How safe is Skrill/Neteller etc?

[hoff1985]

Hi Guys,
I'm using both systems for years, as they belong to the same company now they can be treated the same.

I know that they are generally safe, so far i only used them though pretty much to transfer in-and-out of casinos,merchants etc. and if i had money on Skrill i immediately transfered it to my bank etc.

But started to use the Prepaid Credit Card etc. i thought about using it more (= Having a few thousand $ on Skrill on some point).

Is there any risk that if i have quite some money on there always that something happens with Skrill? Don't know exactly how well Skrill is regulated and if there is any "protection" to my funds.

I'm not talking about being hacked (i already use 2-factor-authentication etc.) i'ts more a general question..... Example: Skrill drops out of a few countries. Will i be able to get all my funds if that happens? Or Skrill goes bankrupt. -> Would we all be fucked?

I know these are questions you can ask yourself with any real bank as well, but just interested in some opinions.

Cheers

 

[kavaman]

I dont know how safe the money generally is, but i dont think there should be much reason to think the company would go bankrupt. I mean they do take quite a large amount of money from players transfer to casinos. Not from the players, but they charge casinos.... Also they charge players for currency conversion, and player to player transfers, so i think there is not much reason to think they would go bankrupt. But yeah it should be remembered that they are not a bank, so its not really recommended to host tens of thousands of money there, but i think a few thousand is ok. I think you should still use google authenticator for the two step authentication, without it hacking your account is possible...

 

[pinnit2014]

In the UK we have the FSCS which means that if the bank etc go bust, you're covered up to 85k - as far as i know this doesn't apply to Skrill so if they did become insolvent any funds i presume in your account would be at risk.

Don't know if there's any specific consumer protection in your own Country

 

[JuJuJudith]

I think that some risks always exist, but as you notices that's true with every bank. The only way to be sure about your money is to withdraw them from your bank, but them in a box and bury it in a place only known by you. And even then, you could be hit in the head and lose your memory, or your currency could drop and your money could be less worthy that the paper it's printed upon.

So, Skrill and Neteller look safe enough.

 

[kasiinohai]

Although I am new to this forum, I have been gambling for about 10 years now. NETELLER and Skrill have been around ever since I can recall (I believe NETELLER was founded sometimes at the turn of the century). Therefore I think that the risk is really inexistent. Another question is whether it makes any sense to deposit large amounts of money on these sites for any longer period of time (the value of your money will drop). But as to safety, I think the risks associated with people being careless with their data (passwords, credit card numbers etc.) are hundreds of times higher than the risk of either NETELLER or Skrill going bankrupt...

 

[ternur]

Is there any risk that if i have quite some money on there always that something happens with Skrill? Don't know exactly how well Skrill is regulated and if there is any "protection" to my funds.

I'm not talking about being hacked (i already use 2-factor-authentication etc.) i'ts more a general question..... Example: Skrill drops out of a few countries. Will i be able to get all my funds if that happens? Or Skrill goes bankrupt. -> Would we all be fucked?

Neteller terms of use 3.2.:

By accepting these Terms of Use and using the NETELLER Service you acknowledge that: (i) we are not a bank and your Account is not a bank account; (ii) Accounts are not insured by any government agency and the UK’s Financial Services Compensation Scheme (FSCS) does not apply to your Account; (iii) we do not act as a trustee, fiduciary or escrow holder in respect of balances in your Account; and (iv) we do not pay you interest on any balances in your Account.

If your funds go over 1000, you should get a FSCS warning that the FSCS does not apply for your account. It should be noted though, that Neteller is authorised by the FCA and Neteller state that: "We also hold over 100% of on-deposit, un-cleared and in-transit funds in independent segregated accounts for your protection".

I've been a customer for over 10 years and never had any problems. But I wouldn't keep tens of thousands in the account for a long period of time. Just in case.

 

[dunover]

They're not safe at all, as you have seen by lack of FSA guarantee. The main problem with ALL webwallets is that your statutory section 75 card protection against non-delivery or bad goods goes out of the window as you are deemed to have paid for e-credits (which Neteller/Skrill/Paypoo will always provide after their commission) and therefore disputes are between the middleman (webwallet) and supplier and yourself.

Why do you think A$$power and all other scum sites get Neteller/Skrill? Unlike a proper merchant portal for MasterCard/Visa, Neteller and Skrill ain't too fussy in regard to whom they supply their services. Get ripped off by a rogue you can always chargeback, not with webwallets though.

