Neteller is an online payment service where you can make secure deposits and withdrawals worldwide in nearly 200 countries. The company has solutions for both individuals and businesses, and they also provide customers a prepaid MasterCard as well as a comprehensive rewards program.
About the Company
Optimal Payments PLC founded Neteller in 1999, and they are located on the Isle of Man. The United Kingdom’s Financial Conduct Authority regulates Neteller, making certain that the company maintains customer accounts separate from their own operating accounts and that the company at all times has the funds to cover customer deposits.
Before using Neteller, you must first register for a free account at http://www.neteller.com — a site that is available in more than a dozen languages. Keep in mind that, when registering, you must provide detailed personal information, including your address, phone number and birth date. Depending on your location, you may further have to provide your government identification number at this step. Also, you must select your home currency at this point. They currently offer 23, but you may be limited based on your location. For example, Americans can only use U.S. Dollars.
You can fund your Neteller account through a variety of options, such as bank transfers and credit cards. These options, though, may be limited by your region, and they may also include a fee — both from the issuer and from Neteller. However, Neteller does offer a number of free options, including bitcoins and transfers from merchant sites — a directory of which is available on Neteller’s website.
Additionally, each funding option has its own processing time and predefined limit, which you can increase by verifying your identity — if Neteller hasn’t already done this when you registered your account. Verifying your identity may require you to upload a scan of your government-issued ID. You may also have to verify certain funding sources, such as a Visa card.
You can furthermore store funding sources online for future use, and remove them as well.
Neteller provides a wide range of options for withdrawing funds, including bank transfers, checks, and member wires. As with deposits, your options may be limited by region, and they have their own set of fees, limits and processing times. Merchant transfers are free.
You can also transfer money for free to any individual that lives in one of the countries Neteller services. Though beneficiaries will have to sign up for Neteller to receive the money and foreign exchange fees may apply.
Net+ Prepaid MasterCards
You can also withdraw money using the prepaid MasterCard Neteller offers. You can use this card worldwide wherever MasterCard is accepted. However, understand that this is not a credit card. You can only spend up to the amount of funds in your account. Furthermore, various fees apply, such as for shipping and handling, ATM use, and for the cancellation and replacement of cards. Neteller provides two types of MasterCards: a traditional plastic card that you activate online and a virtual card for online shopping. You may create up to 5 virtual cards at any given time, but only the first one is free.
There are various rewards Neteller offers their customers, such as paying you for referring new members — once these members have funded their accounts. They further have a program in which — after you register for it — you earn points for each transaction you make using your account, which you can then redeem for cash, gift cards, and merchandise from their store. They also offer a multilevel VIP program, which is dependent on how much money you spend during the calendar year. Benefits include reduced fees and more expedient service. Finally, for those with a website, blog or a forum, they have an affiliate program.
In addition to providing online payments to individuals, Neteller also provides solutions for businesses. These allow companies to accept payments online, as well as to make instant payouts to their customers. Neteller also offers various forms of fraud protection, including funds indemnification.
Neteller employs various means for keeping customer accounts secure, which include 128-bit encryption technology, 3-D Secure credit card transactions and optional two-step user authentication. On their site they also list a set of best practices for keeping your account safe.
Neteller provides both email and phone support 24/7. However, long-distance charges may apply depending on where you live. They also have a support site that includes an FAQ and a blog.
Neteller charges an Inactive Administration Fee if your account has a balance and you don’t make any kind of transaction for 14 months.