NETELLER is a popular e-wallet used to move money between online gambling sites. It’s an accepted method of deposit and withdrawal at nearly all UK facing bingo sites including our favourite bingo.bet365.com. The reasons we suggest Bet365 is they’re the 7th largest private company in the UK and have an 84.4% stake in the Barclays Premier League football team the Stoke City Potters. It’s rare a company of such prestige offers a generous bingo bonus, but Bet365 is an exception. Their offer is purchase £5 in bingo tickets and get £25 free which is a cash bonus that can be cashed out after rollover is met.
As mentioned, NETELLER is accepted at virtually every UK bingo site. If you understand how NETELLER works this might seem trivial considering most websites offering real money bingo also accept credit cards and UK issued cards generally carry no gambling restrictions. So why NETELLER? The simplest reason is privacy.
Consider this scenario: you’re a frequent gambler and over a period of time make dozens of small deposits to gambling sites using the debit card connected to your home bank. Then you’re applying for a rental lease, car loan, mortgage or for some other reason are asked for a copy of your bank statements. Do you want a non-gambler with a bias deciding on your loan after seeing the names of gambling sites all over your ledger? If you’re like me, the answer is a clear no. So with that said let me cover “what is Neteller” in depth.
What is NETELLER?
NETeller is an online financial service that makes it possible for online bingo players to move their money from the bank or credit/debit card into their online bingo account without actually giving the bingo site their personal information or access to any banking accounts.
How do you use NETeller
NETeller makes using their service pretty simple. The first thing you’ll need to do is visit www.neteller.com and sign up for an account. Then follow the instructions there to verify your account. This involves receiving a small (pennies) deposit into your checking account, and then verifying the amount of that deposit. This process can take a couple of days, which is a pain, but outside of that; the process is really very easy.
To break it down simply: there are three different NETeller products. The first is the NETELLER eWallet. The eWallet is an online account a lot like PayPal, or even like your own checking account. Your money is stored and accessible online. You can see your balance, and can easily move your money around the Internet.
With NETeller, you can’t send checks to your landlord using online bill pay, but you can access your money, and send it throughout 180 countries. You can use your funds to buy things, pay merchants, and send funds to other NETeller members.
Net+ Prepaid MasterCard®
Again, just like your own bank account, you can apply for a debit card. In this case, a MasterCard debit card that you can also use to deposit to online bingo sites. Instead of choosing the NETELLER option when you visit the cashier window, you’ll choose the credit card option. Here you use your NETeller debit just like you’d use any debit or credit card.
Bingo players can also use their NETeller card to pay for groceries with their bingo winnings, or any monies in their NETeller accounts. It can be used petrol station, or anywhere in the entire world that the MasterCard is accepted.
How long do NETeller Deposits take to Credit?
NETeller works as an instant deposit method with the use of InstaCash which utilizes either a debit/credit card or money already in your NETeller account. Transferring money from your regular bank account into your NETeller account takes a few days.
Once the money is available in your NETeller account, you can use that money to make deposits online at your favourite bingo site. You can also use it at several other businesses, online casinos, and other sites that accept NETeller transactions.
Making a Withdrawal Using NETeller
NETeller is also a withdrawal method. To process withdrawals using NETeller, bingo players simply visit the bingo sites cashier and then request the withdrawal using their NETeller account. In some cases, the bingo site will charge a fee for processing the withdrawal. There may also be minimum and maximum withdrawal amounts with each deposit and withdrawal method. Additionally, some bingo sites may not let players use NETeller as a withdrawal method if they haven’t used it as a deposit method.
Getting Your Money from NETeller into Your Hands
Once you’ve received your bingo winnings in your NETeller account, you’re going to want to have actual access to real cash. There are a few ways in which this can be accomplished.
The simplest and fastest way to receive monies from NETeller is with a NETeller ATM card. Just like when you use PayPal as a deposit and withdrawal method, you can apply for the NETeller ATM card. Once approved, you can use the card at any ATM machine that accepts it. The NETeller ATM card is simply an ATM card, or debit card, with the MasterCard logo just like as PayPal’s MasterCard debit card.
