Once you decide to invest in betting one of the first things you need to do – open e-wallet account. E-wallet is safe and quick online payments and money transfer option. This is a MUST. I do not understand why some people are still using credit cards or bank transfers. Here you have 2 main options: Skrill or Neteller. I will go through both of them and it is up to you to choose the right one for yourself.
1. Quick and free transfers from/to the bookmaker. Lately, I noticed few small bookies which decided to charge 1-2% for transfers – avoid them. All normal bookies will not charge you for transfers and pay for them from their own pocket. This is easy to check – before you sign up with the new bookies, check their methods of transfers and if they have fees for it.
2. Taxman can’t check how much money you have. In most countries, betting is tax-free, but you never know when taxman might decide to check why you are receiving money from bookmakers. It is not out of the question if that might happen if your transfers in becomes bigger that transfers out. Your money is safe with Skrill/Neteller.
3. You will stop using your credit card for deposits and withdrawals and you will have good credit history. Whenever you will ask bank for a mortgage or loan, they will go through your credit card history and check if you are betting (transferring money to betting sites) and very likely you will be considered as a risky client – no matter if you are losing or winning, bank will consider you as a risk. Being risky client you might not get credit you want or pay bigger interest rates. Using Skrill or Neteller you are crystal clear.
4. Using e-wallet you can keep your betting bank separate from your daily income/expenses. Once you set up your betting bank, you need to transfer funds once with bank transfer which is free of charge. You do not need to transfer back your winnings, use a prepaid card instead.
5. For 10 €/£ annual fee you will receive a prepaid card, which you can use paying online or at merchants for anything you want – airplane tickets, your holidays, new phone or even drinks in the pub (you have to celebrate your winnings sometimes). Personally myself I always pay for my holidays and airplane tickets with my prepaid Skrill/Neteller cards (I have them both in different currencies). As you know Ryanair charges more if you are paying with a Credit card – with prepaid card option you will save those 10 euros for an annual fee with a couple of tickets bought. Win win situation.
6. When setting up your account you need to choose your currency – both have plenty of options, but you need to remember that choosing card you will have to choose currency as well. You have to choose the same currency, otherwise, you will have to pay currency exchange rates of 3-4% every time you use it. List with all currency options will be added below. So for example if you live in Denmark, obviously you will choose Danish Krone – best option for you is Neteller as you can set up both account and card in your own currency. If you are from Poland – your best choice is Skrill and so on.
7. Both Skrill and Neteller at the moment belongs to the same company, so most fees are very similar. The only difference I would say is daily withdrawal through ATM and payments limits which are higher at Neteller and country of your residence. All big bookmakers accept both e-wallets, but smaller ones might have only Skrill option. Check below for country restrictions and choose what is the best for you.
8. Using Skrill or Neteller you can transfer money to your friends just using their email – no need for 27 figures account numbers, addresses or names. It takes seconds and cost peanuts.
9. Restricted countries by Neteller: Afghanistan, China, Cuba, Eritrea, Iran, Iraq, North Korea, Kyrgyzstan, Libya, South Sudan, Sudan and Syria. Most likely none of them is your country. But Neteller offers also limited service to the following countries: Belgium, Canada, France, Germany, Hong Kong, Israel, Italy, Japan, Macau, Singapore, Spain, Turkey, UAE, UK, USA. Before opening account, please check with Neteller Online Help. If it happens to be your country, go straight away to Skrill – most likely you will be able to open an account here (except if you are from USA, Turkey, China, Malaysia or Israel).
10. Account opening is easy: go to Sign up page, fill in your details like name, surname, date of birth and address. Make sure to have a copy of your ID and any copy of utility bill or bank statement – proof of address (just make a photo with your phone). You will need these for any bookmaker too – to proof that you are 18+ years old and you live at the current address. Just keep them in your files, you will be constantly asked by bookmakers to sent them such documentation in the future. Once you will send these documents to Skrill/Neteller, your account limits will be increased and your account will be verified. Usually, it takes 1 day or less and you will be notified by email.