Indians who wager online are well familiar with Neteller. This is a popular e-wallet that acts similar to an online bank account. You can open an account on their website www.neteller.com. Once your account is open, you can link your local Indian bank account to it by completing their simple verification process. Whilst initially it takes a little time to set things up, once you’re verified, depositing and cashing out of online casinos is a breeze.
Casinos Accepting Neteller
Depositing with Neteller
How this is all works: you simply request funds to be moved from your home bank account to Neteller account. Once you have these have these funds you can spend them using your Neteller account at any of the 1700 online merchants that accept Neteller payments. Dozens of online casinos such as Royal Panda and Betway are Neteller merchants.
Cashing Out with Neteller
When you win money at an online casino you can request to have the winnings sent to your Neteller casinos account. Once they’re in your account you can spend the money at another merchant, or at any time you can request funds stored in your Neteller account to be sent back to your Indian bank account. As you can see this is a great way to move money in and out of online casinos.
Updates for India
Are Neteller Debit Cards Available?
The short answer is that Neteller debit cards are not available to India as of February 2011.
Some time ago there was some confusion that came from an email that Neteller sent several of their account holders from India stating that Neteller debit cards were not longer available.
Many misunderstood the notice to mean Neteller was no longer allowing transactions in India, however, they only discontinued the use of Neteller debit cards.
The key line from this email many missed was “You will still be able to use your NETELLER account as always” whilst they focused more on the discontinuance of the Neteller debit card and then on the withdrawal option notes. Basically to make sure it is clear Neteller works the same as it always has. However, they no longer provide an ATM card. You still cash out of Neteller by sending the funds back to your Indian bank account.
Is Neteller Legal in India?
Yes, the act of using Neteller alone is not illegal. To the best of our knowledge there are no laws in India against depositing and receiving money from an online casino. The only laws relate to the actual act of gambling and it is unclear if these laws apply to online play. Whilst not legal experts, our limited knowledge suggests gambling online is probably considered illegal in India and the penalty is a small Rs. 100 fine or up to one month in prison. To our knowledge no one has ever been convicted or arrested for gambling in privacy of their own home using a laptop or computer. Can you imagine the outrage Indians would have if police started raiding homes over playing a game in private? This seems farfetched and unlikely to ever occur.
Do Banks Block Neteller?
Neteller is a legitimate money transfer service, best described as a low cost alternative to Western Union and Moneygram. Many of their transactions have nothing at all to do with gambling. This is a way for people to send money to friends and family abroad without needing to pay outrageous fees. Your bank will have no knowledge of where the funds came from. If they ask, you can say they were sent by a UK firm you invested with, without needing to mention that was a gambling firm and you’ll still be telling the truth.
Neteller Currency Conversion
Another great benefit to having a Neteller account is you can keep your funds in rupee and make and receive payments in $US, Euros, UK Pounds or dozens of other currencies. Neteller is a leading provider of internet currency conversion, creating seamless transactions in dozens of currencies worldwide.
With India specific content now covered let’s take a look at a bit more about Neteller and their history.
What is Neteller?
By Sujoy Banerjee
Neteller is a popular website that offers its users the ability to engage in peer to peer online money transfers. Their origins date back to 1996 when John Lefebvre helped launch the UK’s first Payment Service Provider (PSP). This was merely a software company that provided services to online merchants. In 1999 Stephen Lawrence founded Optimal Payments in the US, and then in months to follow, a strategic partnership between Lefebvre and Lawrence emerged that saw them form a Canadian company called Neteller in June 1999.
Neteller was originally created as an answer to problems regarding secure online money transfers. Their service allowed users to purchase items, and make deposits without the need to reveal their credit card information. Whilst not the intent, online gambling became their primary source of revenue and before long every online gambling site was accepting Neteller and giving them free referrals.
Perhaps worried about the legal implications the company would form new independent brands Firepay and Instadebit, which in addition to spreading risk helped them dominate the online gambling payment industry. In 2004 Neteller floated on the London Stock Exchange, and Lefebvre and Lawrence who chased handsomely retired from the company just collecting share holder revenue. Unfortunately for them, they’d need to give most, if not all, these earnings back in a US settlement a few years after they left the company.
As a testament to Neteller’s success, their company quickly settled US legal troubles that came about in 2007. As a result their brand was strengthened and stock prices continued to soar. Today Neteller is regulated in the UK by the Financial Services Authority (FSA), process billions of dollars and is available and legal in more than 160 countries. Their website operates in 36 different languages and has millions of active customers each month.
The bottom line, if you’re looking for a safe and secure way to send and receive money online, www.neteller.com is not doubt a leading choice.