Other ways to receive payments from NETeller are:
- Request an EFT payment ( 2-day Transfer to your bank)
- Request a Bank Wire (7-day Transfer to your bank)
- Request a check in the mail
- Request a check via FedEx
There are fees for each of the above withdrawal methods. These range from ATM fees when the card is used, to wiring fee’s, and even fees for receiving checks in the mail. Make sure you’re familiar with these before you choose to make that initial withdrawal. For instance, a check cost €7.5 and if you request it via FedEx there’s an addition €25.00 fee. Obviously this isn’t worth it for small amounts.
NETeller Comps, Perks, and Rewards
NETeller offers the NETPoints program to account holders that use the service to send and receive cash online. For every $1 that you transfer using your NETeller account, you earn 10 NETPoints. The points can then be used to enter drawings for real money prizes, like $10,000.00 that the company gives away each quarter. That’s a pretty great prize, however, it’s not a half bad idea to grab a pen, and tell NETeller we’d rather they lower their withdrawal fee’s for all of us, then award that one $10k prize every 4 months.
Is my money safe in a NETeller Account?
NETELLER has been processing gambling payments since July 2000. Years ago their competitor PayPal was not the same company it is today. Originally PayPal was heavily used for porn and gambling. It was after they were purchased by eBay in 2002 this began to change. With legal trouble shortly later PayPal for a period stopped dealing in gambling all together. This was a big break for NETELLER! Through the boost in business from PayPal leaving the market, and a series of acquisitions, NETELLER became the internet’s most popular gambling ewallet accepted at over 80% of the world’s gambling sites.
NETELLER has maintained their market share over the years, for reason quite honestly this is a very solid company. They’ve been publically traded on the London Stock Exchange for years, and have been in the financial business since 1999. In addition to being a publically traded company, NETeller, is regulated by the Financial Services Authority (FSA) in the United Kingdom. The FSA requires all funds deposited to their site be held in segregated accounts separate from operating expense. Our opinion is: yes, funds deposited in NETELLER are safe.
NETeller VS PayPal Head to Head
PayPal is once again an option for depositing at online bingo sites. As we’ve mentioned above, NETeller offers a very similar service to that of PayPal. Both companies will store your money online, both allow you to make deposits and withdrawals to and from online bingo accounts. Both NETeller and PayPal will allow users to send money back and forth to friends and family. So wondering which you should choose?
We’d love to say they’re both great, and they actually are both great as far as what’s available. Now let’s figure out which is better, for you, the online bingo player, located wherever you are, and wanting to play where you want to play.
In most cases, it costs money to get your money from NETeller, even if you choose the deposit method that takes the longest, you’re looking at paying €7.5. You can get your money out of your PayPal account for free.
So chalk one up for PayPal.
NETeller is accepted more gambling sites than PayPal
NETeller is in the business of online gaming and they know it. Because of this, sites like NETeller and Skrill are much more available to online gambling companies. The eWallet’s are accepted at dozens of online bingo sites, whereas PayPal is only accepted at UK bingo sites such as Wink Bingo and 888Ladies.
PayPal charges to receive money from friends NETeller does not.
It’s free to send money to your friends and family with both NETeller and PayPal. However, it’s only free to receive money when using NETeller. It’s not free to receive money using PayPal; in fact, it costs 3.4% + €0.35 to receive money from friends on PayPal.
PayPal Charges more than NETeller to Convert Currency
Converting currency using PayPal is very simple, but it can cost bingo players, and anyone using PayPal accounts more than they realise they’re paying to convert money into other countries’ currencies. The cost for currency conversion at PayPal, depends on the country, currency and purchase price. There are all sorts of hidden fees such as cross border transaction fees, and the biggest is PayPal using their own poor exchange rates. All said and done, it ranges from 2.9% (GBP to EUR) to 8.9% and this latter figure is the most common outside GBP to EUR and EUR to GBB. The cost to convert currency at NETeller is 2.5%. Neteller wins in this department by a considerable margin.