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NETELLER Singapore Review
Neteller provides money transfers, cryptocurrency features and online payments all in one – but is it worth the cost?
NETELLER is an online payments platform that allows you to make secure purchases online, send money to anyone anywhere in the world, and even buy, sell and hold cryptocurrencies.
In this review, we look at NETELLER’s wide range of features, fees, its potential benefits and drawbacks to help you decide if it’s the right product for you.
Zyane Tan is an associate editor at Finder. An experienced copywriter and content creator, Zyane enjoys writing on a wide array of subjects. When she’s not busy typing away, she’s reading and musing over a pint.
How NETELLER works in Singapore
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. Users are able to pay for things online wherever NETELLER is accepted as a payments option (similar to PayPal).
The NETELLER account can be linked to an existing bank account or debit card for quick and easy payments. Users may also top up their account manually in a number of ways, including Visa, Mastercard, bank deposit and a vast number of other online payment portals.
Limited service to Singapore
Singapore users are restricted from transacting with any gambling-related merchants from their NETELLER account. Besides Singapore, NETELLER also provides limited services to Canada, Hong Kong, Israel, Macao and Turkey.
NETELLER also offers two prepaid card options, virtual and plastic. But as of September 2020, these are only available to residents of authorised European Economic Area (EEA) countries.
Key features
Make secure payments online. You can pay using your NETELLER account online, just like PayPal. If NETELLER is accepted at the online merchant you can just select it to make your payment.
Widely accepted. You can spend with NETELLER across thousands of online merchants. You may view a list of popular merchants that accept NETELLER as a payment mode here.
International money transfer. NETELLER also works as a remittance service where you can send money abroad to over 180 countries in over 20 currencies. You can send money to another NETELLER account, a recipient’s email address or to a bank or mobile money account via Skrill.
Rewards. NETELLER members are eligible for a range of rewards at selected online gambling, forex and cryptocurrency retailers. However, do note that users in Singapore are prohibited from all gaming transactions.
Cryptocurrency. You’re also able to trade cryptocurrency directly from the NETELLER website. NETELLER supports 28 fiat currencies which can be traded for Bitcoin, Bitcoin Cash, EOS, Ether, Ethereum Classic, Litecoin, XLM, XRP and 0x. Exchange rates are determined by NETELLER, so it is advisable to research how these rates stack up the competition.
Convenient and safer payment alternative. Using a NETELLER account or associated card eliminates the need to hand over your bank card details every time you make an online purchase.
Fees and limits
Signing up for a NETELLER account is free. However, the following fees may apply:
Inactivity fee. If you do not use your NETELLER account for 12 months and keep a balance in it, you’ll incur a monthly administrative fee of US$5 (or account currency equivalent)
Upload fees. There’s a fee for every upload transaction.
Withdrawal fees. NETELLER charges US$10 for bank transfers, US$12.75 for member wires and 1.45% (minimum US$0.50) for money transfers.
Foreign exchange fee. A 3.99% fee will be applied to any NETELLER transaction which requires the changing of currencies.
Cryptocurrency fees. It cost 1.5% to buy or sell cryptocurrency in EUR/USD, and 3% for all other currencies.
Administrative fees. Beware of other miscellaneous fees for chargeback, reversal of incorrect transactions, prohibited transaction etc.
How to sign up
Applying for a NETELLER account is simple and can be done completed within a minute. Here’s a step-by-step guide on the registration process:
Visit NETELLER’s website
Click on the ‘Join for free’ button
Input your name, email and preferred password
Click ‘Register now’ to complete. Once you’ve signed up successfully, you’ll need to complete a simple verification process and load funds to your NETELLER account
Access your user dashboard
Click on ‘Get started’
Select your country of residence and wallet currency
Click ‘Save’ to proceed
Provide your personal details for regulatory requirement
You’ll receive a verification code via SMS
Input the SMS verification code and continue
Create a 6 digit secure ID
Add funds via multiple deposit methods (e.g. Bitcoin, Bitcoin Cash, Visa and Skrill)
Start using your NETELLER account
Compare NETELLER with other digital banks in Singapore
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
NETELLER has numerous complaints on customer review websites such as TrustPilot. Make sure to do your due diligence before signing up.
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.
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.
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