pretty steep considering that VIPs only pay 1.5% so we would advise avoiding said transactions where possible.
An added bonus (literally) is that some casinos will provide you with a small bonus when you use NETELLER to deposit. It's usually around 5% but can go as high as 15%.
NETELLER depositors benefit from strong fraud protection enabled by the use of encryption as well as assurances that details won't be shared. Also, as the company are authorised by the Financial Services Authority, you can trust the staff at NETELLER when they say that your money is kept securely.
Proving You Are Who You Say You Are
In fact, their security is so strict that you have to send them documents to prove your identity before your account is even accepted. This can be annoying at first but you only have to do this once. .
Once your account is verified you can make much bigger transfers with a limit of £32,000 on single transactions – perfect for when you've had that big win.