Neteller is known for its favorable treatment of loyal users. But starting from 16th November 2020, the tier system is going to be slightly different and arguably even more convenient for new and existing members. Once you upgrade to a certain Neteller VIP level, you will receive specific perks that we will discuss later on.
Here is a quick overview of what the upcoming changes will look like:
- The quickest and easiest way to acquire the VIP level up to date
- Users no longer will have VIP assessments every 12 months
- Instead, it will be done on a three-month basis
- Introduction of new levels and targets
- No Platinum VIP status from no one
Read on to learn specifics about qualifying and what this change means to the existing Neteller members.
Neteller VIP Levels
Neteller levels are similar to most payment services that want to encourage users to make transfers. They are a form of incentives that award you more and more generously as you reach certain tiers. If you’re interested in getting more favorable terms, you should definitely look into this topic.
Here are the levels that will be able to activate (most of them already exist, but there are new additions):
- Bronze
- Bronze PRO (For Baxity clients)
- Silver
- Gold
- Diamond
- Exclusive
Each level is associated with unique perks, and they increase in value as you go up. For example, Neteller Silver offers a 3.19% fee on conversions, whereas Diamond offers so much lower percentage – 1.29%.
As you progress, you will receive:
- Lower transfer fees to the point of them being non-existent
- Lower FX fees
- Higher daily ATM limits
- Personal VIP account manager
- Ability to create an additional account in a different currency
To avoid confusion, let’s clarify. Even though the Diamond level existed prior to the change, it is about to be modified. What used to be Diamond is now called Exclusive, and what used to be Platinum will now be called Diamond.
As soon as you meet the required transaction volume for the next level, you will be automatically upgraded. This will qualify you for the perks outlined for your current level.
Does the Neteller VIP Status Expire?
In a sense, the VIP status does expire, but it can be automatically picked up again every three months. As said above, the new rules specify that all users will be assessed based on their transaction activities in the previous quarter. This will determine whether you can continue using the Neteller VIP account and, if yes, at which level.
Here is what the service means by ‘Calendar Quarter’:
- 1st January – 31st March
- 1st April – 30th June
- 1st July – 30th September
- 1st October – 31st December
If you want to be upgraded in accordance with the new rules, you need to keep track of your transfers for the 1st October-15th November period. On the next day, you will either be rewarded to the upper status or assigned to a lower level depending on your activity.
How to Become Neteller VIP?
If you’re wondering how to make a Neteller VIP account, there is one main thing you need to pay attention to. It is your transaction volume. To move up the customer tiers, you will need to increase the transfer amounts to merchants to meet a threshold.
Your eligible transactions need to be anywhere between $6,000 and $600,000, depending on which level you’re aiming for. For specific numbers, please refer to the Neteller website and check the requirements there.
Additionally, if you’re a Baxity client, you have the chance to get VIP Bronze PRO level for free and VIP Silver/VIP Gold on special terms. These options will become available to you after registering a Neteller account using Baxity.
It’s important to mention that it doesn’t matter which currency you’re using. The main focus is on how much your transfers are worth in US dollars. For the reason of simplifying the calculations, these amounts are automatically converted to USD and summarized. The resulting figure is what will qualify you for the VIP tier.
Similar changes in the terms and conditions are about to happen over at Skrill. You can learn more here to become acquainted with the introduction of new levels and the removal of others. This should offer you a better overall picture of what direction eWallet services are heading to.
Just like in all financial services and payment vendors, Neteller VIP status has undeniable perks. When upcoming changes are in place, it will still have an overall positive effect on the quality of customer experience or even improve it – lower currency conversion rates, reduced ATM usage fees, online fraud protection, around-the-clock support channels, among others.
