Your money in a Neteller account can be used to pay merchants, P2P to other Neteller account holders, or spent at any retailer that accepts MasterCard using the Neteller prepaid card. Using a Neteller account allows you to easily deposit and withdraw your funds to a wide variety of merchants. From Wikipedia, the free encyclopedia Neteller is an e-money transfer service used to transfer money to and from merchants, such as forex trading firms, social networks firms. It can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts. Neteller serviced countries list At the moment Neteller offers its services in 103 countries, dependencies and territories. Be aware that this list is subject to change.

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Neteller is an e-money transfer service used to transfer money to and from merchants, such as forex trading firms, social networks firms. It can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.^[2][3]

It is owned and operated by British global payments company Paysafe Group, alongside former competitor Skrill and prepaid payment method paysafecard.

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History[edit]

Neteller was created in 1999^[1] in Canada and moved to the Isle of Man in 2004.^[4][5] Paysafe Group is listed as an 'Authorised Electronic Money Institution'.^[6]

In 2015, Optimal Payments Plc (now Paysafe Group) finalized a transformational transaction for the global payments industry – the acquisition of Skrill Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.^{[citation needed]}

Neteller is not a bank and does not lend customers' funds. It is required under FCA e-money regulations to maintain customer funds in separate trust accounts, separate from its operating cash, sufficient to repay all customer balances at the same time.^[7]

Online gambling[edit]

Neteller began processing online gambling payments in July 2000, it was processing payments for 85% of the world's gambling merchants. 95% of the firm's revenue at that time was derived from fund transfers to online gaming firms, with many users being U.S. residents.^[8]

Accounts of U.S. users were restricted as the firm exited the United States, and funds were unrestricted after 30 July 2007.^[9] As a result of this enforced exit from the U.S. market, and the risks associated with online gambling, the firm has sought to diversify. Despite this, Neteller fee revenues fell from US$ 239 million in 2006^[10] to about $61 million in 2010.^[11] In June, 2019 NETELLER quit the US market.^{[citation needed]}

High-turnover customers are offered premium membership called 'NETELLER VIP'. It includes additional features and lower fees similar to premium membership of Skrill.^[12]

NETELLER VIP membership benefits also include earning cashback on transfers made using a NETELLER account, increased transfer limits and a free prepaid Mastercard for members with Silver, Gold, Platinum and Diamond VIP status.^[13]

Legal issues surrounding online gambling mean that customers in a range of countries (Albania, Cambodia, Canada, Hong Kong, Israel, Laos, Lebanon, Macau, Singapore, and Turkey) are not permitted to make transfers to gambling merchants.^[14][3]

Product capabilities[edit]

Consumers can sign up for a Neteller account on the company’s website. Accounts may be set up in 26 major currencies.^[15] Money can be loaded into the account from a bank, credit/debit card or via about 40 other methods. These deposit types vary by country and some are instant.^[3]

Money in a Neteller account can be used to pay merchants, sent to other customers of the service, or spent at any retailer that accepts MasterCard using the Neteller prepaid card that is a part of the account.^[16] Money can also be received into the account directly from other merchants with Neteller accounts, merchants such as gambling winnings, insurance payouts or video-gaming trading proceeds. Customers can withdraw funds from their accounts by bank transfer, cheque, or using the company’s Net+ prepaid MasterCard at point-of-sale and automated teller machines.^[15]

Net+ card[edit]

In 2003, the company launched the Neteller Card and a few years later in 2008 the card product line was later rebranded as Net+.^{[citation needed]} Under the Net+ name the company offers MasterCard prepaid debit cards and merchant-brandable card programs, and formerly offered virtual cards. The Net+ virtual card generated a different virtual card number for each transaction instead of having a fixed card number, preventing some forms of fraud. If unauthorised users obtain and try to use card numbers, or if an otherwise legitimate merchant tries to take additional, unauthorised, payments, the transaction fails as the card number cannot be re-used.^[17][18] In November 2016, the Net+ prepaid is only available to residents of authorized European Economic Area and other countries was cancelled without refunding the card fees.^[19]

Sponsorship[edit]

Neteller's logo was displayed on the front of the Crystal Palace Football Club according to the sponsorship deal signed by Optimal Payments PLC (now Paysafe Group) for the 2014/15 and 2015/16 seasons of the English Premier League.^[20]

References[edit]

1. ^ ^ab'Mobile payment methods players can use to play online slots'. UKTN (UK Tech News). Retrieved 2020-05-05.
2. ^'Audited Results for the year ended 31 December 2014'. 23 March 2015. Retrieved 31 March 2015.
3. ^ ^abc'Advantages and Disadvantages of Using Neteller in Forex Industry'. ForexNewbies. Retrieved 31 March 2015.
4. ^'Neteller and Skrill popular among online gamblers'. The Financial Express. 2015-11-18. Retrieved 2020-05-05.
5. ^Reynolds, Bill (1 October 2014). John Lefebvre, Neteller and the Revolution in Online Gambling. ECW Press. pp. 221, 353. ISBN1770905723.
6. ^'Financial Services Register'. Financial Conduct Authority.
7. ^'Safeguarding requirements'. FCA. 29 July 2015. Retrieved 16 February 2018.
8. ^'U.S. Charges Two Founders Of Payment Services Company With Laundering Billions Of Dollars Of Internet Gambling Proceeds'(PDF). United States Attorney for the Southern District of New York. 16 January 2007. Archived from the original(PDF) on 13 August 2012. Retrieved 31 March 2015.
9. ^Hunt, Christopher (29 July 2007). 'Poker News - NETELLER Begins Long-Awaited Payout Plan'. PokerListings. Retrieved 31 March 2015.
10. ^'NETELLER Plc: 2006 Annual Report'(PDF). Neteller PLC. p. 7. Archived from the original(PDF) on 8 October 2007. Retrieved 31 March 2015.
11. ^'Audited Results for the year ended 31 December 2010'. InvestEgate. Retrieved 31 March 2015.
12. ^'NETELLER VIP Program'. Retrieved 31 March 2015.
13. ^'NETELLER VIP'. Retrieved 16 May 2019.
14. ^Williams, Christopher (2007-03-27). 'Canada sticks the boot into Neteller'. The Register. Retrieved 2012-11-04.
15. ^ ^ab'Neteller review'. ewalletbooster.com. Retrieved 16 May 2019.
16. ^'Neteller Review'. PredictEm!. Retrieved 31 March 2015.
17. ^'Neteller launches virtual pre-paid card' (Press release). Finextra. 21 October 2008. Retrieved 1 April 2015.
18. ^'Net+ Prepaid Card Review'. Prepaid365. Retrieved 1 April 2015.
19. ^'Skrill & NETELLER MasterCard not available for NON-SEPA Countries anymore'.
20. ^'Optimal Payments Becomes Official Shirt Sponsor'. Crystal Palace F.C. Official Website. 7 July 2014. Retrieved 31 March 2015.

External links[edit]

• Official website

At the moment Neteller offers its services in 103 countries, dependencies and territories. Be aware that this list is subject to change.

Where To Pay With Neteller

Neteller supported countries list:

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