Neteller was originally founded by Collin Francis Bush in Canada all the way back in 1999. Interestingly the e-Wallet was expressly developed as a secure way for players to deposit and withdraw their funds from their normal accounts to online casino accounts.
It took hardly a year before Neteller was already so well established, that they handled eight out of ten online casino transactions. The majority of that particular business was conducted by US-customers – until 2006 at least.
In 2004 the company moved to the Isle of Man, where they are still at home. The business was hit particularly hard when the US placed severe restrictions on all activities related to online gambling and financial transactions. For a time Neteller funds of US citizens were even held in Neteller accounts and only released in 2007.
As a result of the removal from the US, Neteller’s revenue fell significantly from $239 million in 2006 to just $44 million in 2010. The company managed to survive, however, and in 2014 they even relaunched themselves in the US as Optimal Payments Plc, when they began to process financial transactions for legal online poker sites.
At the same time the company launched their Net+ Prepaid MasterCard.
Nowadays Neteller has customers in 200+ countries worldwide and is available in nearly every currency.
It’s not at all difficult to sign-up for an account. You’ll just need to fill in all details and connect your new account with a credit card or normal debit or checking account. Of course, the account needs to be verified before you can make any transactions one way or another. Usually that will take place by phone, but other options are also available.
Once your account is verified, you can use it to make any and all deposits and withdrawals you wish to make. Needless to say withdrawals are only available once you have actual funds in your account.
And again, this is really easily accomplished. When you have an online casino account, you’ll want to deposit some money into it. Whilst the setup for the cashier is not always the same, depending on the online casino you’re with, the general principle won’t differ too much.
So, to make a deposit you’ll have to go to the cashier, select the payment method you wish to make a deposit with and then the amount you want to deposit. Almost all online casinos have a pre-defined minimum amount which they want you to deposit. It’s usually between €10 and €20.
When you choose Neteller as your deposit method, you’re asked for your Neteller ID or email address (the one you registered with Neteller) and you will also need your Neteller Secure ID code. And then you’re done. Transactions take place in real time, so deposits and withdrawals are usually instantaneous.
Withdrawals are just as easy, of course. You’ll select Neteller as your chosen method and enter your Neteller ID or email once again for processing. Of course, if you want to withdraw larger amounts, money may be held for 24 hours and up to 3 days. And an online casino may always verify your ID before your first bigger withdrawal.
Many online casinos also impose withdrawal limits, which depend on one side on the chosen payment method, but on the other hand could refer to daily, weekly or monthly limits imposed by the casino itself. Also, most online casinos will want you to use the same payment method for deposits and withdrawals. Thankfully Neteller allows for both, which is certainly one of the reasons why it is so popular.
Interestingly some online casinos will offer special bonuses when you use a Neteller account for deposits. Those are few and far and you may actually have to go hunting for them. On the other hand, plenty of online casinos don’t allow you to use Neteller as a deposit method for your very first method, if you want to also peruse the welcome bonus. You may, of course, use Neteller for subsequent deposits and withdrawals, but it may be excluded as a payment method when availing yourself of the welcome bonus. Here you will need to read the terms and conditions carefully. We usually mention this in our reviews of our preferred online casinos as well, though.
Do make sure to visit Neteller’s website directly, because they do showcase special bonus offers made by affiliate casinos as well.
Another advantage you get with Neteller is the Net+ Prepaid Mastercard. Since it is a Prepaid Mastercard, you will need to have funds in your Neteller account to use it, but that aside you can use it just like a normal Mastercard for online shopping purpose or in retail stores around the world. You can even make cash withdrawals at ATMs around the world, but be aware that a fee is likely to apply.
And speaking of fees: at most online casinos depositing or withdrawing with Neteller is free of charge. That is not always the case, but most of the time. Bear in mind that fees will apply once you make transactions between your Neteller account and your credit card or debit/checking account.
Finally, Neteller accounts are actually protected by UK financial regulations. That means that Neteller is legally required to hold any customer’s funds in trust accounts. The advantage of this is that you can always access your funds and that Neteller is always able to make those funds available to each and every customer, even if everyone should decide at the same time to withdraw their funds.
You’ll have to look for a long time before you’ll find an online casino that doesn’t offer Neteller as a payment method. It’s one of the most common methods around. Thus you can expect that pretty much all our reviewed casinos also offer Neteller as a payment option. It is therefore not so much a matter of choosing the right payment option here, but of finding a casino that suits your needs beyond offering Neteller as an option to deposit or withdraw your funds with. Our casino review guides will help you make an informed decision.