NETeller

NETeller was founded in 1996, making it an old man in an industry full of competition that is less than ten years old.

NETeller is a global electronic money and payments service owned and operated by the British company Neteller PLC Group. The company is based in the Isle of Man and regulated in the United Kingdom. NETeller operates e-wallets under the Neteller and 1-Pay brands, and credit card processing and debit card businesses under the Netbanx brand. Over 3,500 merchants accept payment via the company's services across many industries.

Company revenue was up 50% from $171 million in 2005 to $257 million for 2006. That kind of a jump in profit is just what customers and stock holders want to see. Profit after tax was also up to $102M for 2006 over $91M for 2005. The company positions itself as the "world's leading independent online payment business" according to their website, and the claim may indeed be true.

NETeller has customers in over 160 countries that use the service to send and receive money from their banks to and from merchants. The service can also be used to send money between individuals. In this respect, it is a major chunk of competition for your Paypals and your Click2Pays.

Signing Up For A NETeller Account

Customers can sign up for a Neteller account for free on their website. Accounts may be set up in Pounds Sterling (GBP),Euros (EUR), US Dollars (USD), Canadian Dollars (CAD), Swedish Krona (SEK), Danish Krone (DKK), Norwegian Krone (NOK), Polish Zloty (PLN) or Chinese RMB. Once the account is set up, customers can then load money into that account from their bank, which is free, or via a credit card, for which there is a fee -- unusual in the world on online finance. In some countries the company offers instant money transfers rather than waiting for the usual 3 day clearing times.

NETeller and USA Poker Players

American poker players are NOT welcome to join NETeller. Don't try. Seriously, you won't pull it off.

NETeller Poker

Customers can transfer money from their Neteller account to various online merchants. The service is often used to transfer funds to and from online poker sites, so customers can also receive funds, such as winnings, back from merchants to their Neteller accounts. The cost of transferring funds from Neteller accounts to and from merchants is free to consumers because, as with credit cards, merchants cover the cost for the most part.

Users can also send money to other customers of the service via peer-to-peer transfers, though the rates aren't as friendly with NETeller as with, say, Paypal. These kinds of transfers accrue a 1.9% charge of the value transferred. Currency exchange charges are also levied where the peer-to-peer accounts are not in the same currency -- a big issue for international online gamblers.

Customers can withdraw funds from the system by bank transfer, paper check, or just by using the company's Mastercard debit card at various ATM machines and withdrawal counters located nationwide. Check the website for locations and fees, which vary depending on the method of withdrawal and country of origin.

USA and NETeller

As for the ban on US customer membership? Well -- as Internet use expanded during the early 2000s, the United States government sought to prohibit online gambling by whatever means they could. As part of this prohibition the U.S. Department of Justice reached agreements with payment service providers which the government believed had provided advertising and payment services to offshore gambling companies including Microsoft, Google, Yahoo, Paypal and yes, our good friends at Neteller.

Each of these companies reached a financial settlement with the U.S. Department of Justice. Neteller has since ceased operation in the US as part of the agreement and discontinued the ability for residents in Canada and Turkey from using its service for gambling purposes as well, to meet agreements made with those nations as well. Neteller reached its agreement with the US government in July of 2007.

If you're a big shopper or online gambler, NETeller is a great option -- as long as you live outside the United States. Consistent and well-known, don't be thrown off by their fee system. Sometimes, to be a part of a quality service, you have to pay your dues.