We have mentioned e-Wallets in our introduction to banking at online betting sites in India. One of the biggest and best-known is Neteller. Most online betting sites offer Neteller as a method for deposits and withdrawals. Here’s what’s important to know.
Some facts about the company
- Founded 1999 in Canada by Collin Francis Bush
- Established as a means to deposit and withdraw funds to and from online casino accounts
- Home on the Isle of Man
- Until 2006 a majority of their customers was from the US, which ended with the UIGEA in 2006
- The company returned to the US in 2014 as Optimal Payments Plc, mostly processing payments at legal online poker sites
- Launched a Net+ Prepaid MasterCard in 2014
- Available in over 200 countries and dozens of currencies, including Indian rupees
Opening a Neteller account
If you want to use Neteller for your online betting transactions in India, you need to open an account with them. You can do that by visiting the official Neteller website and clicking on the button to open an account. There you will be asked for a few details to fill in and soon you are done.
Usually, Neteller wants you to link some sort of account as well – that can be a bank account or a credit card. This would then become your regular funding source, which enables Neteller to pull funds from that source and make them available in your Neteller e-Wallet.
However, you can also manually add funds to your Neteller account by using a suitable source and entering your Neteller ID as the recipient.
You will need to verify your account though, but Neteller has several options for that to happen, including via phone.
Once your account is verified, you can use it any which way you like, including as a banking option at your preferred online betting site.
Depositing and withdrawing to your online betting account
If you wish to fund your online betting account at your preferred online betting site in India, you will need to visit the cashier and select Neteller as your payment source. Next, you simply chose the amount you wish to deposit, enter your Neteller ID to authorize the transaction and the funds will be available in your account almost immediately.
Making a withdrawal is just as easy. If you have remaining funds or winnings you wish to withdraw, you head to the cashier once more, select Neteller as the banking method and choose the amount you want to withdraw.
You won’t receive the funds immediately this time, however. The betting site will check the transaction first to ensure that the withdrawal request came from you and that you are indeed authorized to make it. This also includes verifying your payment method and ID. Usually, you should have your ID verified before making your first withdrawal as it makes things a lot easier later on.
Keep also in mind that online betting sites sometimes impose transaction limits, meaning you may only withdraw a certain amount at a time, per week or even per month. Also, some online betting sites only allow a limited number of free withdrawal requests and charge fees for more than that.
Advantages of using Neteller
A vast majority of online betting sites (among them also most of the ones we recommend) offers Neteller as a payment method for deposits and withdrawals. Its wide availability is very useful.
The Net+ Prepaid MasterCard is also a handy thing to have. You’ll be able to use existing funds in your Neteller account but with the added benefit of credit card features.
You can use this card for ATM withdrawals as well, which is certainly useful at times, especially if you can’t request online withdrawals.
Neteller payments are protected under UK financial regulations, making Neteller a safe choice as an online transaction tool.
Also, some online betting sites may even offer special Neteller bonuses. Mostly you can find these on Neteller’s homepage. Check out the affiliate offers to see if a suitable bonus might be available for you.
Are there disadvantages?
Whilst not so much a disadvantage, you should be aware that using Neteller can involve fees for certain transactions. Signing up for the account is free of charge. But some fees will apply here and there. You can check the full details of all fees on their website, of course.
Additionally, and this is definitely a disadvantage, some betting sites may offer Neteller as a deposit and withdrawal method, but they may not allow the use of Neteller if you wish to use a welcome offer. This is usually clearly written in the bonus terms. So, you can still use Neteller to make deposits at the betting site, but you may not be able to claim the welcome offer.
At least you wouldn’t have to worry about bonus conditions and wagering requirements in that case, but it is also a little annoying.