Neteller offers instant transfers in 20+ currencies to other Neteller account holders, but beware expensive fees, bad reviews and questionable customer service.
Neteller charges a transfer fee of 1.45%. In addition, you’ll be charged a 2.5% processing fee to deposit money in your Neteller account before it can be transferred.
Neteller also adds a margin to the interbank mid-market exchange rate. Plus, it charges a foreign exchange processing fee of 3.99% (for non-VIP members; 1% for VIP members), which it claims is to protect against exchange rate fluctuations.
Available currencies
You can use Neteller to transfer money into 22 different currencies. Some of the most popular currencies that Neteller covers include:
EUR euro
USD United States dollar
PLN Polish zloty
SKK Swedish kronor
DKK Danish krone
CAD Canadian dollar
AUD Australian dollar
INR Indian rupee
What types of transfers can you make with Neteller?
Neteller lets you send money to another Neteller account, via email or by mobile phone.
How long does a transfer with Neteller take?
Neteller says you can send and receive money around the world instantly.
If the recipient is a Neteller member, the funds will be automatically credited to their account. If they don’t have a Neteller account, they’ll get an email explaining you’re trying to send them funds and they will need to register for a Neteller account within 30 days to receive the funds.
What payment methods does Neteller accept?
Money is transferred through your Neteller account, so you’ll need to add funds there. You can add money in various ways, including with a debit or credit card, Rapid Transfer, a Skrill e-wallet or a Paysafe card. Be aware that you’ll be charged a 2.5% processing fee to deposit money.
Transfers typically take
1 day
Is Neteller safe to use?
Regulation: Regulated by the FCA
Security: Neteller says it holds 100% of your account balance in trust accounts. Logging in and making transfers requires two-step verification.
Established: 2000
Customers: Claims to have over 23 million account holders worldwide*
Reviews: Rated as “Bad”, a 1.4 out of 5, on Trustpilot based on more than 580 reviews*
*According to Neteller and Trustpilot on 19 February 2020
Neteller is owned by Paysafe, which is regulated by the Financial Conduct Authority (FCA).
How does Neteller make money?
Neteller makes money by charging various transfer fees and by adding a margin to the interbank exchange rate.
How to register
Click on “Join for Free” in the top right-hand corner, then fill in your name and email address, and create a password. You’ll then be sent an email to confirm your email address.
Note that you won’t be able to change currencies once an account has been opened.
This includes your date of birth, address and mobile phone number.
How do I make an international money transfer with Neteller?
You can pay using various methods, but you will need to add a minimum of £3.75, and you’ll be charged a 2.5% processing fee.
On the “Money Transfer” section from your Neteller account select either “Send money to an email or Neteller Account” or “Send money to a mobile phone”.
Enter the recipient’s email address and the amount that you would like to send, choose the currency of the transaction and then click on “Continue”. Note that you might need to enter your Secure ID or two-step verification.
A page with details of the transaction will appear on the screen – click on “Confirm” in order to have the transaction confirmed.
What is Neteller?
Neteller is owned and operated by Paysafe Financial Services Limited, which also owns Paysafe card and Skrill, the digital wallet account. Based in the UK, Neteller is a payment processing service that is popular with the British online casino and gambling industry.
In a nutshell
Pros
Instant transfers. Neteller says you can send and receive money around the world instantly – all you need are funds in your account and a recipient’s email or mobile number.
Cons
Expensive. Neteller charges at least three different fees including adding money to your account, transfer fees and foreign exchange processing fees.
Recipient must have a Neteller account. They’ll need to sign up with Neteller within 30 days of the transfer in order to receive the money.
Bad reviews. Neteller is rated as “Bad”, 1.4 out of 5, on Trustpilot based on more than 580 reviews.*
Questionable customer service. The reviews on Trustpilot mention poor and slow customer support.
*According to Trustpilot on 19 February 2020
How does Neteller compare to other services?
Table: sorted by a combination of service offering and the amount your recipient will receive
The table below shows the fees and exchange rates you can expect from other money transfer specialists compared with Neteller. Compare it with other providers to see if it’s the best option for you to send money abroad.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Anna Kierstan is an associate editor at Finder, specialising in money transfers and cryptocurrency. She has more than 15 years’ experience in publishing and journalism, working as an editor for brands including HSBC, Which?, NFU Mutual, Weight Watchers and AXA. She has a first-class degree in Linguistics and Philosophy from University College London and Masters degrees in Journalism and Translation. She likes to collect art and animals.
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