Neteller eWallet Review

Although considered a modern payment solution, Neteller was actually launched in Canada back in 1999, before moving to the Isle of Man in 2004. The e-wallet service is owned and operated by the British global payments company Paysafe Group Plc, who hold an FSA license (ref. 1357) and are regulated / audited by the Financial Services Authority of the UK. Neteller serve a global audience but restrict the use of their services to those in certain regions, including Cuba and China. A full list of excluded countries and those with limited services can be found on their website under Policies and Terms.

You would have likely encountered prominent e-wallets such as PayPal when shopping online, and likely have an account with them for general use. These are secure payment solutions that allow users to funnel various banking options into one, easy-to-access account. This alternative to traditional payment methods, enables customers to transfer funds quickly and discreetly from a single source. Neteller works similarly to PayPal, but features much more commonly on websites that cater for online trade and gambling, making it an e-wallet more suited to business based accounts. They have had 18 years to build their reputation, which means that you will be able to benefit from their long list of acceptable businesses. In addition, they support 200 countries, 22 currencies, 15 languages and over 100 local payment methods. Under their services, Neteller now offer a VIP scheme with generous benefits, as well as affiliate and loyalty programmes. The payment solution provider also offers a prepaid Net+ Plastic Mastercard option, which allows customers the freedom to withdraw money from their account at ATM machines.

How To Sign Up

Setting up an account with Neteller is straightforward. Head to their website and from the side menu select Join for Free. The form you will need to complete is short, taking you through steps to fill in your date of birth, full name, registered address and assigning a currency preference from a long list of supported options on the drop down menu. You’ll want to set this up wisely; Neteller charge a foreign exchange fee of 3.99% to any transaction thereafter that involves changing currencies.

Once you’ve completed these details, you will be assigned an Account ID and able to access your client portal for review of your account and deposit. At this point you’ll want to deposit or link up your banking options in order to verify your account. To do this you’ll need to go to the menu on the left and select Money In.

Payment Solutions & Fees

Neteller provides deposit options that range from popular bank cards, to direct transfers and even links to alternative e-wallet providers. Listed processing fees, ranging from 0 – 8%, will apply and are listed clearly below each option.  

If you choose to deposit through bank card, you will be asked if the payment will be used for the purpose of gambling or non-gambling activities (due to the local gambling laws associated with your region and with the card companies in question). Direct transfer and e-wallet options do not require the same level of policing.

Once you’ve made your payment, further validation will still be required of you to fully authenticate your account for future withdrawals. Head to Money Out and link your bank account, Neteller will then send you a small sum and you will need to check your statement and enter this amount in order to complete your verification. With bank cards there is an extra step: a 4 digit validation code will appear on your bank statement following the initial transaction, and you will have to enter this into your account when prompted.

Once all of this is complete, your account will be ready to use. From this point, whenever you see the Neteller logo listed under banking options when trading online, you will be able to login and process your payment through them. A transaction history of up to 1 year will be stored safely on your account and monthly statements will be issued electronically.

If your account remains inactive for 14 months and carries a balance, Neteller will charge you a $40 administrative fee annually, but will not push you into negative balance.

Access your account anytime and anywhere, either directly through the Neteller website or download and run their free app, suited to most Apple and Android mobile devices.

Feature Services

Neteller offer a few reward programmes to suit their various clients. One of particular interest is the VIP scheme, which works similarly to many brokerage account packages with minimum deposit requirements that then offer capped fees and other benefits.

Customers will naturally advance as they use the service, but will need to be enrolled in the scheme first to do so. Each VIP customer is given a VIP Fraud Guarantee and substantial anniversary reward points credited the same day every year.

VIP Levels

  • BRONZE – $10,000 – $49,999 USD transfer to merchant per calendar year will get you 1,000 anniversary reward points, 1 reward point issued per dollar spent, fixed FX fees of 3.79%, a lower ATM withdrawal fee of 1.75% and a Send Money Fee of just 1% (capped at $10). Daily USD ATM cash withdrawal limit is $1,000.
  • SILVER – $50,000 – $99,000 USD will see an increase to 9,000 anniversary reward points, 3.19% fixed FX fees, 1 additional currency account and a free Net+ Prepaid Mastercard shipping & handling fee.
  • GOLD – $100,000 – $499,999 USD passing through your account in the year will get you significant benefit improvements. A 3,300 USD daily withdrawal limit, 10,000 anniversary reward points, 2.79% fx fees, an ATM withdrawal fee of just €4, a send money fee of 10% capped at $2, 2 additional currency accounts, flexible transaction limits, a dedicated VIP manager, discounted deposits and withdrawals, a guaranteed limit increase and next day payouts.
  • PLATINUM – $500,000 – $999,999 USD per calendar year will see 20,000 anniversary reward points, a $1.25 reward for every dollar spent, 2.39% fx fees, and 3 additional currency accounts.
  • DIAMOND – $1,000,000 + USD passing through your Neteller account each year will bring you 1.29% fx fees, a $1.50 reward for every dollar spent and 50,000 anniversary reward points, on top of the other benefits gained from previous levels.

Neteller also offers two prepaid credit card options free to its members. The Net+ Plastic Prepaid Mastercard requires $8 handling and shipping fee, whilst the Net+ Virtual Prepaid Mastercard is free from the outset. Both cards are offered in 8 currency options including USD, EUR, and GBP, and allow you to make payments online or physically in store (through smartphone apps for the Net+ Virtual) free of charge. The Net+ Plastic Mastercard allows for cash withdrawals at a set 1.75% fee.


The Neteller website has been developed to support customers through a number of technical issues or general concerns. The Support Center has a searchable database of generic queries, with the how-to’s and facts associated with Payments, Security, Prepaid Cards and your Account, divided into neat sub-categories for your perusal. VIPs are assigned a personal account manager to oversee their concerns. A customer care line or email address is listed on the website for a quick resolution to any further issues you may experience.