Neteller is a service operated by Paysafe Financial Services Ltd., a subsidiary of Paysafe Group Ltd. This global payments company was founded in 1999 in Canada and then moved to the Isle of Man in 2004, this to offer an online alternative to traditional payment methods.
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How does Neteller work?
The service is used to transfer money from merchants in foreign exchange firms, social networks and withdraw funds directly using the Net card or transferring to their own bank accounts.
Neteller Launches Cryptocurrency Function for Buy and Sell
As of today, its users can buy, hold and sell cryptocurrencies through a recognized exchange, which includes Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin, purchased with any of the 28 currencies. fiduciaries available in Neteller’s portfolio ”.
Exchanges with more than 100 payment methods
The company on its website stated that “we hope to add more coins in the near future” and that currently users can exchange cryptocurrencies from more than 100 payment methods without additional verification. Supported fiat currencies include Australian dollars, Brazilian reals, Canadian dollars, euros, British pounds, Indian rupees, Japanese yen, Mexican pesos, Russian rubles, Swiss francs, US dollars, and Colombian pesos.
Some of the methods to finance a Neteller account include Pay by Mobile, Epay, Paysafecard, local bank deposits and bitcoin, according to its website. Funds can also be loaded through various online banks such as Banco do Brasil, HSBC, Itaú and Nordea.
Available in 10 countries and at competitive rates
“Our rates are very competitive compared to the average market rates on major cryptocurrency exchanges,” the company stated. Paysafe noted that Neteller’s new cryptocurrency service is now available in ten countries, with plans to roll it out in more than 50 additional markets in the coming weeks and extend the service to its mobile app.
The minimum amount of purchase or sale of cryptocurrencies is “approximately equal to 10 EUR”, the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account. Each Neteller wallet has a default fiat currency that is chosen when creating the account.
The fee is 1.5 percent to buy and sell cryptocurrencies with EUR or USD as the default currency. The fee rises to 3 percent for wallets with other predetermined currencies.
Paysafe Group and the Financial Conduct Authority (FCA) of the United Kingdom.
Although the company is authorized by the FCA, cryptocurrencies are not regulated by this entity, so Neteller’s crypto service is provided under the company’s own terms of use.
Your users can pay, receive payments, and send money to everyone. The company claims to have “millions of points of sale, ATMs and online locations” for them to withdraw or spend their cash. “As one of the largest independent money transfer companies in the world, we process billions of dollars in transactions each year,” they state on their website.