Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
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.
S$0
Monthly fee
3.99%
Currency conversion fee
| Product Name | NETELLER Net+ Prepaid Mastercard |
|---|---|
| Monthly fee | S$0.66 |
| Card delivery | 2-10 business days |
| Supported currencies | PLN,CHF,NOK,USD,CNY,AUD,AED,HUF,BGN,RON,SGD,SAR,RUB,MXN,JPY,BRL,COP,INR,MYR,MAD,NGN,TWD,TND |
| International ATM Fee | 1.75% |
| Currency conversion fee | 3.99% |
| Mobile Payments | Apple Pay,Google Pay |
| Card type | Mastercard |
| More Info |
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.
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.
Your NETELLER account can be used for a range of features including making payments online, international money transfers, earning rewards, and even buying and selling cryptocurrency. These features are all accessed through the NETELLER website which serves as the hub of the ecosystem. There is also an app which mirrors the services available on the website.
Online payments are at the core of the service, allowing users to pay at online checkouts with only an email address and password. The goal here is to use a pre-funded NETELLER 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.
The obvious limitation here is whether or not the online merchant accepts NETELLER as a method of payment.
The other primary offering is a remittance service, which allows users to send money abroad to over 180 countries in over 20 currencies. Money can be sent in one of two ways, through the platform directly to other NETELLER accounts, or through partner service Skrill. Both NETELLER and Skrill are subsidiaries of Paysafe, which is an electronic money issuer authorised and regulated by the Financial Conduct Authority in the United Kingdom.
Sending money to another NETELLER account is straight forward and only requires the recipient’s email address. The regular fee for sending money is 1.45% with a minimum of only US$0.50. You can also send funds to an email address even if the person doesn’t have a NETELLER account yet, in which case they will be sent an invite link to retrieve the funds. Transfers are immediately credited to the recipient’s account unless they have not set up a NETELLER account yet, in which case the transfer may be cancelled.
A higher one-time fee of 20% of a minimum US$30 may apply if you haven’t made any deposits to your NETELLER account or only via certain deposit methods (Skrill, paysafecard, Neosurf, Qiwi or BitPay).
You can also send money internationally by creating a separate Skrill account. Skrill is free to use, can send money directly to foreign bank accounts, and may also be used to send money directly to a Neteller account.
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.
You’re also able to 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.
Signing up for a NETELLER account is free. However, do take note of that the following fees may apply:
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:
Once you’ve signed up successfully, you’ll need to complete a simple verification process and load funds to your NETELLER account:
