NETeller is one of the oldest and most popular e-wallets due to its wide availability and large number of deposit methods. There are currently over 40 ways to deposit money into your account, and NETeller operates in over 15 different currencies. For a long time US citizens couldn’t make an account due to legal restrictions, but that has recently changed. While the fees are higher for some services, NETeller exceeds at availability and offers more features than other comparable e-wallets.
Making an Account
Making an account is simple, but be prepared to share some of your personal information. Aside from asking for your email address, name and location, you’ll also be asked to enter sensitive information like your social security number. At the same time, this is fairly standard as e-wallets are becoming more regulated.
The process only takes about 15 minutes, and the account will instantly be created once you’re finished with the application.
Depositing Money
Nearly every e-wallet allows you to deposit money via credit card, debit card or bank transfer. NETeller offers those methods and about 40 others that are all listed on the main site. For example, you can use Bitcoin, Banamex, eWire, BPay and many more. This ensures that citizens from every supported country have at least several different ways to deposit money into their account.
The fees are also listed on the main site. Some methods are free, such as Bitcoin, but most of them charge between 1.5 to 9.9 percent of the deposit amount as a fee. This allows you to easily shop around and find the best method in your location.
Using Money
Members in supported countries get access to the Net+ debit card. This is a MasterCard debit card that can be used anywhere MasterCard is accepted. Not only does it make it easy to shop both online and offline, but it gives you access to ATMs so that you can easily withdraw your money as cash. You’re given a daily limit of withdrawing between $1,000 and $3,300 from an ATM depending on your account. You can also get your money through checks, bank transfers or wire transfers.
There are some fees attached to the Net+ card. Shipping and handling costs $13 to get the plastic card, and you’re charged $6 per ATM withdrawal. Card replacement or cancellation costs $13, and foreign exchanges carry a fee of 2.95 percent. You aren’t charged for using the card at POS devices or checking out with a virtual merchant, which means that regular spending doesn’t carry a fee.
Availability
NETeller really shines when it comes to availability. Aside from being offered in over 200 countries, you can choose between 15 different currencies. A few of the support currencies include: USD, EUR, GBP, INR and JPY. You can find a complete list on their website.
Most e-wallets can receive a variety of currencies, but they only allow you to use between three to five different currencies. NETeller blows them away by giving you the opportunity to set your default currency in nearly any type of money that you want. This makes it ideal for international users or anyone traveling overseas due to its flexibility.
Member Benefits
Average members can expect bank-level benefits such as fraud protection and financial security. NETeller uses 128-bit encryption technology that makes it nearly impossible for hackers to steal your data. They also use identity verification methods and real-time transaction monitoring to keep your money safe and secure. As an FCA authorized company, NETeller holds your money in a trust account so that it’s always available when you need it.
VIP members gain additional bonuses. You can become a VIP by spending $10,000 per year or more with NETeller. These members have lower fees, can withdraw more cash and even get a dedicated VIP manager and limit increases.
Conclusion
While the fees are slightly higher than with other e-wallets, it’s understandable because NETeller gives you more than the standard e-wallet provider. Aside from bank-level features and security, you also get to choose between a massive number of currencies and you can get an account if you’re in one of the 200 supported countries. This makes it ideal for traveling, online gambling or just overall spending.
