Indian players have no choice but to bet on offshore online gambling sites. This comes with a set of challenges revolving around deposits and withdrawals. As a player, you might have difficulties in finding the best method for funding your betting account.
Neteller is an e-wallet that is designed to eliminate this problem. It is a money transfer platform that started in Canada, back in 1999. Later it was acquired by PaysafePlc Group, a money transfer company that is revered across the globe. They now generate over 90% of their revenue by facilitating deposits and withdrawals in the gambling industry.
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Related Reading: How to Deposit on Betting Sites from India
How Neteller works
Gamblers can deposit money safely and conveniently through Neteller. It works like any other online bank account, in the sense that once you fund your Neteller account, you can transfer the money to your preferred betting site.
The best part is that most reputable betting sites accept Neteller as a method of payment. They also allow users to withdraw winnings from their betting accounts using Neteller. Both processes are exceedingly simple to carry out.
In a nutshell, once you become a Neteller account holder, you can deposit money on gambling sites such as Bet365 and Betway, through your Indian bank.
Your deposits and withdrawals will be listed as “Neteller” on your bank statement. This means that your bank will not be aware of where the money is going. If your bank knows that you are funding a gambling account, it automatically rejects the transaction.
Since you’ll need to use a bank for these transactions. You must work with the ICICI Bank or the Federal Bank. Why so? This will help you steer away from the common problems facing Indian players who prefer to use other banks. For instance, you’ll barely get your transaction rejected if you use any of these two banks. The same can’t be said for the other banks as blocking of such transactions is quite rampant.
Setting up your Neteller account
Create an account with Neteller
Creating a Neteller is a relatively simple process, but it may take a significant amount of time.
Search Neteller on your browser, click on it, and on the top right corner, you’ll find an option labeled as “Join for free”. This will lead you to the sign-up page.
Read through Neteller’s privacy policy and click on the “Register now” button. Neteller will automatically send you a verification email. Log in to your email and confirm.
You’ll then be required to provide your name, address, and telephone number.
Provide security information
Neteller is committed to securing your account from intruders. For this reason, you are required to fill in some security details during the registration process. This helps to secure your account.
As part of this process, you are expected to create, submit, and confirm your password. Additionally, you should choose a security question that you can easily remember. If you lose your password, remembering the answer to your security question will come in handy. As a precaution, take a screenshot after filling in all your security details, then save it in a secure location for future reference.
Once you complete the verification process, Neteller will email you the secure ID which is usually made up of 6 digits as well as a 12 digit account ID. You will require these IDs each time you want to access and use your account.
The final step is to contact the Neteller customer service in India. Call them using the number you submitted during your registration process. They may ask you several personal questions for verification purposes. Answer them correctly. After that, you can comfortably access your Neteller account online.
Link and confirm your bank account
You might not be able to fund your account using a credit card. However, you can link your Neteller account with your bank account. This is important as it increases your transaction limit. It can also enhance the withdrawal speed to your bank account. This will make it easier to withdraw your money, especially if you win big.
So how do you link your Neteller account to your bank?
Go to the Account Tab on the Neteller site and click on it. On the resulting page, chose the “Verify Identity” option. If you click on it, it will lead you to the “Register bank account” Or “Add bank account.”
Proceed to submit all the relevant bank account details required by Neteller. The information may include your bank name, swift (BIC) code, and IBAN.
Next, select your country (India) and the INR currency. The fields are compulsory. Once you finish filling them, you have a chance to confirm if all the details you submitted are correct. You can edit any wrong information, but if all details are correct, click “continue.”
What will follow is that Neteller will transfer a little amount of the money to your account. Don’t worry about this as it’s just a small amount referred to as a micro deposit, which is necessary to verify that you are the account owner.
The transfer process may take about 3-5 days. If you want to know how much has been transferred, you can check online.
As you finish this process, you’ll be required to click on the “verify your bank account” option. You will see a section asking you to enter the micro deposit amount. And if you get it right, they will verify that you are indeed the account holder, and your account will be verified.
How to deposit with a debit or credit card
To deposit money in your Neteller account with a debit or credit card, click on the “Money in” option on the site. You will see numerous card logos. If you can’t find the card’s logo among them, then it means that Neteller doesn’t accept the card in question. But once you see your card logo, you can proceed to enter your details in the relevant fields.
You have to indicate the purpose of your deposit, by either choosing gambling or non-Gambling. Click “continue” to confirm your transaction, and wait for a moment. The process may take a few seconds. But as soon as it’s successful, the money will reflect in your Neteller account.
Funding options
There are numerous options that you can use to fund your Neteller account. Below is a list of the most popular options and their service fees;
Bank transfer
Like we said earlier, funding your Neteller account using a bank transfer is possible. The only problem is that the process is time-consuming. However, you will not be charged any fee for using this method.
Visa
Visa is one of the best options to put money into your Neteller account. Deposits will only be charged a 1.75% fee.
MasterCard
Using Mastercard is another convenient way to deposit money in your Neteller account. It also attracts a 1.75 % service fee.
Bitcoin
Bitcoin can only be used where your preferred betting site accepts it. The service charge for depositing bitcoin to Neteller is 1.00%.
Paysafecard
Paysafecard is the most expensive funding option for gamblers. You will be charged 7% to fund your Neteller account using this method.
Fees for depositing and transferring money using Neteller
The fees to fund your Neteller account may range from 0-5 %. For most methods, you will not be charged a fee exceeding 1.75%. Betting sites normally don’t charge users for deposits or withdrawals made through Neteller. This allows you to move money from your Neteller account to your preferred betting site.
If you play on several gambling sites, you can move money from one of them to your Neteller account. And then transfer the same funds into another betting site without incurring any charges. This is because transferring money from one Neteller account to another is free of charge. Neteller makes its money through withdrawal fees.
Why most Indians prefer Neteller
Indian players prefer to use Neteller for many reasons. One of them is confidentiality. The Indian law is strict on money transfers. More so, if the local banks notice that you are depositing money to betting sites, they are allowed to block the transaction.
Besides that, the amount of money transferred electronically has certain limits. But if players fund their betting accounts through Neteller, the transactions are hugely successful.
Another reason why Indian punters prefer Neteller is that the fees charged for deposits are reasonable. Moreover, the deposit process is quick and convenient. The transactions only take a few minutes. This is contrary to other methods that can take up to a fortnight, which is not ideal for gamblers.
Neteller is a recognized and accepted mode of payment by most reputable betting sites. It is also an extremely safe method for depositing money in gambling accounts.
The BII Bottom Line
To bypass the challenges brought about by the restrictions on money transfers in India, e-wallets are recommended. E-wallets offer much-needed privacy and convenience. And Neteller being one of the leading e-wallets in the world presents an excellent opportunity for punters in India to fund their gambling accounts. Furthermore, this e-wallet is widely accepted by top betting sites across the UK and Europe.
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