Neteller came along to fill the void when PayPal stopped acting as a payment mechanism for online gambling. Like PayPal, Neteller is essentially a “wallet” that receives an account holder’s money from bank accounts or other sources (“deposits”) and pays money out to gambling websites, account holders’ bank accounts, or other Neteller account holders. Transfers can be made by electronic means or by checks (both of which are called “withdrawals”).

Neteller does not provide services to gamblers located in the United States or Canada, due to prohibitions under the laws of those jurisdictions with respect to online gambling.

Account holders can transfer into their Neteller accounts from bank accounts, which takes two to three business days. Transfers from Neteller into casino, sports book or poker room accounts can be almost instantaneous. A few entities require telephone confirmation or otherwise delay the crediting process, but this is not caused by Neteller. Neteller charges a fee for transfer of funds out of the user’s account into the account of the gambling website, but the transfer fee is usually absorbed by the receiving website.

If an account with a casino, sports book or poker room contains funds, they can be withdrawn back into Neteller, that is, deposited in Neteller. Neteller does not charge for this service, but the online gambling entities may charge a fee, sometimes as high as $15.

Funds in your Neteller account can be transferred back into a bank account or sent to the account holder by check. There is a fee for sending out the check, which is $11 for FedEx and $2 for normal mail. A third option is to use a Neteller ATM card, which permits cash withdrawals at automatic teller machines all over the world. It is possible to transfer funds from one Neteller account to another without incurring fees for sending the money. The receiver will pay a 2% fee.

Depositors receive “NetPoints” for transferring money into Neteller, whether from gambling sites or bank accounts. Account owners then can enter periodic drawings for cash prizes with these points.

Opening a Neteller account is free. After enrolling, it is required to confirm your identity in order to activate the account. Once activated, you make your first deposit. Then you can transfer funds out of the Neteller account to participating online gambling websites. Winnings can be withdrawn back into the Neteller account. Funds can then be transferred back into a customer’s bank account, or credited to a Neteller debit card, or sent by check to the customer.

Neteller is considered a solid company, with shares traded on the AIM stock exchange in London. It is located in the Isle of Man, with branch offices in England, China, Costa Rica and Canada. They have been in business since 1999. Transactions are said to be handled securely. Contact Neteller via telephone (1-86-NETELLER) or email (support@neteller.com).