Understanding the NETELLER Payment System
*This article was updated January 2019*
When choosing a Forex broker, it’s critical that you do your research and make sure the broker is reputable, reliable and regulated. When it comes to choosing a payment system, the same research should be done, so that you can make sure you’re paying the fewest fees and getting the most reliable and secure service. Following the collapse of Liberty Reserve earlier this year, traders have been more conscious than ever about choosing a payment option, and rightfully so. Fortunately, there are several options, among them NETELLER, a long-standing option that has grown into one of the most reliable and respectable online payment systems in the world. We’ve chosen to do a full NETELLER review to help traders (both new and experienced) decide if this is the right payment processor for them, or to see if there’s a better solution than time-consuming wire transfers or risky credit card transfers.
NETELLER was originally serviced by Optimal Payments Limited which was founded in 1999. It seems that the company has been renamed as Paysafe Financial Services Limited, a wholly owned subsidiary of Paysafe Group PLC. For over a decade, NETELLER has been supplying individuals and commercial enterprises with a secure method of moving money from one place to another in a way that is both quick and easy to execute. Today, NETELLER is one of the world’s largest independent money transfer businesses, processing more than a $1billion worth of transactions each year.
Of specific importance is the fact that Paysafe Group PLC is authorized by the Financial Conduct Authority (FCA) for the issuing of electronic money. NETELLER maintains the highest standards for their services around the world using advanced physical and electronic security measures and Anti-Money Laundering protocols such as 128-bit encryption technology, identity verification and real-time transaction monitoring to ensure total protection from identity theft and fraud.
The company has several branch offices including two in Canada, one in New York and two London offices, as well as offices in Mauritius and Isle of Man.
The NETELLER eWallet or digital wallet is straightforward to set up and is used for both deposits and withdrawals. There are many options for funding the eWallet account, including free debit card deposits, local bank deposits, credit cards, international bank transfers and many other local options.
NETELLER offers low-cost options for depositing money into your eWallet account or into a merchant’s account. Fees for taking out money with one of their withdrawal options or costs for transferring funds to an individual are far below standard charges. Cashing out from a merchant site can be done directly to your eWallet without any charge for the transaction. Transfers from member to member are also free.
With the NETELLER eWallet, payouts are immediate for both personal and business members and with the option to have payments 100 per cent indemnified from customers world-wide, businesses are protected from chargebacks. The transaction limit at NETELLER is $50,000.
One of the biggest advantages of NETELLER is that users can send money to other people or companies who don’t have a NETELLER account. Recipients will receive an email that they have funds waiting and they can access the funds as soon as they open a NETELLER account. There will be no bounced payments or additional fees.
Net+ Prepaid MasterCard
Another transaction option at NETELLER is the Net+ Prepaid MasterCard which looks, acts and functions like a traditional debit card and credit card. The card is linked to the balance in your NETELLER eWallet account. After loading the card with funds, you can make withdrawals at ATMs and purchases at any POS location that accepts MasterCard. There is no annual, monthly or dormancy fees with the Net+ Prepaid MasterCard and no credit checks are required in order to qualify. Because it’s a reloadable prepaid card, you’ll never pay interest, overdraft or late payment fees when you use it and since the card only lets you spend the money available in your account, there is no risk of accumulating debt.
NETELLER is one of the preferred payment methods for Forex traders. The eWallet is available in 13 languages, 19 currencies and offers a host of local options for depositing and withdrawing money online in nearly 200 countries. Together with the Net+ Prepaid MasterCard which uses 8 different currencies--GBP, USD, EUR, CAD, SEK, DKK, AUD and JPY-- transferring funds for Forex trades anywhere in the world is convenient and reliable.
Using your eWallet to accept payouts from individuals or other sites and the Net+ card to instantly access the funds in your account at ATMs worldwide is a great combination for moving money for any reason from wherever you may be.
Making transfer transactions at NETELLER can also be a money-making event. The NETELLER VIP program is based upon the transfer activity in a member's account. There are five VIP levels--Bronze, Silver, Gold, Platinum and Diamond and members are automatically awarded as soon as they reach an activity requirement. A clear table outlining all the relevant information for each account is presented on the NETELLER website.
There is also a Reward Points program where you can earn rewards each time you use your eWallet to move USD or equivalent funds in or out of your eWallet. The points are rewarded according to the VIP account you have signed up for. When you’ve built up your points balance, you can redeem them for electronics, gift cards and even cash credited to your eWallet.
The NETELLER website is well organized and easy to navigate. Information is presented visibly in a manner that invites trust and confidence. A comprehensive FAQ page provides precise explanations of how the NETELLER programs work and how to get started and email, chat support and phone services are available 24/7 to 13 countries. Fast deposits and withdrawals, secure transactions and friendly support make NETELLER a high-quality online payment service for both individuals and businesses.
However, it should be noted that online reviews of NETELLER show that despite the company’s best efforts, some users are still finding the system complicated, or worse, fraudulent. Reports of accounts being closed with money left in the system are prevalent, as are reports of users being forced to wait for withdrawals despite the company’s promise of instant access. This NETELLER review was culled not from personal experience but from researching the company both in its internal workings and its unbiased online reviews. There is no question that a true banking system will be undoubtedly more secure than any other type of money transfer, and one should approach NETELLER with optimism as well as a healthy dose of caution.