Neteller provides prepaid Mastercards, money transfers and online payments all in one – but is it worth the cost?
We look at Neteller’s range of features, the Net+ prepaid Mastercard, and the fees and limits of using a Neteller account to help you decide if it’s the right product for you.
James Edwards is a personal finance and cryptocurrency writer for Finder. He has qualifications in both psychology and UX design, which drives his interest in fintech and the exciting ways in which technology can help us take better control of our money. His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think.
How does Neteller work in Ireland?
Neteller is an online payments service that focuses on enabling secure purchases, by limiting how much personal information is shared each time a purchase is made.
You can pay for things online wherever Neteller is accepted as a payments option (similar to PayPal), or by using a virtual or physical Neteller prepaid debit card. By using a prepaid debit card, users can protect their bank account card details when shopping online, instead of sharing their bank card details on every purchase.
Neteller offers two prepaid card options:
Net+ Prepaid Mastercard
Net+ Virtual Prepaid Mastercard
Users can link their Neteller account to an existing bank account or debit card for quick and easy payments, or top up their account manually in a number of ways, including BPAY, POLi, Visa, Mastercard, bank deposit and a vast number of other online payment portals.
In addition, Neteller lets you send money abroad to more than 180 countries in over 20 currencies, and buy and sell cryptocurrency. There is also an app which mirrors the services available on the website.
What are the key features of Neteller?
Online payments. Users can pay at online checkouts with only an email address and password. The goal here is to use your account for payments, instead of a debit or credit card, which can make for a more secure online experience. You can think of this as similar to PayPal, where you select “Neteller” as the payment method at the checkout instead of Mastercard, Visa, PayPal, direct deposit etc.
Offered in three currencies. Euros, US dollars and pound Sterling.
Card options. Neteller offers two prepaid card options to allow you to shop privately online, without having to reveal your everyday bank card details each time you make a purchase.
Neteller app. This mirrors the services available on the website.
Make international payments. Neteller lets you send money abroad to over 180 countries in over 20 currencies, either through the Neteller platform directly to other Neteller accounts or through partner service Skrill. Sending money to another Neteller account is straightforward and only requires the recipient’s email address. The regular fee for sending money is 1.45% with a minimum of US $0.50. However a higher one-time fee of 20% of a minimum US $30 may apply if you haven’t made any deposits to your account, or only via certain deposit methods (Skrill, paysafecard, Neosurf, Qiwi or BitPay).
Buy and sell cryptocurrency. You can trade cryptocurrency directly from the Neteller website. The service supports 28 fiat currencies which can be traded for Bitcoin, Bitcoin Cash, EOS, Ether, Ethereum Classic, Litecoin, XLM, XRP and 0x at the time of writing. Exchange rates are determined by Neteller, so it is advisable to research how these rates stack up the competition, such as those found on peer to peer cryptocurrency exchanges.
Rewards. You’ll be eligible for a range of rewards at online gambling, forex and cryptocurrency retailers listed under Neteller’s “showcase” page.
Fees and limits
Neteller Net+ Prepaid Mastercard
The Net+ physical Mastercard costs an annual fee of €8 as well as a one-time payment of €10 when the card is issued. Using the card includes the following usage fees and limits:
Fees
Free payments anywhere Mastercard is accepted
3.99% foreign exchange fee
Free Euro cash withdrawals at ATMs
1.75% fee per non-Euro cash withdrawal at ATMs
US$10 to replace a lost card
US$10 annual card fee
Limits
No more than 10 withdrawals every 24 hours
Withdraw up to €900 every 24 hours
Make up to 50 purchases every 24 hours
Spend up to €2,700 every 24 hours
Neteller Virtual Prepaid Mastercard
The first Net+ virtual Mastercard is free, however additional cards are charged at US$2.50 per card. Limits include:
10 purchases every 24 hours
Spend up to €2,700 per transaction
Is Neteller safe?
Possibly not.
Neteller has a “Poor” 2.3 out of 5 rating on consumer review platform Trustpilot based on 1,054 reviews. This rating places lower than other card providers such as Revolut (4.3) and bunq (2.5). Of particular concern, is that several Trustpilot users complain of “losing” funds and a lack of communication with customer service to help remedy the problem. Other complaints extend to issues with identity verification, frozen funds, and fees. Many reviews on the Apple and Google Play app stores are also negative about Neteller and its app.
Those looking for an easier way to spend online, abroad and send money overseas might be better off looking at other providers. While the table below is titled “digital banks” it also includes a number of services that provide simple debit card services without the need to change to a new bank account, such as Revolut, bunq and Monese.
(Ratings updated on 18 February 2021)
How to apply to Neteller
Signing up with NETELLER is simple and you can do it online. Head to its website then select “Join for Free” in the top right-hand corner. You’ll need to provide details such as your name, email address, your country of residence and the currency you will be using. You’ll then be sent an email to confirm your email address.
Verdict
Using a Neteller account or one of its prepaid cards means you won’t have to hand over your bank card details every time you make an online purchase, increasing your overall security when spending online.
However, be aware that Neteller is not a bank, nor does it provide banking services. Many complaints have been made around loss of funds, the verification process and the fees associated with the service. Make sure you read up on all the fees involved so you don’t get any costly shocks later on.
Compare Neteller with other digital banks in Ireland
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Before closing your account, make sure you have withdrawn your balance or risk losing your funds. To close your account, login to your Neteller account and go to Settings > Account > Personal Information > Close account. You will be then asked why you are closing your account. Once you answer this you will be able to click on Close my Account which will finish the process.
The Neteller VIP program is based on the transaction activity of an account and is offered to customers on a case-by-case basis. The website implies it is for high-volume spenders or users of the service. There are four levels which are activated depending on account activity. More information can be found on the VIP section of the Neteller website.
Neteller does not specify how it calculates the exchange rate for international money transfers or cryptocurrency. It is advisable to compare any given rate against the market to ensure you are getting a fair deal at the time of transfer.
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