Neteller is an ewallet that is available to online gamblers in most countries. Neteller launched in 1999 and is operated by Optimal Payments Limited. Online poker and casino players in most countries can use Neteller. Notable banned countries include Canada, China, the United States and many countries in Eastern Europe and Africa that do not allow online gambling. Neteller is accepted by all online gambling websites and is one of the oldest online gambling ewallets.
UPDATED NETELLER NEWS:
What is an Ewallet?
Ewallets are an easy way for online poker players to make deposits and receive withdrawals from online poker rooms. While some players deposit directly into poker rooms by credit cards, Neteller provides players with a way to link their bank account to their Neteller account. A player can make a deposit directly from their bank account. They may also transfer money from Neteller to their bank. Deposits involving bank transfers are free of charge. Withdrawals cost 7.5 EUR.
Deposit to an Online Poker Site by Credit Card
Neteller also allows deposits by credit or debit card. This is convenient for some players that live in countries that do not allow credit card deposits to online gaming sites. The fee may also be lower to deposit by credit card to Neteller. The fee to deposit by credit card is 1.75%-4.95%.
Neteller Makes it Easy to Move Money Between Online Poker Rooms
Neteller is also a great place to park money. Many players find it inconvenient to move money back and forth from their bank account or credit card due to the fact that their country’s currency is not used at their favorite online poker room. This can cause a currency exchange fee on every deposit and withdrawal to their bank or credit card. Neteller allows players to set a currency that is different than their home country’s currency. Players do not get hit with an exchange fee on every transaction when they park it in Neteller or move money from one online poker room to another. This is one of the biggest factors some players cite for using an ewallet over a bank transfer or credit card. Players that play on several different online poker rooms need this feature. This is especially true since so many online poker rooms still use the U.S. Dollar for their currency, even though they exclude U.S. players.
Neteller Debit Card
In addition to credit card and bank account withdrawals, Neteller provides a debit card. Players can load this prepaid Mastercard when they decide to withdraw from Neteller. Neteller charges a small fee for ATM withdrawals and ATM transactions.
Neteller Once Processed U.S. Online Poker Payments
Neteller once accepted U.S. residents. This all ended in January 2007 when its founders were arrested by U.S. authorities and charged with money laundering. This was due in part to Neteller’s processing of U.S. sports betting payments. While the Unlawful Internet Gambling Enforcement Act was signed into law just two months before these arrests, the investigation into Neteller started well before the UIGEA was signed into law. U.S. players were locked out of their Neteller accounts but were paid starting in July 2007 after being locked out of their accounts for most of the year. The founders forfeited $100 million and Neteller forfeited $136 million.
Neteller Bounced Back From U.S. Legal Action
While the U.S. indictments were nearly fatal for Neteller, the company rebounded and continues to be one of the most respected ewallets in online gambling. The company has rebuilt its reputation and diversified itself by expanding all over Europe. Many of these countries were never marketed by Neteller before the U.S. legal action was taken. Neteller continues to be a favorite among European players.