NETELLER is an electronic money service that makes it easy to transfer funds via the internet. Once you open a NETELLER account – known as an “e-Wallet” – and deposit money in it, you can easily make and accept payments by moving funds to and from the account.
NETELLER also offers the Net+ Prepaid MasterCard®, which means that you can withdraw cash at ATMs and make point-of-sale payments using the funds in your account.
NETELLER was first established in 1999 and is owned by the UK global payments company, Optimal Payments PLC. It currently handles transactions in over 200 countries.
Currently NETELLER’s biggest competitor is Skrill.
Using NETELLER to manage your betting accounts
NETELLER is an especially popular way of transferring funds to and from online betting accounts. In fact, processing transactions with online betting sites makes up a large percentage of NETELLER’s business.
Having a NETELLER account can make it easier to keep track of your betting activity. Other advantages of using NETELLER to manage your betting funds include ease of use, security and low costs.
Ease of use
Most online bookmakers let you choose from a wide range of payment options. However, not all the options are straightforward. You may be limited to using a specific currency, credit card transactions may require time-consuming pre-authorization and approval and sometimes an option that’s available for making deposits can’t be used for withdrawals.
The main advantage of NETELLER is that it makes it easy to move funds to and from betting accounts. The process is simple and often the transactions are reflected instantly.
You can set up a NETELLER account in any of the major currencies, and deposit funds into the account using a wide range of options – including various types of electronic money transactions, debit or credit card and international bank transfer. You can withdraw funds by making online money transfers, using bank transfers or cheques, or using the Net+ MasterCard card at an ATM or point of sale.
In the UK, most leading bookmakers support NETELLER for both account deposits and withdrawals.
In the UK, NETELLER is subject to the e-money regulations of the Financial Services Authority (FSA). Under these regulations, it’s required to keep enough funds in trust accounts, which are completely separate from its operating cash, to repay all customers’ funds at any given time. At least in theory, this means that keeping funds in a NETELLER account is less risky than keeping them in a standard bank account.
In addition, NETELLER:
- guarantees not to pass personal financial information on to third parties
- uses technologies that include 128-bit encryption, identity verification and real-time transaction monitoring to protect customers’ account information and funds
- uses the 3-D Secure™ security programme provided through Verified by Visa and MasterCard; with Verified by Visa, you have to enter a unique randomly generated PIN each time you make an online credit card payment.
Costs of using NETELLER
Generally the costs of using NETELLER to move funds are lower than other traditional payment and transfer methods.
Opening a NETELLER account is free, as are deposits you make to merchant sites (including online betting sites).
Deposits made using methods such as bank transfer, Maestro Debit Card, Visa Debit, Visa Electron, Euteller, PostePay, Sofort and POLi are free. However, deposits made using Visa or MasterCard credit cards, PaySafeCard and Ukash are subject to fees varying from 0.5% up to 1.75%.
Additional fees apply for transactions that involve currencies other than pound sterling, euros or US dollars. For transactions that involve converting currencies, NETELLER adds a margin of 2.5% to the average daily interbank market rate.
High-turnover customers are awarded so-called “VIP” status and qualify for lower fees on various transactions.
Many “clued up” punters open betting accounts with several different bookmakers. There are some good reasons to do this. First, you typically qualify for a free bet whenever you sign up for a new account. Some of the leading bookmakers’ sign-up offers are extremely generous. You can’t have more than one account with a single bookmaker, but there’s nothing to stop you from opening accounts with different bookmakers and securing free bet money from each of them. Second, having several accounts means you can compare prices, so you’ll have a better chance of spotting value in the betting markets on offer.
The downside is that especially if you’re dealing with multiple betting accounts, it can be difficult to keep tabs on exactly what you’re spending (or what you’re winning). In turn, this makes it difficult to stick to a budget or to manage your betting activity overall.
Using a single NETELLER account to manage all your betting transactions is one way of keeping track. You can deposit just the amount you’re willing and able to spend on betting so that you don’t risk eating into funds you need for other things. You can also transfer any winnings from your betting accounts back into your NETELLER account.
How to open a NETELLER account
To open a NETELLER account, you take these steps:
- access the NETELLER site and click Join for free
- specify your e-mail address, country and desired currency
- enter your name, address details, a password and the answers to three security questions, and click Confirm to accept NETELLER’s terms and conditions
- complete the process by confirming the details.
Before using the account, you need to deposit funds in it.
How to use NETELLER to deposit funds in a betting account
Once you’ve chosen the option to deposit funds into a betting account you have with an online bookmaker, you’ll be given the choice of a range of payment methods – if e-wallet payments are accepted, NETELLER will be one of these.
After choosing NETELLER, you’ll be prompted to enter your e-mail address. This must be the same as the e-mail address you register with NETELLER.
You specify how much you want to deposit and, once you click the Deposit Funds (or similarly named) option, you’ll be taken to a NETELLER screen.
If you already have a NETELLER account, you enter the account password and a security number that’s displayed onscreen, and click Login. Next you’ll be prompted to choose whether the funds must be taken from your NETELLER account or another payment source you’ve registered with NETELLER. Once you’ve done this, you click Confirm and the amount you specified will be deposited in your betting account. There’s no delay in the process – typically the amount you’ve deposited shows up straight away.
If you don't already have a NETELLER account, you’ll be prompted to register for one before the transaction can be completed.
How to use NETELLER to withdraw funds from a betting account
Note that bookmakers may place various restrictions and conditions on what you can withdraw and when. They may also subject withdrawals to security checks that result in the funds being held for up to 24 hours, instead of reflecting in your NETELLER account immediately.
Generally, you need to register your betting account with NETELLER when you make a deposit into the betting account.
After you’ve done this, you can move winnings out of the betting account and into your NETELLER account simply by:
- on the betting site, choosing the option to withdraw funds
- choosing NETELLER as the payment method
- specifying how much to withdraw
- confirming by choosing the Withdraw Funds (or similarly named) option.