From January 2018 onwards, we specified in our terms of use that we used the exchange rate published by Reuters, to which we added a foreign exchange fee.

However, in December 2020 we started applying our own wholesale exchange rates to transactions involving currency conversion, to which we added a foreign exchange fee.

It was not therefore apparent from the terms of use alone that we were no longer using the Reuters rate and that we were instead setting our own exchange rate which was based on the Reuters rate.

Even though our terms weren’t clear enough, we have always provided details of the exchange rates and charges applicable to specific currency conversions within the customer journey prior to you making a payment (or in your transaction history when receiving a payment).

By using our own exchange rate rather than the Reuters rate your transactions cost 0.5% more than they should have done.  The additional cost was to account for potential market movements between the time we received an updated rate from our data provider and the time the transaction was performed.

As soon as we noticed the discrepancy between the information regarding exchange rates provided in our terms of use and the information regarding exchange rates provided during the customer journey when making a payment, or in the transaction history when receiving a payment, we investigated the cause and took action.

We updated our terms of use in August 2022 and those terms now make it clear that we use a NETELLER exchange rate which is a reference rate set by us. We also now publish on our website the rate that we’re going to use for transactions involving currency conversion as well as the rates we’ve used in the past.

To put things right, we are refunding you the additional cost incurred as a result of applying our own exchange rate rather than the Reuters rate on transactions performed between December 2020 and March 2022 (which is when we switched back to using the Reuters rate) including simple interest at 8% per year.  This refund will put you in the position you would have been in if our exchange rates had been set in the way previously described in our terms and conditions.

The notification email that we sent to you specifies the additional cost you incurred on the relevant transactions that you are due to have refunded and which will be credited to your NETELLER wallet.  We will add simple interest of 8% per annum to that amount and so the final amount that you receive will depend on the exact date it is paid.

We are crediting the refund to the NETELLER account balance of eligible customers. You can use it to transact with merchants, send to other customers or pay with your prepaid card (if applicable).

Yes, for a period of 90 days from the date the refund is paid into your account you will also be able to withdraw the refunded amount with zero fees to a bank account or card, whichever payment method is available in your country of registration. Note that only the next withdrawal following the date the refund is credited to your account will be free.

If your NETELLER account is no longer active, use  this form to contact us. Under ‘Category’ select 'Account', then choose 'I want to reopen my account' under ‘Case issue’. If we cannot open your account for some reason, we will advise you on the best ways to retrieve the refunded amount.

You can easily regain access to your NETELLER account through the password retrieval flow.