Reviewed: Velocity Global Wallet™

Rates and Fees verified correct on September 4th, 2015

The new Velocity Global Wallet™ allows you to combine your Velocity membership card with a convenient prepaid Visa card. This lets you earn points every time you use your card to pay for purchases.

You're able to load multiple foreign currencies onto your card, which makes it much easier to access cash while you're travelling overseas. Your card can be used to withdraw cash from local ATMs in the local currency or to pay for purchases using that currency. This can save you plenty of money in foreign transaction fees, making it easier to keep your holiday spending under control.

  • Choose from US Dollar, Euro, Great British Pound, New Zealand Dollar, Hong Kong Dollar, Canadian Dollar, Singapore Dollar and Japanese Yen
  • Locked-in exchange rates for multiple currencies and low and transparent fees
  • Ability to load money and convert currencies 24/7 on the secure customer portal
  • Accepted electronically – at over 29 million locations worldwide, across more than 60 countries.

As the Velocity Global Wallet™ is a prepaid Visa card, the money you spend comes from your own funds. You simply deposit cash into your account and then use your card the same way you normally would. The benefit here is that you're not using credit or accumulating any debt when you pay for purchases.

You don't have to worry about paying any monthly account fees or annual card fees with the Global Wallet™ prepaid Visa card, so you're keeping your costs to a minimum already. And you have the advantage of converting Australian dollars into a variety of foreign currencies when it suits you. This lets you benefit by locking in the exchange rate and avoid getting caught if rates change during your travels.

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Benefits of the Velocity Global Wallet

  • Keep Your Money Secure
    When you use a Velocity Global Wallet™ prepaid Visa card to pay for purchases while you're travelling, you have the ideal way to keep your money secure. Your account is not linked to your regular bank account, so there's no way to risk your own cash in your bank accounts if your card is stolen or lost.
    Velocity Global Wallet™ also gives you the option of applying for a Virtual Global Wallet™. This gives you an added level of security for your money, as you can pay for purchases online with the funds from your Global Wallet™ account, but you don't need to enter an actual card number into the online payment processing page. This helps to protect your account from fraudulent usage when you're shopping online.
  • Supplementary Cardholders

    Supplementary cards are available for a fee of $10 and last up to 5 years. You can also earn Velocity points which will be allocated to your Velocity account.

  • Available Currencies

    Your Velocity Global Wallet™ account can support ten different currencies. However, your account is limited to only five at a time and one of those must remain Australian dollars.
    At this time the foreign currency wallet types you can use are as follows:

      • Australian Dollars (AUD)
      • US Dollars (USD)
      • Canadian Dollars (CAD)
      • New Zealand Dollars (NZD)
      • Euros (EUR)
      • British Pounds (GBP)
      • Hong Kong Dollars (HKD)
      • Japanese Yen (JPY)
      • Singapore Dollars (SGD)
      • Thai Baht (THB)
      • South African Rand (ZAR)
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Fees and Charges

While applying for your Velocity Global Wallet™ card is absolutely free, there are some fees and charges that may apply to your account. These include the following:

  • Supplementary Card $10.00 - If you request a supplementary card for your spouse to use while you're both travelling, you will be charged a supplementary card fee of $10. Supplementary cards last up to 5 years and are eligible to earn Velocity points which will be allocated to your Velocity account.  Supplementary cards can be requested through the Global Wallet Account Centre.
  • Inactivity Fee $1 - If your Global Wallet™ account remains inactive with no new funds loaded or purchases paid from the account for 12 months, you will be charged a $1 inactivity fee. This fee will be charged monthly until you load money onto the account or you withdraw all funds and close the account.
  • Foreign Exchange Fee - 3% of the Australian dollar amount of the transaction - If you pay for a purchase in a foreign currency and you have insufficient funds to complete that purchase, your account will automatically deduct funds available in any other currency you have on your card to pay for what you've spent. This will result in a foreign exchange fee being charged. This amount is calculated at 3% of the Australian dollar equivalent transaction amount.
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Activating Your New Card

Your Velocity Global Wallet™ card won't work until after you've activated it. You will need to log into the Global Wallet™ Account Centre online to do this. Your username will be exactly the same as your regular Velocity membership number, so keep this handy before you begin the activation process.

Once you've entered your Velocity membership number, you'll be asked to verify your identity and choose a password and a PIN.

Activating your Velocity Global Wallet™

Navigating Your Global Wallet™ Account Centre

Once you've logged into your secure online Global Wallet™ account, you will be able to view your account balances. Your transaction history is also visible from your account centre, so you can see any payments you've made previously in various currencies or any amounts you've loaded onto your card.

If you haven't loaded any funds onto your account yet, you'll find the relevant BPAY or bank transfer payment information inside your Global Wallet™ Account Centre. You can use those details to log into your regular transaction account and transfer money into your card.

If you need to change your password or your PIN, you can do this by logging into the Global Wallet™ account as well.

