NETELLER — still a popular e-wallet for gamers or suspicious company with questionable customer service?

What is NETELLER?

It is an e-money transfer service popularly used in gaming and trading communities to process online money transfers to merchants. NETELLER was founded in 1999; it is owned and operated by a British global payments company Paysafe Group.

What distinguishes NETELLER from its "big brother" Skrill?

Skrill and NETELLER are recognized digital wallets by the Paysafe group. We could debate which service edges out the other, but ultimately it is the customers who decide which service is more usable and better at meeting their requirements. This review is meant to explain all that users need to know about NETELLER to assess whether it is for you or not.

Millions of customers use NETELLER to send and receive money instantly in over 200 countries and shop conveniently on thousands of sites. With many online and offline withdrawal and payment options, they also have instant access to their money at millions of point-of-sale, ATM, and online locations. NETELLER e-wallet offers P2P transactions with different fees for local and international transfers.   

NETELLER appears as a convenient service to deposit and cash out from merchants or send money to friends. But, at the same time, there are numerous complaints from real users who are disappointed and confused by their money's sudden freezing. It's a fact that NETELLER may randomly block accounts and transactions or freeze funds, which is an unpleasant surprise for users. Some customers highlighted that they tried using the NETELLER prepaid Mastercard in a foreign country's ATM, and their accounts were frozen for some period of time.

As a regular customer, you can reach the support team only via email, which usually takes 3-5 business days. Whereas, VIP users can access their personal manager via VIP chat. There were cases where users had to wait for a few weeks to get their accounts unfrozen and get access to their funds. Additionally, people may experience problems with unusual transactions and sudden account freezing and delays in the resolution of queries.

NETELLER may be the right solution for your gaming or trading needs, but you should carefully review NETELLER fees. It would be good if you read NETELLER's terms of use before becoming their user.

NETELLER business account

Depending on the location, businesses can enjoy over 100 payment options with a single integration. With NETELLER, they can access a range of payment types in over 25 currencies in over 200 countries and avail of great benefits such as affordable payouts, merchant showcase and directory, etc. 

Other NETELLER Products and Services

Net+ Prepaid MasterCard: Consumers can buy securely online, in person, and withdraw cash

Money Transfer: Easy way to transfer money around the globe

Is NETELLER safe? 

NETELLER operates under Financial Conduct Authority license and duly follows all standards of the European Economic Area. NETELLER is required to keep its clients' money in separate trust accounts. Also, it must maintain enough funds to reimburse the balances of its users at the same time. 

The service uses cutting-edge anti-fraud tools, SSL encryption, and two-step authentication methods to ensure the safety of the e-wallets. It also offers 100 percent fraud protection for its VIP members. But, the service may annoy and create unwanted troubles for its customers.

There's also a pitfall: NETELLER allows users to receive money without identity verification. Users must verify their identities to manage their funds. For some countries, this process may not be as simple as it is supposed to be. Therefore, please keep this in mind before starting using this e-Wallet and carefully read the policies applicable to your country.

What can I use NETELLER for?

NETELLER  is mainly popular for online sports, online gaming and trading activities. It provides free direct deposits to all popular gaming merchants. It is easy to find a gaming site or Forex broker that accepts NETELLER as a valid payment method because their websites prominently display the service's logo. You can find detailed information about fees, limits, deposits and withdrawal methods here. 

The main advantage of using a NETELLER wallet over Skrill or PayPal is its funding method. While the after options allow account funding primarily through credit card or bank transfer, NETELLER users have various payment methods to fund their e-wallets, including Skrill and bitcoins. However, you should check the accompanying transferring fee before selecting an option.

Please read the rules carefully here before choosing a payment method or requesting a refund.

VIP Program

The VIP program of NETELLER has five levels corresponding to various statuses. Each status reduces the transaction limits and lowers the conversion fee along with varying levels of customer assistance. 

However, starting from 16 November 2020, NETELLER has introduced new levels with corresponding quarterly targets.

Hidden fees and charges

The blunt truth about hidden fees is that most e-money services are making huge profits in the name of “free services,” and they will continue to do it because many customers tolerate it as a necessary part of the financial exchange. 

I would like to lift the lid on some of the fees that you may unexpectedly get charged for using the NETELLER e-wallet.

In general, there are no hidden fees, but customers should be aware of:

• Account maintenance fee charged after twelve months of inactivity
• Currency conversion fee
• Charges applicable on some payment methods
• An administration fee (up to 25 USD) is charged on reclaiming funds sent to the wrong account

Please read the rules carefully here before choosing a payment method or requesting a refund.

Conclusion

Overall, NETELLER performs “average” in terms of user score. It may win on transfer speed, security, multi-currency capabilities, and a wide range of deposit & withdrawal options, but it clearly does not have an edge on costs, rewards/discounts, customer support, and ease of use in a foreign country.

If you are considering using it I strongly advise checking the fees applicable in your country to avoid paying high fees on some payment methods. It is one of the preferred banking methods for games and traders due to broader merchant acceptance, but it may not be an inexpensive option in many locations. Still, it's up to you to select its services depending on your personal or business needs.