Subsequent to the United States Congress passing
prohibiting transactions from financial
institutions to online gambling sites, Neteller has stopped making transfers between US citizens and gambling sites, including
poker rooms. Neteller remains available to citizens of most other countries.
For players where it available, the most convenient way to deposit and withdraw funds from online poker sites is to use an e-wallet
service. Neteller has been the market leader for several years.
Neteller is a publicly traded company on the London Stock Exchange. There are no charges to transfer money to and from
cardrooms who use Neteller, except you need to do a few things to make use of all the Neteller features.
The first thing to do, after reading this handy dandy page, is sign up for an account. Click the link above. This will take you to the
Neteller website. The initial sign-up page is very simple, just a handful of questions.
Windows - Mac
When you sign-up make sure you use the email address you use with the online cardrooms. Unlike PayPal where you could have multiple
email accounts sending and receiving money, with Neteller you can only have one. So, a secondary step is for you to go to all
the online cardrooms you play at and change any email addresses to the one you use with Neteller.
step is to "certify". Players do this by verifying a bank account. (Some users may become certified by faxing a copy of their
passport and both sides of a personal credit card.) You give Neteller your checking account information, and they make one tiny
deposit and one tiny withdrawal from that bank account (amounts like six cents and four cents). After your bank registers these transactions
(two to four days), you enter the amounts on a "Verify Your Bank Account" page. This process allows you to transfer money into
and out of Neteller and your checking account with no fees (assuming your bank allows electronic transfers). They say a transfer from your
bank account will take two to four business days, but they start counting the days the day after you make your request, and I
doubt they ever take two days, so assume a transfer will take one week, including weekends.
Once you certify, you receive more generous deposit limits. The limits are flexible. If you want higher ones, contact Neteller
support to find out what they require.
This simplifies the cashout process. When
you cashout, choose to cashout to Neteller. Once your money is on Neteller, you can then transfer it to your bank
account (again, taking two to four days) or get a check mailed or delivered.
If you are a particularly paranoid person, it might make sense for you to set up a completely new account at your bank that you use
exclusively with Neteller. Keep a few dollars in it to keep it active, then whenever you cashout just transfer the money out of
this account into your principal checking or savings account. Likewise when you want to deposit money to an online cardroom: deposit
money in your special account, transfer it to Neteller, then transfer it to the cardroom.
While Neteller is free to transfer to the cardrooms (unless a cardroom decides to pass on the fees to you), there are fees for
some related transactions. For example, if you use a credit card to deposit to Neteller, you will be charged a 3.9% fee on the
deposit. You will also be limited to $400 until you certify your account. Once you have certified your account you will be able to use
your Credit Card to fund your Neteller Account for up to $3000 in a rolling thirty-day period. Most credit cards will view
Neteller transactions as cash advances.
Another possible fee comes into play if you wish greater speed than the two to four days needed to move money to and from a bank account.
Neteller offers an "InstaCash" transfer -- essentially, immediate bank transfers, but with a cost of 8.9%. I doubt
many poker players will want to pay that much juice just to move money a couple days faster. In contrast, FirePay offers a flat
$1.50 fee for an immediate transfer.
Neteller has a page of
phone numbers and email addresses for easy contact.
Neteller policy is to withdraw your funds using the same method as they were originally deposited. So if you deposit $20 by
credit card, then you must withdraw $20 back to your credit card. Any subsequent amounts may be withdrawn using other methods.
Also see Firewalls Spyware & Online Poker Security and more
Poker Industry topics.