When it comes to choosing secure and convenient deposit and withdrawal options, many online casino players rightly look to digital wallets. Two of the most popular options are PayPal and Neteller, both of which enjoy sturdy reputations in other industries as well.
Despite having a lot of similarities, PayPal and Neteller are also different in many ways. When it comes to withdrawal times, fees, and much more, players need to consider a lot of different variables.
So, which is better? PayPal or Neteller? Let’s take a deeper dive and compare the two payment solutions.
What is PayPal?
PayPal is one of the most recognisable brand names, let alone digital wallets, in the world. When it launched in 1999, the solution was a fintech pioneer.
In the first quarter of 2021, PayPal had 392 million monthly active users. The e-wallet is available in over 200 countries and allows for frictionless transactions across the internet.
Besides online casino gaming, users can also pay with PayPal on various ecommerce websites. More recently, the solution has begun building a bigger land-based presence too – facilitating QR code payments and more.
What is Neteller?
Neteller is one of the most common payment methods in online gambling. If you’ve spent any time on a casino site before, you’ll most likely have seen its logo somewhere on the page.
Like PayPal, Neteller was founded in 1999. The payment service is owned by Paysafe Group, an international financial services company headquartered in London’s financial district.
The Neteller solution itself launched in 2000, and it became an integral part of the online gambling payments ecosystem. Since then, it has remained important within this industry – but is also integrated with merchant websites elsewhere.
The Pros of Using PayPal for Online Casino Payments
When using PayPal for online casino payments, you’ll enjoy a broad range of benefits. We’ve listed the main ones below for you.
As one of the world’s most famous payment solutions, you won’t be surprised to hear that many online casinos accept PayPal.
Using the solution to fund your account shouldn’t be too challenging; all you need to do is select PayPal as your payment method of choice when prompted to.
PayPal’s convenience extends way beyond the fact that many online casinos accept it. Creating an account is stress-free, and you can be up and running in the same day.
On top of that, depositing money into your betting account takes little effort. Unlike other digital wallets, you don’t need to worry about first putting money into the wallet to spend. Instead, you can link your bank account and everything else is done for you.
Similarly, transferring your winnings is also simple. You can choose whether you want to put the money back into your main bank, or if you want to leave it in PayPal or transfer somewhere else.
One reason that PayPal is so popular is because of its security. Even though the friction between making payments is minimal, your transactions are always protected.
The service uses high levels of encryption to ensure that you do not need to worry about your data getting into the wrong hands.
PayPal also monitors all of its transactions around the clock to mitigate the risk of identity theft and other malicious acts.
No online casino transaction fees
Although you have to pay a fee to receive money from others and withdraw to your bank account, paying at an online casino website will not incur any additional charges.
The Cons of Using PayPal for Online Casino
Despite PayPal being one of the most convenient payment solutions on the market, you need to consider a couple of drawbacks when using the service. These are below.
Not accepted everywhere
Despite PayPal’s widespread acceptance, not all online casino websites accept the solution as a payment method.
If your favourite online casino isn’t a verified PayPal merchant, you might find that PayPal rejects the payment. In such cases, you’ll either need to choose an alternative payment method or pick a different website.
Occasional ineligibility for bonuses
While the same is true for Neteller, it’s worth noting that some online casinos bar e-wallets from eligibility for claiming welcome bonuses.
You might not get your money straight away
When your account is up and running, sending and receiving money with PayPal is a painless process. In some cases, however, you may find that the company has chosen to hold your funds.
PayPal can hold money for up to 21 days. This may happen because you didn’t use your account for a long time before starting again, although new accounts may also need to endure this waiting period.
The Pros of Using Neteller for Online Casino
Using Neteller for online casino gaming comes with plenty of perks. But since listing all of them would be an article in and of itself, we’ve narrowed them down to three.
Known and trusted within online gambling
Neteller enjoys a fantastic reputation within online gambling and you’d do well to find a regulated casino site that doesn’t accept this payment method.
Payments are secure, anonymous and can be made both in Euros and other currencies.
Unlike a lot of other payment options within online casino games, Neteller offers various loyalty programmes for its customers to get involved in. If you transact above €15,000 per quarter, you’ll find yourself on its tiered VIP scheme – which starts at Silver and goes up to Platinum.
For those who don’t want to spend that much with their Neteller account, the company also offers a programme called Knect. With this, customers can earn points for using their account – whether that’s withdrawing, depositing, or sending money to others. After accumulating enough points, users can trade these for rewards.
Online gamblers demand convenience, so it’s unsurprising that a payment method specialising in this area would meet these needs. When depositing into your betting account with Neteller, your funds should appear straight away.
All you need to do is select the amount you wish to deposit, choose Neteller as a payment option, and confirm everything.
The Cons of Using Neteller for Online Casino
Despite the many benefits related to using Neteller for online casino gaming, you should also consider a couple of cons you’ll encounter. These are listed below.
Lengthy withdrawal waiting times
After withdrawing your winnings from a gambling account, you’ll usually see the money in your Neteller account before long. But after this is where things may get tricky.
When withdrawing money from your Neteller account elsewhere, such as to your bank account, you might need to wait up to five business days.
Quite a few fees to consider
Most online casinos won’t charge you a fee for depositing onto their website with Neteller. But you will need to be aware of a few fees when using your Neteller account in general.
To transfer to a bank account, you’ll be charged the equivalent of 10 USD. Meanwhile, Neteller money transfers cost 1.45% of the transaction’s value (2.99% from 26th June 2021).
PayPal vs. Neteller: The choice is yours
Both PayPal and Neteller are reliable and secure payment methods for online casino gaming. They’re both convenient, widely accepted and popular with players in Ireland and beyond.
While both payment methods have their cons, the positives outweigh them – and, let’s be honest, no payment method is 100% flawless.
Ultimately, the PayPal vs. Neteller debate for online casino gaming comes down to your personal choice. Check to see whether your favourite website accepts whichever one you use and decide on the most convenient option for you.