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NETELLER review Singapore

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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.

S$0

Monthly fee

3.99%

Currency conversion fee

Details

Product NameNETELLER Net+ Prepaid Mastercard
Monthly feeS$0.66
Card delivery2-10 business days
Supported currenciesPLN,CHF,NOK,USD,CNY,AUD,AED,HUF,BGN,RON,SGD,SAR,RUB,MXN,JPY,BRL,COP,INR,MYR,MAD,NGN,TWD,TND
International ATM Fee1.75%
Currency conversion fee3.99%
Mobile PaymentsApple Pay,Google Pay
Card typeMastercard
More Info

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.

What can you do with a NETELLER account?

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

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.

International money transfers

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.

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. 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.

Compare NETELLER with other digital banks in Singapore

Data indicated here is updated regularly
Name Product Monthly fee Card delivery Supported currencies
YouTrip
S$0
5-8 business days

10

Use promo code FINDER5 to earn $5 on signup.

A prepaid Mastercard with no monthly fees, contactless payment features and fee-free transactions in over 150 currencies. NOTE: Promo code valid for new signups and Singapore residents only.
Aspire Business Account
S$0
3-5 business days

1

A virtual business debit card to help you manage business expenses. No foreign exchange fees and cashback perks of up to 1% on selected spending.
BigPay
S$0
5-7 business days

1

Wirex Visa Card
S$0
5 business days

12

A multi-currency card that supports over 150 currencies, including more than 8 cryptocurrencies at interbank rates.
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How much does NETELLER cost?

Signing up for a NETELLER account is free. However, do take note of that 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 2.5% 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 transaction, prohibited transaction etc.

Benefits of using NETELLER

  • 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.
  • Widely accepted. You can spend with NETELLER across thousands of online merchants. You may view a list of popular merchants which accepts NETELLER as a payment mode here.
  • Instant money transfer. Send and receive money anywhere in the world. Your recipient don’t even need a NETELLER account to receive payment.
  • Rewards. Earn a range of rewards when you transact at eligible forex and cryptocurrency retailers.
  • Cryptocurrency features. You may buy, sell and hold cryptocurrencies with your NETELLER account.

What should I look out for?

  • Negative reviews. As of 29 September 2020, NETELLER has negative reviews on Trustpilot (1.3/5) and the Apple App store (2.7/5).
  • Not accepted at all merchants. No guarantee that NETELLER will be accepted as a form of payment when shopping online.
  • Account fees. Adding money to your account will cost you 2.5% for transactions under US$20,000. Bank and Wire transfers also incur a US$10 and US$12.75 or charge respectively, while money transfers cost 1.45%. Make sure to read the fees section carefully to avoid any costly surprises.
  • Prepaid card is unavailable for users in Singapore. NETELLER’s NET+ Prepaid MasterCard only for SEPA Countries.
  • Inactivity fees. Users are charged a US$5 fee for every 12 months of inactivity (i.e, no transactions). This fee is debited from available account funds until your balance is zero.
  • Not a digital bank. NETELLER is not a bank nor does it provide banking services.

How to apply for a NETELLER account?

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:

  1. Visit NETELLER’s website
  2. Click on the ‘Join for free’ button
  3. Input your name, email and preferred password
  4. 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:

  1. Access your user dashboard
  2. Click on ‘Get started’
  3. Select your country of residence and wallet currency
  4. Click ‘Save’ to proceed
  5. Provide your personal details for regulatory requirement
  6. You’ll receive a verification code via SMS
  7. Input the SMS verification code and continue
  8. Create a 6 digit secure ID
  9. Add funds via multiple deposit methods (e.g. Bitcoin, Bitcoin Cash, Visa and Skrill)
  10. Start using your NETELLER account

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