Apart from being one of the favorite payment systems for users of online casinos, Neteller has many benefits. This e-wallet offers exceptionally advantageous deposit and withdrawal terms, as well as fantastic comfort. Below are a number of reasons to use Neteller for depositing and withdrawing at online casinos with Neteller:
Advantages
- Increased Security
You don't need to give your credit card number to the casino. All transactions between the casino and Neteller and from the casino to Neteller are SSL-encrypted and can be open to two-factor authentication if the feature is turned on in the account settings. - Faster Withdrawals
Unlike withdrawals to bank cards or credit cards, which can take days, Neteller withdrawals are most times completed within 24 hours. - Anonymity
It is said that banks will not look upon customers kindly who make many transactions to online casinos and will, for example, deny them loans. Because these transactions are conducted via Neteller as intermediary, they pass unnoticed to your bank. - Extra Bonuses
A few online casinos which provide Neteller as an alternative reward clients for conducting their transactions via this very medium by providing them with unique bonuses. While not very common, these kinds of bonuses are occasionally bestowed by newly established casinos.
Disadvantages
Although the disadvantages are not so significant, it's essential to be aware of them:
- Unvailable in Certain Countries
For example, American players have no chance to use Neteller in online casinos. Some other excluded countries are Kazakhstan, Iran, Myanmar, Yemen, Togo, and so on. - Deposit and Withdrawal Fees
Fees apply regardless of whether you’re transferring funds from or to a credit card or bank account. These fees should not be confused with casino deposit/withdrawal fees, which are generally not charged.
History of Neteller: Branding and Acquisitions
Neteller was the first electronic wallet in the world. Although the company was originally based in Canada, it later shifted to the Isle of Man. The company floated the same year and raised about $70 million.
Over the years, Neteller made significant acquisitions and underwent several name changes. For instance, it acquired Netbanx Ltd. Later on, the firm changed its name to Neovia Financial PLC. Two years later, it merged business with Optimal Payments and adopted that name.
Its biggest acquisition was when it acquired Skrill. Following this, the company renamed itself to Paysafe Group. The company was initially established as Neteller PLC and kept this name until it was bought by a consortium of The Blackstone Group and CVC Capital Partners. However, the acquisition did not witness the service rename; Paysafe still operated under its name, although it was de-listed from the London Stock Exchange.
Neteller remains one of the company's main products, after Skrill, today. The company also offers other Paysafe services, such as:
- Paysafecard – prepaid payment
- Payolution – e-commerce application
- Fans Entertainment – mobile entertainment service with emphasis on shopping
- Income Access – digital marketing company with affiliate marketing emphasis
Neteller is today one of the most popular payment options in Internet casinos. Due to its heavy presence in the e-wallet market, it has gained the title of the "PayPal of online gaming."
Using Neteller in Internet Casinos
It is easy for most people to make use of Neteller for casino payments online. Having signed up at an Internet casino that supports Neteller, proceed as follows:
- Sign up for a Neteller account. No cost to sign up. Choose your password, preferred currency, and enter personal details.
- Activate your Neteller account by clicking the email link.
- Link Neteller to your bank account or preferred payment method.
- Set Neteller as your payment option at your preferred online casino.
- Enter the amount you wish to deposit and finish the payment.
Note: Even though deposits and withdrawals to/from the casino via Neteller are typically free, you may have fees to pay in order to fund your Neteller account prior to depositing.
Withdrawals are the same. To withdraw, go to the withdrawal page of the casino and select Neteller as the withdrawal method.
Neteller vs. Skrill Comparison
Skrill and Neteller belong to the same parent organization and provide a comparable amount of security and convenience. They are quite similar but vary slightly with deposit methods, fees, and currencies supported.
1. Supported Currencies
- Neteller: 28+
- Skrill: 40+
2. Free Deposit Methods
- Neteller: Local bank deposit (available in some countries)
- Skrill: Location dependent
3. Paid Deposit Methods
- Neteller: 40+ methods; 2.5% fee
- Skrill: Location dependent
4. Withdrawal Options & Fees
- Neteller: 4 methods; 0% – 1.45% fee
- Skrill: 3 options; €5.50 – €7.50 fee
(Note: The mentioned fees are for depositing/withdrawing money to/from your Neteller/Skrill account, not for casino transactions.)
Summary:
- Neteller is supported in more countries and has more deposit options.
- Neteller's deposit and withdrawal charges, however, are generally higher.