According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- 180 countries
- 2.5%
Currencies:
- 28 currencies
cryptocurrencies:
- Yes
Our Evaluation of Neteller
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Brief Look at Neteller
Neteller is a British e-money system that enjoys high demand for online financial transactions: money transfers, making deposits for trading, gaming and also payment of utility bills, etc. The service gained popularity thanks to instant transactions and reliable personal information security. Today, millions of people from over 200 countries use Neteller. In this review, you will learn about the deposit/withdrawal methods on Neteller and the fees, as well as pros and cons of using this electronic payment system.
- Multilingual interface. Users from many countries all across the world use this electronic payment system. The company works both with private individuals and legal entities, offers interesting business solutions;
- Passive income options. The company offers an interesting affiliate program;
- High reliability and security level.The platform cares about the security of user data and funds: there is two-factor authentication, and a code for confirming transactions;
- Wide functionality. You can schedule payments and perform transactions automatically in this electronic payment system. Many financial companies are working with Neteller, offering the system as an available method of payment (Forex brokers, CFD, binary options brokers, betting and investment officers, casinos, etc.). Many online stores also accept Neteller as a payment method.
- Rather high internal fees (the exchange fees amount to 1.45% of the transfer amount), and there is also the service fee for inactive accounts;
- It is impossible to open a multi-currency account (only users of the bonus program can open an account in additional currency);
- If you refuse to verify your account, the functionality will be limited and limits inside the system will apply.
TU Expert Advice
Author, Financial Expert at Traders Union
Neteller offers a wide array of financial transactions, including money transfers, deposits for trading, and utility bill payments, across 28 supported currencies. The platform boasts a multi-currency account, deposit insurance, and savings options, alongside a multilingual interface and support for cryptocurrencies. It provides additional benefits such as an affiliate program for passive income and high-security measures, catering to both individual and business clients.
However, Neteller has its drawbacks, such as high internal fees and limited features for unverified users. The Net+ card is only available for residents of certain European Economic Area countries. While its fast and secure transactions make Neteller suitable for frequent online money movers, high fees may not appeal to cost-sensitive users.
Neteller Summary
Via Neteller's secure website. Your capital is at risk.
| 💼 Main types of accounts: | Personal Accounts |
|---|---|
| 💱 Multi-currency account: | 27 supported currencies |
| Deposit terms and conditions: | All main methods are available |
| Loan terms and conditions: | Deposit options and withdrawal options |
| ☂ Deposit insurance: |
2.99% (min. USD 0.5) for transfers inside the system. Up to 4.99% for international transfers. |
| 👛️ Savings options: | HOT OFFERS and loyalty programme |
| Types of payment: | Transfers to a bank account, debit/credit card, electronic payment systems, digital currencies, exchanges |
| ➕ Additional features: | Bonuses/Special offers |
Neteller supports more than 75 payment methods for depositing with a fee of 2.5%. To withdraw funds from the Neteller you can use a bank account, cards, electronic systems, and websites that work with the system. Fees vary depending on the selected payment channel and account type — Standard, True, and VIP.
Money can be sent to any Neteller user by phone number or email address. You can also transfer funds to bank accounts around the world. There are no fees for international transfers, so the sender of funds pays only a currency conversion fee. Receiving funds on Neteller is always free.
The Neteller Personal Account owner can buy and sell cryptocurrencies, as well as transfer them to other users of the system. The minimum purchase amount is $1. Also, owners of verified Neteller Personal Accounts from EEA countries can receive a prepaid Net+ Prepaid Mastercard. It can be used to withdraw cash from any ATM and make purchases in over 35 million stores around the world.
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Neteller Commissions & Fees
For deposits from USD 20,000 (or an equivalent), the fee is not charged. In all other cases, the deposit fee is 2.50%.
As for withdrawal, everything depends on the chosen method. For example, the fee for transfers to Skrill is 3.49% of the amount, and if you use Visa – from 0 to 7.5% (the same fee is applied for MasterCard).
