Shop securely and Transfer Money anywhere in the world with Neteller from Philippines


Neteller: An eWallet to Purchase & Transfer Money Online

Neteller is an online financial platform, which in essence works similarly to a bank account, allowing to: (a) receive money, (b) transfer money simply and quickly, and (c) purchase online services and products. Neteller accounts are called e-wallets. Neteller's e-wallets offer the following services:

  1. Online Purchases and Payments.
  2. Instant Online Money Transfers anywhere in the world at a low cost.
  3. Prepaid Mastercard for purchases in any store (online or offline).

Neteller is a platform widely used by those who operate, work, invest, bet or need to transfer money to different countries on a regular basis over the internet. Applying for a Neteller Account from the Philippines is free of charge.

Neteller Accounts Use Cases

A fair question that any potential user could ask would be: If the Neteller account works with all the features of a traditional bank account and I do have a traditional bank account ... Why do I need an Online account with a provider like Neteller? The reasoning is valid, however, Neteller's ewallet has unique use cases that can simplify things to international clients and their family environment. Below is a list of some of these use cases [Warning: This list is not definitive, there are many more use cases]:

  • If someone lives in a country that has some level of capital restrictions, or that international bank transfers are extremely expensive.
  • If two family members have Neteller accounts, and one of them goes on a trip and suddenly requires money, the other family member can send money online instantly. The traveller relative may withdraw the money at any ATM that accepts Mastercard.
  • If someone requires an account in some other currency offered by their bank. Neteller allows the opening of accounts in Dollars, Euros, Pounds Sterling, among many others.
  • If a user needs to send money to relatives in other countries on a regular basis.
  • If a cryptocurrency trader needs to regularly deposit and withdraw funds from his Trading account.
  • If a customer makes regular purchases online, Neteller is a much safer option than through their traditional banking account, because being it a prepaid account, in the event that the website where the purchase is being made is a scam and steals credit card data, the client is only exposed with respect to the balance with which he has in the Neteller account.

How does Neteller's e-Wallet work?

Neteller accounts work similarly to an online account of any traditional bank. That is, it offers a view of the account's balance, transactions history, transfer options, etc. The main difference is that Neteller is an online financial institution, meaning, it does not have physical branches to go to, for example, deposit cash. It is an app on the phone that is designed to offer payment solutions and transfer money to everyone [almost anywhere in the world] at a very low cost, compared to traditional banking. In general terms, using a Neteller account works as follows:

  1. Download the Neteller app on the phone. Neteller will require some personal data to open the account.
  2. Deposit Funds into the account. Neteller allows you to deposit money to your accounts using credit cards, bank transfers, other payment processors such as Skrill, Paysafe, or even allows you to deposit Bitcoins.
  3. Receive money from other Neteller accounts or online services (Trading Platforms, Casinos, Payment Services, Shopping) that use Neteller. Another Neteller user or online company can send money online to the Neteller account simply and instantly.
  4. Buy and Pay. Online purchases can be carried out: (a) Through the Neteller virtual card, which works like a normal prepaid debit card and can be used for online purchases. Or (b) Through the Net+ Mastercard: Which is a physical prepaid card that can be used in any real-life business.
  5. Make low-cost transfers. Once the account has available funds, low cost transfers can be made anywhere in the world. For this reason it is a service widely used by expats to send money to their families in foreign countries.

Neteller Net+ Prepaid Mastercard

As mentioned above, Neteller Mastercard Net+ cards are physical prepaid cards that operate on the Mastercard platform. These cards provide customers with instant access to money deposited into his/hers Neteller's account. In other words, the Net + Prepaid Mastercard allows you to make purchases online and live, in addition of allowing user's to withdraw money from the Neteller account.

Once the account with Neteller is opened and the Net+ card is requested, it is usually sent by post to your address within 2 to 10 days. In terms of costs, the first Net+ card has no cost, the following one has a cost of 10 euros.

Main Advantages of Neteller's e-Wallet Account

There are many advantages of using an e-Wallet account, they do not replace traditional banking, but they complement it in a positive way. The two main reasons why a Neteller account can simplify things are: (a) Transactions between Neteller accounts are quick and simple, that is, if two users have a Neteller account and one transfers money to the other, the latter has it available to spend it or withdraw it instantly, and (b) Neteller offers a virtual card for online payments, as well as a physical prepaid Mastercard.

Neteller and its regulation ... Is it safe to transfer money to this eWallet?

Neteller is a platform owned and operated by the global company Paysafe Group. Founded in Canada in 1999, the firm moved to the Isle of Man in 2004.

As mentioned in the first paragraph, Neteller is not a Bank and does not lend clients' funds. The firm is subject to digital money regulation from the British Financial Conduct Authority (FCA), UK's regulatory entity. An important aspect to know is that Neteller is obliged to keep the funds of its clients in separate accounts of the company, and must keep enough money to pay all the balances of all it's clients at the same time (a rule that Banks could never get to comply). The UK's FCA is one of the strictest regulatory entities in the world, which is why it is very safe to deposit, transfer and hold money in a Neteller account.

Neteller Commissions

Neteller is an e-Wallet, meaning, a company dealing with online payments and transfers, which is why its commissions are basically linked to money movements. When depositing with any of the following methods, Neteller charges 2.5% of the total:

  • Visa
  • Bank Transfer
  • Global Payment Services: AstroPay, Bitcoin, Boku, BPay, Epay, EPS, Euteller, eWire, Fast Bank Transfer, Giropay, HSBC, iDEAL, Inpay, Klarna, Mister Cash, Moneta, Nordea, Paysafecash, Przelewy 24, Rapid Transfer , Red Link, Santander, Skrill, Trustly, TrustPay, UPI, Yandex Money

When withdrawing or transferring money out, Neteller charges the following commissions:

  • Transfers to bank accounts: 10 dollars fixed
  • For online purchases: Free
  • Money transfers anywhere in the world: 1.45%, with a minimum of 50 cents.

For transactions involving currency conversion, Neteller adds 3.99% to the average daily interbank market rate published by an independent currency exchange data provider. VIP members pay as little as 1% per currency exchange fee.

Opening an account with Neteller from the Philippines

Opening an account and obtaining Neteller's Net+ Mastercard in the Philippines is a simple and straightforward process that is carried out online. It only requires an identity document (Passport or Identity Document) and proof of address which are scanned through the platform.

Neteller takes only a few days to open the account, and allows the customer to log in from any device and deposit funds using the methods described in the previous section.

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