Neteller is a popular online wallet, which is sometimes known as an electronic wallet or e-wallet.
You can use this electronic wallets to store, send and receive funds. The Moneybooker also supports multiple currencies, so you can choose the currency you want to use.
However, what is Neteller and how does it work exactly?
Well keep reading because we have put this guide together covering everything you need to know – including how to use it and how it could be useful for you.
Let’s get started!
What is Neteller?
Neteller was first founded back in 1999 in Canada, so they have been in the industry for a fairly long time.
Today the company is operated and owned by the British firm Paysafe Financial Services Limited. Paysafe Financial Services Limited itself is a fully-owned subsidiary of the Paysafe Group Limited.
Besides Neteller, the Paysafe Group also owns its former rival Skrill which is another form of e-wallet.
Originally Neteller started out by processing payments from online gambling sites. However, they have now grown to provide individuals and businesses with a new way to deal with payments online.
Now millions of customers worldwide can use it to send and receive money. Which is great for customers who live in countries where traditional banking facilities may not be available.
How Does Neteller Work?
To use Neteller, you’ll need to sign up for a free account. This can be set up in just a few minutes.
Once this has been created you’ll be able to deposit money to your account via a wide range of payment methods. When the funds are showing in your account you’ll be able to buy, send, withdraw and make payments securely online.
You can really use Neteller as your own personal e-wallet for any situation, because it is completely online and borderless, you can receive and send money instantly to anyone around the world.
Importantly, the person you’re sending money to does not need a Neteller account themselves in order to receive the money. They just need to give you their email address from which they can receive the funds.
Because the Moneybooker can be used to transfer money internationally, users currently have access to more than 22 foreign currencies that are supported on the website.
Many online retailers and forex brokers also accept Neteller as an official payment method on their platforms. So if you’re interested in online trading or shopping, Neteller is ideal to use as an electronic wallet.
What are Neteller Benefits?
It’s always worth knowing how you could benefit from using an e-wallet, so let’s take a closer look now. Advantages:
- Security– Neteller uses the latest technology and anti fraud software to ensure that all payments are kept fully secure. Users can be reassured that their e-wallets are safe to use online.
- Freedom– being a digital e-wallet, users can make payments and access their accounts from any location. All is needed is an internet or data connection.
- Practicality– Because you can send money to anyone, anywhere makes Neteller very practical to use. The fact the recipient just needs an email address to receive the money is useful!
- Currencies– Because it supports more than 22 foreign currencies, users can easily transfer money internationally.
- Speed– If you want to use Neteller for an online trading account, receiving withdrawals/deposits via brokers are much faster than say credit cards. Normally deposits with e-wallets are processed instantly and withdrawals within 24 hours.
Like most financial products, using Neteller’s services does come with some fees that you should be aware of.
These are some of the fees you could expect:
Withdrawal Fees– there’s a fee charged if you withdraw money from your Neteller account. However, it depends on the payment method you want the withdrawal sent to. For instance, a bank transfer costs $10.
If you withdraw money to a merchant site, e.g. a forex broker platform, no withdrawal fee is charged.
Deposit Fees– Depositing money also comes with a small fee, but like the withdrawals, the amount varies.
If you deposit more than $20.000 there is no fee, but if the deposit amount is less than $20,000 then a fee of 2.5% will be charged.
Account Fees– There are no admin fees charged to use an account. However, if your account is inactive (without a login) for more than 12 months an inactivity fee will be charged.
Currency Conversion Fees– For any money transfers abroad, Neteller charges a foreign exchange fee of 3.99% to any currency conversions.
However, Neteller provides fair exchange rates by using OANDA which offers competitive market rates.
In regard to these fees, we would always recommend checking the fee overview on the official Neteller website for a complete list of fees by country.
How safe is Neteller?
This is a key question to answer, as keeping your money secure online is vital.
We can reassure you that Neteller is a fully legit e-wallet provider and safe to use.
When we checked their regulation credentials, Neteller’s owner Paysafe Financial Services Limited, is regulated by the Financial Conduct Authority (FCA).
Currently they hold an up to date licence from the FCA (FRN900015), which means that the Moneybooker can offer digital financial services.
The UK based FCA, monitors and regulated financial companies. They also make sure that they follow strict rules put in place to protect clients from scams and fraud.
For instance, Neteller must let customers withdraw their money, as well as keep funds in customer’s accounts segregated from the business.
The FCA monitors financial companies to make sure that they follow strict rules put in place to protect clients from scams and fraud.
Besides this, because Neteller is such a large company with millions of customers, they use secure SSL encryption and 2-step authentication to protect all e-wallets.
How to trade cryptocurrency on Neteller
One last point to mention is that it’s possible to buy or sell an interest in cryptocurrency. Because it’s an e-wallet, you can purchase and sell various cryptos instantly via your account.
Cryptos available to buy an interest in include Bitcoin, EOS, Bitcoin Cash, Ether, Litecoin, Stellar, and Ripple.
So how to trade cryptocurrency on Neteller?
To get started, all users can exchange their balance, (USD, GBP, EUR) for their chosen cryptocurrency.
It’s important though to remember that you’re only exchanging between the currency of your Neteller wallet and the selected cryptocurrency. You cannot deposit, withdraw or send crypto directly to the e-wallet.