Sports Betting with Neteller
Neteller is an e-wallet that has been around for quite some time. You can use it for purchases, payments, and other transactions for your bookmaker account. You can use it to transfer funds to and from your bank account. They also allow the transfer of funds from one Neteller account to another.
The company also furnishes its customers with prepaid cards which can be used to withdraw winnings via ATMs. You can say that this e-wallet is one of the most trusted names in the sports betting industry.
Neteller was founded in Canada back in 1999, which means they have been around for quite some time. They moved the company headquarters to the Isle of Man in 2004.
The company achieved a lot of success since their move, becoming one of the most utilized online payment services in the world. They gained a lot of following among punters. Big companies noticed Neteller’s success and they became part of the Skrill Group.
Together with Skrill, Neteller is part of what is known today as the Paysafe Group. We should emphases here that the both Neteller and Skrill are not classified as banks. The FCA rules state that these companies are to place the balance of each account into individual trust accounts. This is a level of protection just in case an account holder would like to make an immediate withdrawal.
Pros and Cons of Using Neteller
In this section we’ll go over the pros and cons of Neteller’s services. They provide good service but of course no company has zero flaws, which is why we have listed a few downsides that you should be aware of.
- Neteller provides added security for your accounts via its 2 way authentication process.
- It features a VIP program that allows users to maintain two different accounts.
- Withdrawal limits as well as deposit limits are pretty high compared to some e-wallets.
- It charges minimal withdrawal fees.
- Customers who use their Net+ MasterCard get instant withdrawals.
- When customers make a deposit on their betting accounts, they are free of charge.
- You can top accounts up instantly.
- Neteller is a widely accepted payment facility. Almost every other bookmaker in the industry make use of its service.
Now for the Cons
- There are some bookmakers who are rather suspicious of clients who sign up with a Neteller account. There have been a good number of instances where arbers and bonus hunters make use of Neteller services – a practice that the industry frowns upon.
- The Net+ MasterCard that comes with your account is definitely a great way to top up your bookie account and it makes things simpler. It also adds a layer of security since you don’t need to enter your bank details every now and then. However, it carries a downside – it has a 10 euro annual fee, which some may feel should come free.
- Another downside is that they it charges you for every transaction with another Neteller account. Again, some would feel that this part of its service should come free.
Neteller has 15 years of industry experience when it comes to providing secure financial services. It has successfully created a secure platform for each one of their customers. Furthermore, it has guaranteed the security of both the customer’s financial and personal information.
The company employs the latest encryption technology to date. It also works with other secure online payment companies by participating in such programs such as the Verified by Visa and MasterCard Securecode programs.
The security check that the Neteller system employs will require each user to enter a pre-defined password. This ensures that no payment is fraudulent.
It also provides the added security with government regulations. For instance, the law requires the company to limit its services to online transactions only. This is according to the guidelines the UK Finance Ministry has set out.
The Finance Ministry laws also require business entities such as Neteller to place each individual customer account in separate bank accounts. That reduces the chances of anyone accessing the entire fund that the company has accumulated. It also makes your withdrawals more secure.
How to Use Neteller?
In this section we’ll look at how you can use the Neteller service to open an account, manage your activities, and withdraw your winnings. We’ll begin with account creation since it’s obvious you can’t use Neteller without opening an account with them.
Creating a Neteller Account
The first thing you need to do is to sign up for an account at the company’s official website, which you will find here: www.neteller.com. To create your account click on “join for free” – it’s on the top right hand corner of the home page.
You will then need to enter your personal information and your financial information as well. Make sure to check if you have the right currency in your setup because you can’t change it later on.
After filling out all the necessary registration forms, your browser will redirect you to another page where you will have to create your Neteller ID. Your ID is a 6 digit combination code – you will use this code to verify every transaction, so it will be a good idea to keep it in a safe place.
Note that after you have created your Neteller account, you will have to go through the verification process. There are several ways to do this. The first one is via your bank account. To do that you need to go to the Account Summary page and click “Register Bank Account.”
You will then be required to enter your bank information. This will include the bank’s name, IBAN, bank account number, SWIFT code, your country, account name, your home address, and other pertinent information.
You will also be required to submit a scanned copy of a utility bill like your gas or power bill. Any bill will do. The important thing is that your address is clearly visible on the bill.
You will also be required to upload a scan of your ID. You can use your passport for identification too if you want. If you do use your passport, make sure to scan both sides. You can also use your driver’s license as your identification. If you have a residency card on hand then you can use that instead.
Withdrawal and deposit transactions will have different fees. Some transactions are actually free of charge. For instance making a deposit via bank transfer is absolutely free but withdrawing your winnings via bank transfer will have a £7.50 transaction fee.
If you deposit via credit card then they will attach a 1.9 to 4.95 percent fee of the total amount. A fast bank transfer on the other hand will only have a 1.5% charge. Receiving payments from other Neteller users is free as well as international bank transfers.
You can also receive payments from Skrill accounts, since those are from a sister company. However, there is a 3% charge to be paid. Payments from Paysafe users on the other hand will carry 7% charge.
The cheapest ways to withdraw your winnings is via Merchant Site and via your Neteller MasterCard, and these have no charges or fees. Member wires will cost you £10.50 and bank drafts will cost you anywhere from £7.50 to £25 depending on terms and conditions.
Early on we mentioned that Neteller has its own MasterCard, which is officially called the Net+ MasterCard. You can use this card to withdraw your winnings, which makes it convenient and it also keeps your bank information intact.
Other than using it for sports betting transactions, you can also use it to make purchases; well, it’s a credit/debit card after all. It will come in handy in case you have winnings stored and a vendor doesn’t accept payments via e-wallets.
If you would like to get one, then you need to click the Net+ Card link on the Neteller website. You will then have to select the currency that you will be using and pay the one-time fee of 10 euros. Note that it will take 21 business days to make your card and get it delivered.
If you tend to play the high roller game and spend thousands of euros then you might as well get a VIP membership, which makes things more convenient. There are 5 VIP member levels which are Bronze, Silver, Gold, Platinum, and Diamond with limits ranging from 10,000 euros to 2 million euros. Take advantage of the different rewards they provide for each tier.
Best Bookies That Accept Neteller
The following are some of the best bookmakers that make use of Neteller’s fund transfer services. Note that we have not placed them in any particular order:
- William Hill – so far the best bookie to date. Deposits are free with 15 euros as the minimum deposit amount.
- Ladbrokes– another great option. Withdrawals here are free of charge.
- 888sport– deposits for this bookie are absolutely free with a minimum deposit amount of £10. Withdrawals are also free of charge.