That's why I NEVER use webwallets, just pay by debit card. Firstly there's no rip-off gravy-skimming fees and secondly I have protection.

 

[mac72]

Been reading this thread with some interest today. I'm nearly certain you used to be covered under the compensation scheme up to 85k with NETELLER and I find no mention on the website now. Can someone advise is that correct and has it been removed ? Typically the authorities website which should be able to say if they are covered (I thought it would be black and white, yes or no) says they are"unsure" and you should check with the Merchant ������. Segregated funds are great but depending how their segregated they might still be up for grabs from an administrator or liquidator.

 

[dunover]

Been reading this thread with some interest today. I'm nearly certain you used to be covered under the compensation scheme up to 85k with NETELLER and I find no mention on the website now. Can someone advise is that correct and has it been removed ? Typically the authorities website which should be able to say if they are covered (I thought it would be black and white, yes or no) says they are"unsure" and you should check with the Merchant ������. Segregated funds are great but depending how their segregated they might still be up for grabs from an administrator or liquidator.

Neteller have never been in the FSCS as they aren't a bank or building society and have no deposits to be protected like those. All they do is move money as an intermediary.

 

[lotusch]

Have to disagree Dunover.
I use Skrill for years and never had any issues when it comes to hacked accounts,missing funds etc etc.
However their customer service is amongst the worst I have witnessed in the world.
But if you do not need help you are fine. ^^

I also use 2 step verification and have a security pin code setup too.

I use Skrill because I can gamble outside my banks knowledge as it is none of their business and funds are available very quickly after a WD.
On Videoslots and CasinoEuro my WD's hit nearly instantly my Skrill.
I have a linked Mastercard so after a nice cashout I can go to shops and spend the cash or go to an ATM and WD up to €500.00 per day.

So I do love webwallets. I Have a Neteller account too but use that very seldom.

 

[mac72]

Neteller have never been in the FSCS as they aren't a bank or building society and have no deposits to be protected like those. All they do is move money as an intermediary.

This is the email from 2010 (and doesn't go as far as to say your covered under the scheme although I think it intimated it) but I swear I remember seeing something on the website ages ago about specifically being covered , I'm not saying they were but I just remember it!

"As of 30 November 2010, your contract with Neteller Operations Limited will be with Neteller (UK) Limited.

"How this affects you:

"Because Neteller (UK) Limited is regulated by the Financial Services Authority of the United Kingdom (FSA), your funds will be safe-guarded in accordance with FSA regulation.

"You will now have access to the UK Financial Ombudsman Service should you have any complaints that are not sufficiently dealt with through Neteller's formal complaint procedure.

"Please note that the next time you sign into your account you will be prompted to accept the new Financial Services Compensation Scheme (FSCS) Policy."

 

[KasinoKing]

I use Skrill for years and never had any issues when it comes to hacked accounts,missing funds etc etc.
However their customer service is amongst the worst I have witnessed in the world.
But if you do not need help you are fine. ^^.

I had my Skrill account hacked and emptied, what about 6 years ago now. About €850 stolen by some jerk in Russia.
When Skrill refused to accept responsibility, I took it to the Ombudsman - and after about a year they finally found in my favour and ordered Skrill to refund my lost funds + interest, which they did.

No problems since then and none ever with Neteller either.
I often have many 1,000's in both - and I don't worry about it.

Like you - virtually never need to contact them about anything. But when I have, they were pretty poor, I have to agree.

KK

 

[kavaman]

Yeah thats why the 2 way authentication is great... With it it is almost impossible for a hacker to empty your neteller account, unless they manage to hack the whole neteller. Also use different passwords for neteller then you use for casinos.

 

[dunover]

This is the email from 2010 (and doesn't go as far as to say your covered under the scheme although I think it intimated it) but I swear I remember seeing something on the website ages ago about specifically being covered , I'm not saying they were but I just remember it!

"As of 30 November 2010, your contract with Neteller Operations Limited will be with Neteller (UK) Limited.

"How this affects you:

"Because Neteller (UK) Limited is regulated by the Financial Services Authority of the United Kingdom (FSA), your funds will be safe-guarded in accordance with FSA regulation.

"You will now have access to the UK Financial Ombudsman Service should you have any complaints that are not sufficiently dealt with through Neteller's formal complaint procedure.

"Please note that the next time you sign into your account you will be prompted to accept the new Financial Services Compensation Scheme (FSCS) Policy."

Yes, FSA regulation which doesn't extend to the govt. guaranteeing your funds to 85k. All it does is ensure they keep outstanding customer liabilities in a separate account, pretty much how a casino is supposed to work.

