Is NETELLER legal in India?
Barnard Neteller is an e-money transfer service used to transfer money to and from merchants, such as forex trading firms, social networks firms. It can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.
It is owned and operated by British global payments company Paysafe Group, alongside former competitor Skrill and prepaid payment method Paysafecard.
Visit here to exchange Bitcoin to Neteller
History
Neteller was created in 1999 in Canada and moved to the Isle of Man in 2004. Paysafe Group is listed as an "Authorised Electronic Money Institution".
In 2015, Optimal Payments Plc (now Paysafe Group) finalized a transformational transaction for the global payments industry – the acquisition of Skrill Group, one of Europe’s largest online payments systems and among the world’s largest independent digital wallet providers.
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.
Online gambling
Neteller began processing online gambling payments in July 2000, it was processing payments for 85% of the world's gambling merchants. 95% of the firm's revenue at that time was derived from fund transfers to online gaming firms, with many users being U.S. residents.
Accounts of U.S. users were restricted as the firm exited the United States, and funds were unrestricted after 30 July 2007. As a result of this enforced exit from the U.S. market, and the risks associated with online gambling, the firm has sought to diversify. Despite this, Neteller fee revenues fell from US$ 239 million in 2006 to about $61 million in 2010. In June 2019 NETELLER quitted the US market.
High-turnover customers are offered premium membership called "NETELLER VIP". It includes additional features and lowers fees similar to premium membership of Skrill.
NETELLER VIP membership benefits also include earning cashback on transfers made using a NETELLER account, increased transfer limits, and a free prepaid Mastercard for members with Silver, Gold, Platinum, and Diamond VIP status.
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.