neteller brand logo

Neteller Review by Ewallet Specialist

Neteller has been in the digital wallet industry for well over 20 years, with its inception in 1999. Over the years, they’ve worked tirelessly to perfect their service – but have they been successful?

Today, we’re answering that and several other questions about Neteller. Is Neteller any good, and are they secure enough to trust with your hard-earned money? What about their various offerings; what exactly should you ideally be using Neteller for? 

All that and more are answered below.

What is Neteller?

First things first, we need to answer the most basic of questions: what the heck is Neteller, is it safe, and is Neteller a legitimate company? From there, we can dive into the actual review, but first – the simple stuff!

So let’s answer the most simple of questions first – what is Neteller, and why should you care?

Neteller is an e-money transfer service focusing on Peer-to-Peer (P2P) and merchant transactions, forex trading, gambling, and the buying/selling of cryptocurrency.

They’re a U.K.-based company owned by the American PaySafe Group, the owners of several other reputable similar services. As such, Neteller is held to a very high standard. This is because Neteller is regulated by both the U.K.’s Financial Conduct Authority (FCA) and the United States’ Securities and Exchange Commission (SEC), meaning they take the services that they offer very, very seriously.

And that’s a good thing – after all, you don’t want a bunch of jokers watching your money, do you?

Is Neteller Safe?

This is likely the absolute most important aspect of Neteller – their security. Let’s be honest – you’re trusting them with your money, so you need to know that Neteller will keep your funds where they belong, in your wallet.

Luckily, I have some great news – not only is Neteller safe, but they’re actually one of the most secure payment processing services out there. 

They have a proprietary secure payment processing gateway that’s shared between the PaySafe Group (the mother company of Neteller, Skrill, and PaySafe Cash/Card), which is further bolstered by two-factor authentication. And best of all, Neteller requires users to verify their identity if they want to make full use of the platform. This means that you have an extra-secure spot to store funds without worrying about someone making off with your well-earned cash.

Is Neteller Legit?

As mentioned above, Neteller is quite legit. They’re regulated by two of the most widely respected (and feared) governmental bodies in the world (the FCA and SEC) and operate with millions in funding every year. 

However, as always, it never hurts to read through the actual fine print of any services that are handling your money. If you want to get all of the super nitty-gritty details of how Neteller operates, who regulates them, and where they’re based, click here. You’ll be redirected to Neteller’s Terms and Conditions – just be sure to select your country and language in the top righthand corner, as the T&C change by country.

Neteller Review

And now we get into the really important stuff – the actual review of Neteller’s services. We’re going to start with fees and then work our way through the VIP Programme, security measures, and Neteller’s overall pros and cons. 

Now – onward, to the review!

Neteller Fees

First things first, we’ve written up a very detailed breakdown of all of Neteller’s fees, read that on that link if you wish. Otherwise, keep reading, and we’ll get you the most important bits.

There is a full graph in the above article that we linked, but the super simple fees that every Neteller user will encounter are as follows:

  • Neteller Standard users (non-verified, non-VIP) users will always have higher fees and more restricted features than verified and VIP users.
    • All accounts are free to open.
    • Verification costs $5 (you deposit it) unless you connect your EwalletUpgrades (EWU) and Neteller accounts, in which case it’s free to verify.
  • Merchant transactions are free for all Neteller users.
  • P2P transactions are free for Silver VIP and higher users. Get access to Fast Silver VIP with a lower barrier to entry by connecting your EWU and Neteller accounts.
  • Inactive accounts are charged $5 per year after 12 months of inactivity, regardless of verification or VIP status.
  • All (verified) Neteller accounts are multicurrency accounts.
  • Neteller deposits through bank or card transfers are 2.5% for all users.
  • Bank withdrawals are free for Gold VIP users and higher, with a $10 fee for other users.
  • Currency conversion goes from 3.99% (Neteller Standard) to 1.29% (Exclusive VIP).