The following fees are charged for transfers:
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Depending on the account level: 2.99% + USD 0.50 for NETELLER Standard, and 1.45% + 0.50% for NETELLER True;
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For international transfers: up to 4.99%;
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For sending funds to other users of Neteller: 2.99% (min. USD 0.50). Receipt of money is always free;
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For currency exchange, the system charges a 4.49% fee plus the average statistical rate of the interbank market (for VIP participants it is only 1%).
Traders Union also compared Neteller’s fees with similar types of fees on other e-payment systems.
| FastSpring | 2Checkout | Neteller | |
| Payment commission | 5.9% + $0.95 | 3.5% + 0.35$, 4.5% + 0.45$ or 6% + 0.60$ per transaction | 2.99%, min USD 0.50 |
| Deposit commission | 2% (max $20) | Depending on the payment method | 2,5% |
| Withdrawal commission | $5 | Depending on the payment method | 0%-3.99%, Bank Transfer - 10$ |
| Commission for international transfers | 8.9% | Depending on the payment method | Up to 4.99% |
Neteller is owned by Paysafe Financial Services Limited, which is a part of UK-based Paysafe Group. The company’s headquarters are located at: 7 Floor, 25-27 Canada Square, London E14 5LQ, United Kingdom. The reference number of the official legal entity registration is 4478861. It is authorized by the Financial Conduct Authority under the Electronic Money Regulations. The check showed that the license FRN: 900015 is valid.
The company takes care of the security of user funds. You can turn on two-factor authentication and also set a personal code for confirming financial transactions. Other security measures of the payment system include:
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Regular monitoring of accounts and account blocking for attempting fraud;
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Encrypted data. The information in the rooms is transferred to the system automatically and you are not even required to specify your account number, only your password, which is sent encrypted, and your email.
Investment Options
Neteller offers its customers the opportunity to get a prepaid card that offers a quick and one of the most affordable methods of withdrawal of electronic money. You can order the Net+ Card that will be automatically linked to your account. Due to legislative requirements, only clients residing in the European Economic Area (EEA) countries can obtain the card.
The residents of authorized European Economic Area (EEA) countries can order a virtual or physical Net+ Card. For the physical card, you will have to pay slightly over USD 10 (for registration and delivery). Also, whenever there is a transaction between different currencies, a user will have to pay a 3.99% currency exchange fee. The withdrawal fee is 1.75%. If you use your card to pay online, no fee will be charged (provided that no currency exchange is required). The limits for using the card include up to 10 withdrawals per day, and up to USD 1,000 one-time withdrawal limit. There is also a limit for cashless purchases: up to 50 transactions or USD 3,000 per day. You can get your virtual card for free, but keep in mind that you will only be able to use it for online purchases and payments. The daily limit is USD 200.
In order to order a card, you need to log into the payment system, find Net+ Card section in your Personal Area and click Get a Virtual Card or Get a Physical Card.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Contacts
| Foundation date | 1999 |
|---|---|
| Regulation |
Central Bank of Ireland
Licence number: C184986 |
Comparison of Neteller with other e-payment systems
| Neteller | Volet.com | Payeer | Skrill | Remitly | PayPal | |
| Supported Countries | 180 countries | 150 countries | 127 countries | 200 countries | Most developed countries | All developed countries |
| Supported Currencies | 28 currencies | 9 currencies (USD, EUR, GBP, RUB, BRL, TRY, UAH, KZT, VND) | 3 fiat currencies (USD, EUR, and RUB) and most cryptocurrencies | 40 currencies | Most currencies | USD, EUR, GBP and 22 other currencies |
| Support for cryptocurrencies | Yes | Yes | Yes | Yes (deposit) | Yes | Yes |
| Subscription fee | 2.5% | No, only transaction fees | No, transaction fees only | No, only transaction fees | No | No |
| Payment acceptance equipment | Yes, Net+ Cards | No, only software | No, online only | No, only online | $2.99 + 0.5% of the amount for the Economy or 1.5% of the amount for the Express option | Upon receipt of payment/transfer, depend on the region |
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