Review: Neteller money transfers

Neteller offers instant transfers in 20+ currencies to other Neteller account holders, but beware expensive fees, bad reviews and questionable customer service.

Updated

  • Good for instant transfers to another Neteller account.
  • Not so good if you want a cheap and simple transfer process.

Neteller exchange rates and fees

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 takeClock icon for transfer speed

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

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

How do I make an international money transfer with Neteller?

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 2,000 1 day GBP 0.00 1.107 EUR
11,074
TorFX guarantee to beat any competitor's exchange rate for a transaction (conditions apply)
(Conditions apply)
Go to site Show details
GBP 5,000 Same day GBP 0.00 1.107 EUR
11,074
Universal Partners FX offers competitive exchange rates and same-day transfers for 100+ currencies. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.107 EUR
11,074
Central FX’s dedicated private client team will guide you through the money transfer process from first call to final payment. Go to site Show details
GBP 1 1 - 2 days GBP 0.00 1.107 EUR
11,074
Whatever amount you transfer, XE will not charge you a fee for using their service. Go to site Show details
GBP 3,000 1 day GBP 0.00 1.107 EUR
11,074
Get no fees as a Finder customer when you transfer your money overseas with Global Reach. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.107 EUR
11,074
Take advantage of fee lock-ins and live bookable rates, helping you save up to 85% in hidden bank fees. Go to site Show details
GBP 1,000 Same day GBP 0.00 1.107 EUR
11,074
Clear Capital specialises in sending 150+ currencies abroad for individuals and businesses, with a dedicated account manager to help you. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.107 EUR
11,074
Make transferring money abroad as simple and safe as possible with bank-beating exchange rates - online, via the app or over the phone. Go to site Show details
GBP 2,500 1 day GBP 0.00 1.107 EUR
11,074
With 17 years of foreign exchange expertise, OFX know the money transfers business very well, offering facilities for one-off and recurring transfers. Go to site Show details
GBP 1,000 1 - 2 days GBP 0.00 1.107 EUR
11,074
Better exchange rates for Finder customers.
Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
Go to site Show details
GBP 1 1 - 2 days GBP 1.99 1.097 EUR
10,972
Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
GBP 5 2 days EUR 3.00 1.106 EUR
11,063
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.106 EUR
11,058
First two transfers free for new customers.
Instant or 1 hour transfers to over 50 countries, send money directly to bank accounts or over 280,000 cash pickup points.
Go to site Show details
GBP 50 Same day GBP 2.99 1.101 EUR
11,004
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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