In short, Neteller’s fees are entirely within the industry norm, with most VIP tiers (including EWU-exclusive Fast Silver VIP) having fees drastically below the norm. Click here to sign up though EWU or link your account.

Neteller Security

As mentioned above, Neteller is one of the most secure platforms on which to send and receive money. They have a state-of-the-art security system, verify all users, and are heavily regulated by governmental bodies to ensure nothing too wacky happens.

And once you add two-factor authentication (we highly encourage this, by the way), Neteller becomes your one-stop-shop for secure and near-instant money transferral.

Neteller VIP Programme

Once again (surprise, surprise) we’ve covered this already. If you’d like to see a full breakdown of the Neteller VIP Programme, click here. Otherwise, we’ll break down the most important bits and bobs for you below.

Here’s what you need to know about the Neteller VIP Programme:

The Neteller VIP Programme consists of five levels:

  1. Bronze: Deposit value required – $6,000
  2. Silver: Deposit value required – $15,000
    • EWU Fast Silver VIP: Deposit value required – $6,000
  3. Gold: Deposit value required – $45,000
  4. Diamond: Deposit value required – $150,000
  5. Exclusive: Deposit value required – $600,000

You gain tiers based on how much you deposit in a three-month period (AKA financial quarter). This is the “deposit value required” mentioned above.

Each tier reduces the fees you pay for various transactions and provides increasing incentives to continue to use Neteller. From Gold VIP and higher, most users have drastically reduced fees (some dropping as much as 2-3%) and free (formerly $10) bank withdrawals.

And all of this is made even easier by connecting your EWU and Neteller accounts. Upon connecting accounts, you’ll gain fast-tracked (12 hours vs 2-5 business days) and free verification, lower VIP requirements, and a number of excellent reductions in fees compared to Neteller Standard/True accounts. Click here to sign up to Neteller or link your account to EwalletUpgrades.

Neteller Pros & Cons 

Pros:

  • One of the most widely-accepted forms of payment for online gambling, forex trading, and cryptocurrency exchange.
  • Highly secure
  • Can still use unverified accounts for rudimentary and highly limited transactions, unlike many other similar services.
  • Wide application across desktop and mobile (Android and iOS).
  • Excellent digital wallet for those in the U.K. and EU/EEA.
    • Widely accepted in a number of countries.
  • Cryptocurrency transactions count towards VIP deposit thresholds.
  • All merchant transactions are free, regardless of VIP or verification status.

Cons: 

  • Long verification process (up to five business days)*
    • *Unless you connect your EWU and Neteller accounts, in which case it would happen within twelve hours. Links your accounts here.
  • Unavailable in the United States
  • Fees for unverified/non-VIP accounts are slightly higher than some similar services, such as Skrill.

The Verdict

All in all, Neteller is an excellent e-wallet service that allows users to send money effortlessly to friends, make merchant transactions free of charge, and use their money in a super-secure and trustworthy service. Whether you’re looking to exchange foreign currency, buy or sell cryptocurrency, or gamble online, Neteller makes it simpler and safer than ever before. 

And if you consistently use Neteller, there are very few services that can beat the VIP benefits on offer. If you want to try out Neteller today, connect your EwalletUpgrades and Neteller accounts to get fast-tracked and free verification, quicker access to VIP tiers, and a number of other handy little features to make your life easier. Complete the 2 steps below to sign up!

We are an approved Neteller partner, which means when you sign up to us we are able to provide you with many benefits that you can see listed below.

  • Get NETELLER fast silver VIP status for FREE
  • Get NETELLER silver VIP for only $6,000
  • FREE Verification (no deposit required!)
  • Priority verification (less than 12 hours!)
  • FREE P2P transfers
  • Discounted 3.19% forex fee (usually 3.99%)

Click the button below to register at Neteller (or skip to step 2 if you are already registered):

Recent Neteller News