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Neteller was created in in Canada and moved to the Isle of Man in Neteller is not a bank and does not lend customers' funds. It is required under FCA e-money regulations to maintain customer funds in separate trust accounts, separate from its operating cash, sufficient to repay all customer balances at the same time.
It includes additional features and lower fees similar to premium membership of biggest competitor Skrill. Legal issues surrounding online gambling mean that customers in a range of countries Albania , Cambodia , Canada, Hong Kong , Israel , Laos , Lebanon , Macau , Singapore , and Turkey are not permitted to make transfers to gambling merchants.
Accounts may be set up in 26 major currencies. These deposit types vary by country and some are instant. Money in a Neteller account can be used to pay merchants, sent to other customers of the service, or spent at any retailer that accepts MasterCard using the Neteller prepaid card that is a part of the account. If unauthorised users obtain and try to use card numbers, or if an otherwise legitimate merchant tries to take additional, unauthorised, payments, the transaction fails as the card number cannot be re-used.
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