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Neteller could be said to be an internet based network that functions like a wallet and makes transferring money easier. Neteller is used to transfer money to websites, between individuals or to generate individual debit cards for e.g. a holiday trip. The company behind Neteller has been around since 1999 and goes under the name Neteller Group. It trades on the London AIM exchange and employs a staff of around 800. The program has become especially popular among those who dedicate themselves at online gaming and gambling and who are usually interested in quick and easy ways of getting access to the money they play with.
It is worth noting that Neteller is not a bank and is thus not covered by the usual deposit guarantees, as it is a completely normal company. They are, however, authorised and are under the control of the British counterpart of the Finance Ministry, which means that the company's reliability is seen to be at a very high level. The network offers currency in both US dollars and Euros.
Deposits are made by making a transfer using a credit card, similarly to when you buy something directly online. It is even possible to make a deposit by effecting a normal bank transfer or by using your bank account. The only disadvantage to this is that it can take a little longer than making the deposit online. To transfer money using a card and receiving your money immediately incurs a 1.75% fee, regardless of whether you use a debit or credit card. On the other hand, bank transfers are free, but take between two and five days to complete.
There are several options to get your money paid out, but without doubt, the best way to do so is by using the card offered by Neteller. The card is directly linked to your account and allows you to make withdrawals at cash points or use it to pay for purchases just like any other credit card. If you want to get your funds transferred to your own bank account or withdraw it in cheque form, it takes a little longer. The fees depend on the amount of money you want to withdraw, with a bank transfer to Swedish Kronor costing approximately 65 Kronor.
As the network is built using peer-to-peer technology, users no longer experience long waiting times or exorbitant charges. You are able to directly transfer money to a friend's account, and vice-versa, without paying any transfer fees, unlike normal bank transfers between accounts. As Neteller has become an established company over its lifetime, the majority of the big gaming and betting sites offer Neteller as an alternative when it comes to transferring funds. Which is why those who are into these pastimes are advised to use the service.
Making transactions via Neteller, earns you points. These points can be used in monthly lotteries arranged by the company. Every US dollar you transfer earns you 10 so-called NET points. Taking part in the cheapest lottery costs 1,000 NET points, the next one costs 2,500 points and the third, 5,000. The prizes are set at $500, $1,000 and $3,000, depending on which lottery you entered. Neteller also gives you the chance to earn money if you convince your friends to sign up. The company is highly aware that it is the users who allow them to make a profit, so they are keen on providing rewards for helping them to grow.