Neteller is our recommended choice of banking option when it comes to handling depositing and withdrawing funds from online bookmakers. When you want to fund your betting account from Neteller, it usually takes less than a minute, and withdrawals are swift as well. And best of all – these are free!
However, funding your Neteller account (from your own bank account) can have large fees attached to it, depending on which method you use, so make sure you are comfortable with that before you deposit money to your account.
After you have funds in place though, Neteller is in the top spot when it comes to handling online betting banking.
Neteller originates from Canada, and was created there back in 1999. Since then it has moved and have also been acquired by the Paysafe Group Plc.
Their core focus is being an online ewallet, processing payments online. Most of their work is done for the gambling industry, amounting to over 90% of their revenue and turnover.
Although they may look like a bank, they do not offer loans and other similar bank like services to it’s customers. They online process payments.
Usually the simplest methods of depositing to your preferred betting site is by simply whipping out your credit card and punch in your numbers to deposit money, but depending on which website you use or where you are from this may not always be an option.
That is where getting an ewallet like Neteller is a good alternative for depositing money. While banks in some countries are prohibited from processing transactions to online sportsbooks,
all most of them allow deposits to Neteller, which you then in turn can use to transfer to your betting website of choice.
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Most gambling sites offer Neteller as a deposit option, so this list does not differ much from other ones. The only thing to note is that Neteller has pulled out of the US after the UIGEA happened and will not allow customers from USA.
If you are from India, you are allowed to create an account at Neteller and use it to fund gambling site accounts. However, there are problems when you want to move funds out of India, which is what you are doing if you are depositing to Neteller (Neteller is based in the Isle of Man under British rule). Most credit cards and banks will block your transaction, making you unable to get funds into Neteller.
This has to do with the Reserve Bank of India (RBI) enacting the Liberalised Remittance Scheme. This limits the amount of funds that Indians are allowed to move out of the country per year. There are different limits based on your plan of use for the money, so if you state it is for gambling, you will get rejected automatically.
What our visitors have noted to us and what we have experienced ourselves after years of trial and error is that the ICICI Bank seems to be able to get this process through without any problems. Most other banks don’t seem to allow these transactions out of the country and will try to block them. So if you want to deposit to Neteller from India, we recommend using ICICI Bank and their credit cards.
Alternatively you can try the Federal Bank in India, as they also seem to have some success rate when it comes to deposits to Neteller.
Although this is a simple process, it does takes some time to get everything setup. Note that once you have everything in place, moving money around is very swift, you just need to have some patience getting it ready.
Remember to use ICICI Bank or Federal Bank for a higher chance of success of deposit.
As simple as that! If you want a more detailed explanation on how to go through these steps, just read on:
First you need to visit www.neteller.com to signup for an account. Click on the ‘Join for free’ button, either in the top right or in the middle of the screen.
Now you will be taken to the next screen where you will be met with a signup form. Simply fill in the required information. You need to provide some information confirming your identity, as well as some security info to make sure that your account is protected. This includes a random password that should be strong and also security questions to help verify your account should you be so unfortunate as to lose your account details.
Know that this is all a part of the great care Neteller has for its customers. It might seem like a hassle when you are in the middle of it, but when they save your account from fraud, you will be thanking them.
When you have clicked the ‘Open account’ button and come to the next screen you will see some text that say an email has been sent to your email for confirmation (go to your email and click that confirmation link to confirm your account) and also your Neteller Secure ID will be displayed there. Be sure to write it down somewhere and keep it hidden.
That is all that is needed to create the account. You should get an email with your account details. To confirm your account you should call Neteller or they will call you, so make sure you have access to the phone number that you used in the signup process. Also keep all the information you gave at hand as they will ask some questions regarding your account. For video explanation look further down.
You can transfer funds to your Neteller account using the most popular payment processors like VISA, MasterCard, Bank Transfer and many others. However, there are fees attached to the funding methods, and these vary depending on which you choose. Here is a list of the most popular ones and the fees attached:
Funding Options and associated fees:
VISA – 1.90 – 4.95%
MasterCard – 1.90 – 4.95%
Bitcoin – 1.00%
Bank Transfer – FREE
paysafecard – 7.00%
As you can see, the options you should prefer are local bank deposits or international bank transfers. By using these options it might take awhile for your funds to show up in your account, but they are free to process at least. If you are anxious to get on with your betting, VISA and MasterCard hold a 1.90% fee which is ok if you are depositing smaller amounts, but be sure to stay away from the most expensive methods out there like the paysafecard which hosts an almost a 10%(!) fee to deposits.
Also, as we have mentioned further up in the article, you should use either cards or deposits from the ICICI Bank or Federal Bank if you are depositing from India. Those banks allow deposits to Neteller and will yield higher chance of success.
Once you have funds in your account the transfer fees are 0% for depositing at online sportsbooks, so make sure to take advantage of all the free bets, bonuses and promotions that the online sportsbooks offers.
A lot of people have sent us emails asking us how to create an account with Neteller and other questions regarding the process. We decided to create a video to answer some of these questions and guide you through the process.
This is our preferred method of online banking here at www.OnlineCricketBetting.net. We have only good things to say about this company and their commitment to keeping your funds secure.
At first it might seem like a hassle to answer security questions if you get your password wrong once or if you login from abroad, but it makes me feel confident that my funds are secure at all times when it is held by Neteller.
It is also a very swift and probable way of depositing funds for gambling online, so if you want to bet on cricket, you kinda have to deal with Neteller. Guess it is a huge bonus that they are a solid operation then!