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:
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 in a fast and straightforward way.
Neteller Accounts Use Cases
A fair question that any potential user could ask would be: 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 to 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 of them 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, 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. Being it a prepaid account, if the website is a scam and steals credit card data, the client only exposes the balance he has 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, transactions 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, deposit cash. 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:
Download the Neteller app on the phone. Neteller will require some personal data to open the account.
Deposit Funds into the account. Neteller allows you to deposit money to your accounts using credit cards, bank transfers, other payment processors such as Skrill, Paysafe, or even enable you to deposit Bitcoins.
Receive money from other Neteller accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that use Neteller. Another Neteller user or online company can send money online to the Neteller account instantly.
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 is a physical prepaid card that can be used in any real-life business.
Make low-cost transfers. Once the account has available funds, low-cost transfers can be made anywhere in the world. For this reason, it is a service widely used by expats to send money to their families in foreign countries.
Main Advantages of Neteller' e-Wallet Account
There are many advantages of using an e-Wallet account, they do not replace traditional banking, but they complement it positively. The two main reasons why a Neteller account can simplify things are: (a) Transactions between Neteller accounts are quick and straightforward. Suppose two users have a Neteller account, and one transfers money to the other. In that case, the latter has it available to spend it or withdraw it instantly, and (b) Neteller offers a virtual card for online payments, as well as a physical prepaid Mastercard.
Neteller and its regulation, Is it safe to transfer money to this eWallet?
Neteller is a platform owned and operated by the global company Paysafe Group. Founded in Canada in 1999, the firm moved to the Isle of Man in 2004.
As mentioned in the first paragraph, Neteller is not a Bank and does not lend clients' funds. The firm is subject to digital money regulation from the British Financial Conduct Authority (FCA), UK's regulatory entity. An important aspect to know is that Neteller is obliged to keep the funds of its clients in separate accounts of the company and must save enough money to pay all the balances of all its clients at the same time (a rule that Banks could never get to comply). The UK's FCA is one of the strictest regulatory entities globally, which is why it is very safe to deposit, transfer and hold money in a Neteller account.
Neteller is an e-Wallet, meaning a company dealing with online payments and transfers, so commissions are linked to money movements. When depositing with any of the following methods, Neteller charges 2.5% of the total:
Global Payment Services: AstroPay, Bitcoin, Boku, BPay, Epay, EPS, Euteller, eWire, Fast Bank Transfer, Giropay, HSBC, iDEAL, Inpay, Klarna, Mister Cash, Moneta, Nordea, Paysafecash, Przelewy 24, Rapid Transfer, Red Link, Santander, Skrill, Trustly, TrustPay, UPI, Yandex Money
When withdrawing or transferring money out, Neteller charges the following commissions:
Transfers to bank accounts: 10 dollars fixed
For online purchases: Free
Money transfers anywhere in the world: 1.45%, with a minimum of 50 cents.
Neteller adds 3.99% to the average daily interbank market rate published by an independent currency exchange data provider for transactions involving currency conversion. VIP members pay as little as 1% per currency exchange fee.
Opening an account with Neteller
Opening an account with Neteller is carried out 100% online. It only requires an ID and proof of address, which you should scan through Neteller's platform.
Neteller takes only a few days (sometimes hours) to open the account and allows the customer to log in from any device and deposit funds using the methods described in the previous section.
Shop securely and Transfer Money anywhere in the world with Neteller from Saudi Arabia
Shop securely and Transfer Money anywhere in the world with Neteller from Saudi Arabia. Open a FREE Account Today.
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