Like Moneybookers (Skrill), Neteller is a UK-based e-wallet owned and operated by Optimal Payments PLC. Neteller has always been one of the top online payment solutions used by online gamblers and poker players in 180 countries world-wide. As a matter of fact, Neteller has been considered a company whose clients are almost exclusively online gambling and online poker related. That is not to say that Neteller can’t be used for anything else though. There is a plethora of online merchants that accept Neteller transfers.
The way Neteller works is similar to other e-wallets: players can upload funds to their Neteller accounts from their bank accounts, from where they can then deposit money to the online poker room of their choice, keeping all personal and account-related, sensitive information perfectly safe and away from the prying eyes of not just possible cyber-criminals but of the actual online poker operators too. Funds withdrawn to Neteller accounts can then be withdrawn to personal bank accounts, so the e-wallet acts as a virtual buffer between the player and the outside world, essentially keeping all sensitive information under lock.
The company was founded way back in 1999 in Canada. The operation was moved to the Isle of Man in 2004, at the peak of the online poker and gambling explosion, when it became clear that the majority of the site’s customers would be online gamblers and poker players indeed. The activity of the company is regulated by the UK Government’s Financial Services Authority.
According to FSA regulation, the company keeps customers’ monies separately from its own, therefore customer funds are always 100% safe and secure and can be paid out in full any time. The company exited the US market in the wake of the 2006 UIGEA, returning all funds belonging to US players by 30 July 2007. Neteller revenues took quite a bit of a hit as a result of this move.
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