PayPal vs. Neteller – Best Online Casino Banking Methods for 2020
Interactive gambling now has become even easier for casinos and people both. Back then, people used to depend on trusted institutions that provided them with money but nowadays everything has become online and hence easier for people who like to gamble.
PayPal was arguably the leader
Innovations lead to the high rise of other companies following the same. New or the same standards are reached in such an ordeal. Online payment processors are now reigning over the new preferences of the customers and nowadays they can be found on all kinds of e-commerce platforms.
Although there may be various methods of payments. This is because it is convenient and easier. The two rising tycoons of this industry are PayPal and Neteller and there are many pros and cons in the field.
About PayPal
One of the largest Fintech companies now started as Confinity back in the past turn over a century. It is believed to have over 100+ million user network that ranges in almost every country around the world and also has a massive transaction volume because of its flexibility and uses in all kinds of transaction businesses.
Several advantageous and beneficial choices await for merchants and customers both using this method of transaction. It boasts about improving even further and also has several features as listed below.
About Neteller
Owned by the renowned Paysafe Financial Services Limited, Neteller is currently one of the most fast grossing and reliable payment processors in the world. It may attain a slightly different approach than PayPal but their end goals are the same as being able to provide online value-stored accounts that help the users to transact currencies around the world.
PayPal vs. Neteller
Both these options leave the customers dazed and confused about the more reliable option to pick and no matter how analogous they may seem in their functions, they can, however, differ slightly based on the characteristics that can help the users to choose the best options for them.
Account Features
This segment explains the features that these top-notch online payment processors provide such as the different accounts one can hold, the number of fees attached to the service, and also to what extent you can hold an account.
PayPal
Based on the accounts, PayPal provides 2 registered accounts with both personal and business services. Those with professional businesses can find joy handling the business account and those who are individual users will be satisfied by the personal account.
Inactivity fee charge is not applied over here and with that, no fees are charged in terms of registration, maintenance, and activation. However, there are still some of the charges that might prove a little annoying in terms of the transaction and also some of it will transact to the service of a general change of currencies. In general, PayPal boasts about its e-wallet being spread out in 25 different currencies and transacting into their currencies adjoining the world boundaries.
Neteller
It does not provide the amount of freedom in accounts as PayPal does and hence users can hold only one account per individual. Although there is the option of adding currencies in their existing accounts before converting them to make payments.
Like its rival, Neteller also likes to charge customers with a fee. The amount, in general, is a set 3.99%, however, this amount can change in the particular country from where the transaction is being made and Neteller’s ranking on the VIP network of that country.
Neteller users have an option of 22 currency exchanges at their disposal and will be able to make them as soon as the registration of their account is made. However, it also comes with a maintenance fee charge of USD 5.00 if the account is 12 months inactive.
Crypto Coins are part of Neteller
Cryptocurrencies are also being included in the Neteller option of transactions among the others. The determination and dedication of the company towards their clients become pretty clear with this option. Features like Litecoin, Bitcoin, Ethereum, Bitcoin Cash, and other currencies are available for the user to buy and sell. All of this is possible with the local payment method which paves the path for the user to have over 100 options.
Deposits & Withdrawals
The primary service provided by these services is the payment transfer and below are the methods through which you can fund your account and manage finances and withdraw them as well.
PayPal
There might be no fee required for you to send the money to other PayPal account but receiving money from other accounts requires a minimum fee.
Paying within the PayPal accounts or direct bank wiring may be free however the credit card payments made by the users charge a 2.9% + 0.30 USD which rounds off to 7.4% + 0.50 for international transfers.
However, if you need to make these transfers you will still need to fund your account. There are a variety of methods through which these can be made.
Neteller
This does not charge any fee, unlike PayPal that applies fees while receiving money. It, however, makes up for the lack of fee through the charges it puts on for the process of sending money which is around 1.45%.
Deposits and withdrawals both require a specific fee charge. The charge may vary in different deposit banking options such as cryptocurrencies, mobile payments, e-wallets, intermediary services, and regular bank transfers as well. These methods can help the users to store value in their accounts that have a general 2.5% fee charge.
Withdrawals can do the same as deposits each of which features a different fee.
Hence the fee mentioned above is the fee required for money transfer in a Neteller account to a partnering merchant which requires a 0% fee. However, for money transfer, the fee is above 1.45% that has a set threshold of 0.50 USD. Direct bank transfers charge around a minimum of 10 USD fee and a Member fund transfer charges around 12.75 USD.
User Benefits
Apart from the bonuses derived from the gambling operators and other merchants, discounts are used for selecting a specific payment method and the processors itself suggest a range of benefits for their users.
PayPal
For those who have decided to store and transact value through a PayPal account, there are no benefits for them. Many people have recommended the smooth experience they derived from the account and in fact, are not in the need of dire changes that require further boosts in the system. However, even if that is the case the users can implement many other features from it as well such as the PayPal Prepaid MasterCard plastic card including its points structure.
Neteller
However, in the case of Neteller, the card is considered to be a liability and the main benefits reside in the overall account holder experience of the user. This service is so efficient and beneficial that within the moments of registration the user qualifies for numerous perks and advantages which spreads across 5 levels of Bronze, Silver, Gold, Platinum, and Diamond.