NETeller prepaid card to arrive at month's end

Beleaguered online payment processor NETeller has launched a new prepaid debit card for customers in Europe and Asia Pacific. The cards are reloadable and tied to each client's personal e-wallet account.

NETeller is billing the card as a savings option, as it is available in multiple currencies which eliminates foreign exchange fees. It is also cheaper than any previous product offered by the company.

A load, for example, costs £0.50, down from £2 on the original NETeller card. A balance inquiry is £0.10 compared to the previous £0.98, point of sale transaction fees are now free, down from the previous £1.26 charge, and the company has eliminated the former £1.76 declined transaction fee.

ATM transaction costs, however, have spiked to £2 from £1.35.

The withdrawal limit per prepaid card has jumped to £10,000 compared to the old card's £460. The balance limit is also £10,000, up from the original £2,300.

Another perk is the acceptance of the prepaid cards at more than 24 million ATMs, point-of-sale retail outlets and internet sites worldwide.

The service replaces the former NETeller card, which was retired May 3. Canadian customers, however, can continue to use existing cards on the Interac network, but only in Canada.

The new prepaid product is expected to hit the market at the end of the month.

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