Neteller: An eWallet to Purchase & Transfer Money Online

Neteller is an online financial platform, which in essence, works similarly to a bank account, allowing clients to:

• Receive money,

• Transfer money simply and quickly, and

• Purchase online services and products.

Neteller is a platform widely used by those who trade, work, invest, bet or need to transfer money to different countries regularly, quickly and straightforwardly.

Neteller Accounts Use Cases

A fair question that any potential user could ask: If the Neteller account works with all the features of a traditional bank account and I have a conventional bank account, why do I need an Online account with a provider like Neteller? The reasoning is valid; however, Neteller's wallet has unique use cases to simplify things for international clients and their family environment. Below is a list of some of these use cases [Warning: This list is not definitive, there are many more use cases]:

• If someone lives in a country with capital restrictions or where international bank transfers are costly.

• If two family members have Neteller accounts, and one goes on a trip and suddenly requires money, the other family member can send money online instantly. The traveller relative may withdraw the funds at any ATM that accepts Mastercard.

• Suppose someone requires an account in some other currency offered by their bank. Neteller allows the opening of wallets in Dollars, Euros, and Pounds Sterling, among many others.

• If a user needs to send money to relatives in other countries routinely.

• If a cryptocurrency trader needs to deposit and withdraw funds from his trading account regularly, Neteller is a fast processor.

• If a customer makes regular purchases online, Neteller is a much safer option than through their traditional banking account. In addition, being it a prepaid account, if the website is a scam and steals credit card data, the client only exposes his balance in the Neteller account.

How does Neteller's e-Wallet work?

Neteller accounts work similarly to an online account of any traditional bank. It offers a view of the account's balance, transaction history, transfer options, etc. The main difference is that Neteller is an online financial institution, meaning it does not have physical branches to go to, for example, to deposit cash. Instead, it is an app on the phone designed to offer payment solutions and transfer money to everyone [almost anywhere globally] at a meagre cost compared to traditional banking. In general, terms, using a Neteller account works as follows:

1. Download the Neteller app on the phone. Neteller will require some personal data to open the account.

2. Deposit Funds into the account. Neteller allows you to deposit money to your accounts using credit cards, bank transfers, and other payment processors such as Skrill and Paysafe or even enables you to deposit Bitcoins.

3. Receive money from other Neteller accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that use Neteller. For example, another Neteller user or online company can send money online to the Neteller account instantly.

4. Buy and Pay. Online purchases can be carried out: (a) Through the Neteller virtual card, which works like a standard prepaid debit card and can be used for online purchases. Or (b) Through the Net+ Mastercard: This physical prepaid card can be used in any real-life business.

5. Make low-cost transfers. Once the account has available funds, low-cost transfers can be made anywhere worldwide. For this reason, it is a service widely used by expats to send money to their families in foreign countries.

Main Advantages of Neteller's e-Wallet Account

There are many advantages of using an e-Wallet account; they do not replace traditional banking but complement it positively. The two main reasons a Neteller account can simplify things are: 

• Transactions between Neteller accounts are quick and straightforward. For example, suppose two users have a Neteller account, and one transfers money to the other. In that case, the latter has it available to spend or withdraw instantly, and

• Neteller offers a virtual card for online payments and, depending on your current location, a physical prepaid Mastercard.

• Send money abroad is much cheaper than with traditional financial institutions.

• Some services (online casinos, trading sites, and gaming, among many others) that you might be using are configured with Neteller, meaning that your deposit and withdrawals are instant.