Neteller Review 2022 – Is NETELLER safe to use in India?

Neteller offers its users virtual and prepaid cards to make purchases on and offline. Virtual cards change each time they are used to prevent the users’ information from being stolen.

The Net+ Prepaid Mastercard offered by Neteller can be used for cash withdrawals at thousands of supported Mastercard ATMs worldwide. The card will function as a normal Mastercard in any brick and mortar stores. The Net+ Prepaid Mastercard operates as a debit card. Therefore, the available balance of your card will always be the same as your Neteller e-wallet account balance. Join the Silver VIP level or higher to increase withdrawal limits for your Mastercard, and the initial fee will be waived.

The Virtual Prepaid Mastercard is an online version of the physical Prepaid Mastercard. To shop online,there is no need to receive a physical card. Alternatively, details are created for a virtual card in your Neteller account.

Card Fees

• With the Net+ Prepaid Mastercardthere are no monthly, annual, or inactive fees. The card can be ordered through a trader’s account for a one-time processing, shipping and handling fee of €10.00.
• There is a 1.75% fee for ATM withdrawals. Paying in shops at a POS (point of sale) is free when the currencies match, otherwise you are charged with a 3.99% fee.
• To avoid foreign exchange fees, choose the currency of the country in which the card will be used primarily. All Net+ fees are automatically withdrawn directly from your account. There are eight different currencies to choose from for your Net+ Prepaid Mastercard: AUD, CAD, DKK, EUR,GBP, JPY, SEK, and USD.

Your first Virtual Prepaid Mastercard is free and each subsequent card costs €2.50. Users are able to add up to 5 Net+ Virtual Prepaid Mastercards, with individual spending limits. There is a 3.99% currency exchange fee for when using different currencies.

Limits

• Net+ Virtual Prepaid Mastercard users cannot spend more than €6,300 over a 24 hour period.
• For non-VIP clients, the Net+ Prepaid Mastercard allows 4 ATM transactions, up to €900 total (or equivalent in another currency), 10 POS purchases, and €2,700 total on POS purchases.
• While Bronze VIP users can use 5 ATM transactions, up to €2,970 total (or equivalent in another currency), 15 POS purchases, and €6,300 total on POS purchases. These limits increase with each higher level of VIP.
• For unverified customers, the Net+ Virtual Prepaid Mastercard permits users to spend €180/ 24hrs with a yearly total of €720. Whereas verified clients are allowed 10 purchases/ 24hrs with a 24hr purchase limit of €6,300.

To learn more about the Neteller Net+ Prepaid Mastercard, head on over to the Neteller website.

Unfortunately for Indian traders, as of the end of September 2016, Neteller only offers Net+ Prepaid Mastercards to residents of SEPA countries.

Complete the Anti-Money Laundering requirements with your name, address, and phone number. Once the information has been entered into the system the initial verification should be complete. After initial verification clients are able to deposit, transfer, and withdraw money.

3 ways to verify your account:

• Bank Account Verification – Go to the “Account Summary” section and follow the “Register Bank Account”. Present the details of your bank account including ΙΒΑΝ, the name of the city & country where the account was opened, the account’s currency, your branches phone number, SWIFT (BIC) code, and Government issued photo ID
• Address Verification – Upload a copy of an official utility bill (gas, water, or electricity bill). In the image your name and address must be clear and legible.
• Passport/ Driver’s License/ Photo ID Verification – Submit a scanned copy or photo of your ID or passport. Take your time and be sure to include a picture of both sides or all relevant pages.

Customers can withdraw funds from their accounts by bank transfer, check, or using the company’s Net+ prepaid Mastercard at a point-of-sale or ATMs.

For most users, especially those in South East Asia, money is typically withdrawn to the same payment method or card used to deposit money. In India, this is most often a credit or debit card.

Depending on the account or personal card the money is being withdrawn to, it can instant or take a few days.

Neteller VIP

This platform provides users with 5 levels of membership, each with benefits ranging from dedicated support, lower fees, and higher transaction limits. All levels include Dedicated VIP Managers, lower fees for deposits & withdrawals, and more.

Bronze allows users a merchant transfer limit of $10,000 USD per calendar year. As the most basic level customers receive a 1,000.00 USD daily ATM cash withdrawal limit. Members earn 1,000 Anniversary reward points each year, along with 1.00 reward point/dollar spent. Fees start at 3.79% for currency exchanges, 1.75% for ATM withdrawals, and the fee to Send Money is 1.45% with a minimum charge of 0.50 USD.

• The Bronze level works for individuals looking to make casual use of this account.

Silver members are able to transfer $50,000 USD per calendar year. ATM cash withdrawals are also limited to $1,000.00 USD per day. Customers receive 9,000 Anniversary reward points each year and 1 reward points for every dollar spent. Free money transfers, lower fees (3.19% FX fees and ATM withdrawal fee 1.75%), and one additional currency account with flexible transaction limits gives users looking to move money in two currencies a perfect account.

• Silver is a great level for people trading on two or more platforms using different currencies.

Gold clients have a transfer limit of $100,000 USD each calendar year. Further setting this level apart are Neteller’s second-highest ATM cash withdrawal limit (3,300.00 USD/day), 10,000 Anniversary reward points, 2.79% FX fees, and a flat ATM withdrawal fee of $6. Users are given access to two additional currency accounts, a personal VIP account manager, lowered deposit & withdrawal fees, and next day payouts.

•  This account is great for moderately high volume traders using multiple currencies for trading, traveling, and more.

Platinum – $500,000 USD can be transferred per calendar year. Users at this level have all Gold level privileges and 20,000 Anniversary reward points with 1.25 reward points/dollar spent, 2.39% foreign exchange fees, and 3 additional currency accounts.

• A level for high volume traders transferring to accounts around the world.

Diamond – the last but certainly not least appealing tier touting a 2,000,000 USD per year transfer limit, 50,000 Anniversary reward points with 1.50 reward points/dollar spent, and 1.29% exchange fees.

• Building off of Gold level privileges, this level is for the international business mogul you want to be.