 

[Dinahnana]

Yeah thats why the 2 way authentication is great... With it it is almost impossible for a hacker to empty your neteller account, unless they manage to hack the whole neteller. Also use different passwords for neteller then you use for casinos.

Plus everytime you log on using a different device you have to verify either by using your neteller card or security questions. It is a PITA but makes me feel more secure

 

[lotusch]

I had my Skrill account hacked and emptied, what about 6 years ago now. About €850 stolen by some jerk in Russia.
When Skrill refused to accept responsibility, I took it to the Ombudsman - and after about a year they finally found in my favour and ordered Skrill to refund my lost funds + interest, which they did.

No problems since then and none ever with Neteller either.
I often have many 1,000's in both - and I don't worry about it.

Like you - virtually never need to contact them about anything. But when I have, they were pretty poor, I have to agree.

KK

Actually my biggest problem with them was not so long ago when they blocked my account out of the blue because they had to do an additional KYC check as per new anti money laundering rules or something...Provided all the docs needed but kept declining my picture of me holding my passport...I was so annoyed after a while I made 50!!! pictures in different pixel sizes and from different angles and sent them all in 1 go to their CS team...I said, if still not ok not then please shove this Skrill account up your *PEEP*...
Within 20 minutes I was ok and my account was back open ... I copied in the VIP department as I am virtually a Skrill VIP since I use it...

Few weeks later I logon to my Skrill and got the same message, that I needed to provide additional documents...

Looked for the original e-mail from them to say my account was all good now and sent that...
Some stupid 'I do not read customers e-mails and just give a standard reply' CS rep apologised and said the documents were needed for extra verification...E-mailed him back AGAIN with the e-mail to confirm this was already done and some other CS rep then finally acknowledged my account was ok...

It really really pissed me off how this was handled and if you look on Facebook you can see how bad Skrill is rated when it comes to CS.
Atrocious.


But I use them for so long and I hope no more docs are needed for the years to come.

It is fast, safe and simple to use Skrill and that's why I keep using them..

 

[nikantw]

I know they are not banks, but that is a good thing since banks have been used in the EU as a way to destoy a country's economy and steal peoples deposits.

To the topic, I want to know from more experienced members how they (and casinos) handle big withdrawals, 100,000 and above.
If I win something this big, will the casino put it to Neteller, or they will want a bank acc? I am talking about VS, 32red, Fotune Lounge and CR mostly.
And will Neteller have a problem with 100,000 or more beeing in my Neteller acc (being used all the time, but not transfered to a bank) for 1-5 years?

 

[interlog]

I know they are not banks, but that is a good thing since banks have been used in the EU as a way to destoy a country's economy and steal peoples deposits.

To the topic, I want to know from more experienced members how they (and casinos) handle big withdrawals, 100,000 and above.
If I win something this big, will the casino put it to Neteller, or they will want a bank acc? I am talking about VS, 32red, Fotune Lounge and CR mostly.
And will Neteller have a problem with 100,000 or more beeing in my Neteller acc (being used all the time, but not transfered to a bank) for 1-5 years?

I would ask for a direct bank transfer from the casino.

 

[Pulver]

I had my Skrill account hacked and emptied, what about 6 years ago now. About €850 stolen by some jerk in Russia.
When Skrill refused to accept responsibility, I took it to the Ombudsman - and after about a year they finally found in my favour and ordered Skrill to refund my lost funds + interest, which they did.

No problems since then and none ever with Neteller either.
I often have many 1,000's in both - and I don't worry about it.

Like you - virtually never need to contact them about anything. But when I have, they were pretty poor, I have to agree.

KK

I remember reading about your case, good thing you got your money back in the end!

Everyone should use two factor verification at Skrill, makes it a whole lot harder to get into your account for hackers I beleive.

 

[Mouche12]

I believe there's a $100,000 limit on Neteller, perhaps higher if you are at diamond level, don't know for sure.

 

[theslotsking]

I think it depends on how much you spend as to whether neteller/skrill are good.

I used both for a while however I have reverted back to just using a credit card. The main reason was I did not want large amounts of money sitting in a ewallet.

I have a debit card attached to a bank account specific for gambling. Funds are deposited at casino by card and when I withdraw I withdraw directly back to my bank account. The last withdraw I made I received the funds in my bank account in 24 hours which is good considering I am in Australia.

I made a bank withdraw from skrill last year and it took 8 days to receive it.