Neteller is an online wallet that you can use to make online purchases, payments, money transfers, buy and sell cryptocurrencies. The wallet comes with Neteller virtual MasterCard and physical card. It works almost the same as a bank account.
How Does Neteller Work?
You first need to complete Neteller sign up process. You need to provide your personal details including your country of residence and the currency you would like to open your wallet in. There are 28 different currencies including EUR, USD, AUD, GBP, CAD, INR, etc. You can’t change your currency once you have selected unless you create a new account.
Before finishing Neteller sign up process, you need to confirm a pin code for security, which will be sent via SMS and email using the details provided during the registration. The next step is to verify your identity by uploading your photo, get a selfie or scan of your ID. In normal cases, your account will be verified in less than 24 hours.
Once you have been approved, you can go ahead and order your Net+ prepaid Mastercard or create a Net+ virtual prepaid Mastercard from your Neteller account. You must also set a lifetime limit. This is the maximum amount you can spend on online shopping. You can also start making international money transfers with Neteller. You are able to send money to a bank account or mobile money wallet.
Is there a Neteller virtual credit card? No, your Neteller virtual card is not a credit card or a debit card because you can only spend to the funds that you have deposited in your account.
Neteller prepaid card comes in two forms, Neteller Net+ Mastercard and Net+ virtual MasterCard. Both Neteller Net+ cards are available in USD, EUR and GBP. The following are some of the ways you can use your Neteller prepaid MasterCard and Neteller virtual MasterCard.
- Convenient spending. Spend the money you have in your Neteller account anywhere MasterCard is accepted, which includes withdrawing cash from ATMs around the world.
- Make online payments. You can pay for goods and services online using Neteller virtual card. You will be using the money you have uploaded to your account. You can make payments to merchants who accept your MasterCard.
- Make fast payments. Virtual cards make faster payments and you do not have to wait for several business days to complete a transaction.
Neteller allows you to buy crypto from more than 100 payment methods and 28 currencies into bitcoin and other cryptocurrencies with no additional verification required. You also use Recurring Orders feature that allows you to buy cryptocurrencies every month without having to log on. It is possible to send cryptocurrency to Neteller members using their email address or mobile phone number. You are allowed to keep your cryptocurrencies in your Neteller wallet and earn interest.
When you buy or sell crypto using your Neteller wallet, the transactions count towards the threshold to become Neteller VIP.
How to Add Money to Neteller and How to Withdraw Money from Neteller
How to Add Money to Neteller Account
To be able to make transactions with Neteller, you need to have money in your Neteller wallet. Therefore, you need to add funds to Neteller wallet. You can do so via a bank, credit card, debit card, POLi, BPAY, iDEAL, cryptocurrency, etc. The methods of adding funds to Neteller vary by country.
You can only add funds from a personal bank account in your name. Transfers from other names or business names will be returned. You are also only allowed to add 5 cards from 5 different banks.
How to Withdraw from Neteller
You can withdraw funds from your Neteller account to your bank or mobile money account. For example, with Neteller account in Kenya, you can withdraw funds from Neteller to M-Pesa. You can also withdraw money from Neteller to your Skrill account or another Neteller account.
Is Neteller available in Kenya? Yes, Neteller is available in Kenya. Watch the YouTube video on how to withdraw money from Neteller to Mpesa.
Neteller Card Fees
The first Neteller virtual card is absolutely free. You do not have also to pay an activation fee or shipping fee since it is not a physical card. However, you can add up to 5 more Net+ virtual prepaid MasterCard. Any additional Neteller virtual card costs 3 EUR. Making payments using a different currency attracts a 3.99% fee. Application for your physical card is 10 USD, ATM withdrawal fee is 1.75%, and annual fee is 10 USD.
Neteller Deposit and Withdraw Fees
Neteller deposit fees are 5% regardless of the deposit method. Neteller withdraw option for bank transfer is 10 USD, member wire is 12.75 USD, Skrill is 3.49%.
Neteller Money Transfer Fees
Neteller money transfer fee for sending money for Neteller Standard Account is 1.45%, minimum is USD 0.50. For Neteller TRUE account holders, money transfer is free.
Neteller Crypto Fees
|Crypto Buy / Crypto Sell||Fee|
|Transactions up to USD 19.99||USD 0.99 per transaction|
|Transactions between USD 20 – USD 99.99||USD 1.99 per transaction|
|Transactions above USD 100||1.50 % per transaction|
|Crypto P2P||0.50 % per transaction|
Neteller limits depends on account type, transaction type, currency and region. For example, Neteller virtual prepaid cards have limits that vary depending on whether the card has been verified or not. If your virtual card has not yet been verified, you can only spend a maximum lifetime amount of 520 GBP, 800 USD and 720 EUR. To know limits that apply to your account, log into your account to find out your limits.
Neteller Supported Countries
Does Neteller work in USA? Unfortunately, Neteller is not available in the US. The company left the US market in 2019 due to regulatory issues.
Neteller virtual card countries are over 100, including Australia, India, Nigeria, UK, Kenya, Hong Kong, South Africa, Singapore, Ghana, etc. Below are all supported countries.
|Belarus||Ireland (Rep. Of)||Russian Federation|
|Belgium||Isle of Man||San Marino|
|Bosnia and Herzegovina||Italy||Serbia|
|British Virgin Islands||Kazakhstan||Slovakia|
|Burkina Faso||Korea, South||South Africa|
|Ecuador||Monaco||United Arab Emirates|
Is Neteller Safe?
Neteller is a legitimate company that has been around since 1999. It is authorised by the Financial Conduct Authority in the UK. Neteller holds customers’ funds in a trust account to meet FCA requirements. Moreover, Neteller uses SSL encryption and two-step authentication to protect customers’ data. If you are a Neteller VIP member, you will enjoy a 100 percent fraud guarantee.
Neteller cryptocurrency service is not regulated by the Financial Conduct Authority. Neteller is not a cryptocurrency exchange, it offers crypto services in partnership with crypto exchanges.
There are other virtual cards that may be more beneficial to you based on your specific needs. Neteller alternatives include the following: