NETELLER is often seen as a preferred option for sending and receiving money on a global scale. In this review, however, we will go deep into this e-wallet and analyse its various facets.
NETELLER was started in 1999 as a Canadian company, but it later shifted its operations to the Isle of Man. A part of the Paysafe Group, NETELLER’s primary business in the initial days came from catering to online bookmakers and casinos. The shift towards support of different payment options has made NETELLER more relevant for general transactions in modern times. This is an e-wallet and it should not be mistaken with a bank. The primary objective of NETELLER remains in facilitating easy transfer of funds across the globe at a low-cost.
A special VIP program offers attractive incentives for users who wish to perform high value transactions on the platform. This VIP program comes with the ability to handle multiple currency accounts at the same time. The exchange rates offered on currency transactions are also better compared to a regular user. This can result in substantial savings on fees while it is also a lot more convenient. A VIP user will receive better transaction limits, and there would be discounts available on withdrawals and other processing fees. Crucially, there is a support team available exclusively 24 x 7 for the VIP users.
There are five tiers of the VIP program that come with different kinds of benefits. A user will be able to qualify for the base bronze tier by transferring $10,000 in a calendar year, while a $2 million/calendar year transaction is required to qualify for the Diamond tier, which is the highest VIP program. The top tiers end up providing a number of advantages like flexible transaction limits, dedicated relationship manager, and reduced forex fees.
There is a rich variety of options for users who want to make multicurrency transactions on NETELLER. Apart from support for Indian rupees, users also get to choose many other currencies like USD, GBP, and Euros. Once the base currency has been set, it is not possible to change preferences. There are almost 30 currencies supported by NETELLER.
There are different fees charged by NETELLER at various sections of a money transfer. There is a transfer fee associated when a user tries to upload funds into the account. This can be done by means of various options like international bank transfer, local bank deposit, Paysafecard, Skrill, UPI, Visa, and Visa Electron. There is a standard charge of 2.5% applicable on the deposits. If a user wants to send money, they have to come up with a regular fee of 1.45% starting from a minimum fee of $0.50. A user may have to come up with a higher fee if the deposit has been made only using the likes of Paysafecard, Skrill, Neosurf, BitPay, or Qiwi. In this case, the fee rises to 4.49%.
There are also special foreign exchange rates that are applicable to NETELLER users. If there is a currency conversion, NETELLER brings in a foreign exchange fee of 3.99% on the prevailing exchange rate. However, this fee goes down drastically for VIP members, who may end up shelling only around 1% depending on the VIP tier.
The convenience of being able to access NETELLER even when on the move is available on Android or Apple phones. The apps can be downloaded easily from the perspective app stores and it should take no more than a couple of minutes. Once the apps are installed on a phone or tablet, it gives access to the account balance, recent transactions, and more. Furthermore, the app provides the convenience of being able to send or receive funds without having to use the desktop version. Just like on the desktop, the app has a number of stringent measures designed to enhance safety. These include options like 2-factor authentication.
It would take around a minute to download the app. The interface of the app is kept very simple just like the desktop site. The app enjoys high ratings on both app stores.
The process of opening an account at NETELLER is rather simple. A user has to enter their name and preferred email address before they can choose a password, which has to meet various criteria. Once inside the account, a user has to choose their desired currency and enter the range of personal information like name, date of birth, mobile number, and more. The mobile number will be verified with an OTP before being given access to the account.