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Using Your Velocity Global Wallet™ Card

When you're making a purchase at a retail outlet or withdrawing cash from an ATM, select the 'Credit' option to complete your purchase. The money you spend comes out of the cash you pre-loaded into your account.

If you're spending an amount that is smaller than $100 you can choose to use the Visa payWave function for convenience. You simply tap your card to the point-of-sale outlet and your payment is verified automatically.

  • Managing Your Money via Mobile

    If you prefer to manage your account on your mobile phone or smartphone while you travel, you can download the Velocity Global Wallet™ app onto your phone. This is available from iTunes for Apple phones or from Google Play for those with Android-based phones.

    The App is a convenient way to view your transaction history and keep track of your account balances in each currency on the go. You can even use the app to transfer money between different currency wallets if you need more while you're out shopping.

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How to Load Money Onto Your Card

Once you've activated your card, you're able to load your own money into the Global Wallet™ account.
Loading funds onto your charge is free and can be done by:

  • BPAY from your regular bank account
  • or via an online or telephone bank transfer

The money you transfer in from your normal transaction account will already be in Australian dollars. After you've transferred the amount of money you want, you need to log into your Global Wallet™ account and nominate which other currencies you want to convert your cash over to - As long as you leave at least some of your funds in Aussie dollars, you're able to nominate to exchange your Australian dollars over to another four currencies.

You can then use your Velocity Global Wallet™ card to pay for purchases at any retail outlet or ATM or merchant where the Visa symbol is displayed. This gives you millions of different places you can use your card and know your payments are covered.This is practical way to lock in your conversion rates before you leave home. You also have the benefit of avoiding any fluctuations in the foreign currency exchange pricing while you're travelling.

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Spending Money in Foreign Currencies

The account will automatically deduct funds in whatever currency you're spending first. So if you make a purchase in US dollars and you have Australian dollars, US dollars and Euros in your account, the US dollar balance will be debited first.

If you don't have sufficient funds in US dollars to complete that purchase, the account will automatically debit another currency from another wallet to cover the shortfall. Keep in mind that you will incur foreign currency exchange fees for these transactions, so it pays to ensure you have enough money in the right currency before you complete your purchase.

If you happen to be travelling in a location that accepts dual currency payments, your Global Wallet™ will deduct whichever currency you have available in your account. So, if you don't have Cambodian Riel available, your account will automatically debit the equivalent amount in Australian dollars, plus a foreign currency exchange fee on top.

Purchases in foreign currency

This can happen in such locations as Cambodia where you're able to use US dollars or Cambodian Riel to pay for purchases. As the Cambodian Riel isn't one of the supported currencies on your card, you could find that your transaction is processed in any other currency you have available and converted to the foreign currency being charged. This will attract a 3% foreign exchange fee(of the Australian dollar amount of the transaction) and you'll be paying whatever exchange rate is current at that time through that provider, which may not be as attractive as you could receive elsewhere. To avoid these types of additional costs, always check what currency is being charged by the merchant before you proceed.

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Earn Velocity Points

Your Velocity points membership number is linked to your Velocity Global Wallet™ account. Every time you use your card to pay for valid purchases, you'll be earning more points. This is a great way to boost your points balance quickly.

You're able to earn points at the rate of 1 point per $1 spent when you pay for purchases overseas in any currency. You'll also earn 1 point for every $2 spent on your card while in Australia.

Earning Velocity points

Travelling with Pets for More Points

If you're travelling with pets on domestic flights with Virgin Australia, your pets could help to boost your points balance for you. It's possible to earn up to 300 points per pet carrier you book onto your domestic flight.

Redeeming Your Velocity Points

Accumulating more Velocity Points by using your Velocity Global Wallet™ card to pay for purchases while you're travelling is a great way to boost your balance fast. You can redeem your points for a broad range of rewards. These include plenty of domestic and international flights, as well as accommodation and car hire.

There are also plenty of other items you can redeem your points on. These include lifestyle and entertainment packages that are exclusively offered to Velocity members. You can even choose to redeem your points for shopping vouchers with more than 150 online stores.


International ATM Fees

If you withdraw cash from an ATM while you're overseas, you may be charged international ATM fees. These are charged at the following currency rates per transaction:

CountryCurrencyWithdrawal Fee
AustraliaAUD$0 AUD
CanadaCAD$2.00 CAD
EuropeEUR€1.50 EUR
BritainGBP£1.25 GBP
Hong KongHKD15.00 HKD
JapanJPY¥160 JPY
New ZealandNZD$2.50 NZD
SingaporeSGD$2.50 SGD
ThailandTHB60 THB
United StatesUSD$1.95 USD
South AfricaZAR$20 ZAR

Keep in mind that the local ATM provider may also charge an additional service fee at the time of your transaction.

Pros and Cons

Pros

  • Ability to load money and convert currencies 24/7 on the secure customer portal.
  • Accepted electronically – at over 29 million locations worldwide, across more than 60 countries.

Cons

  • Once five Wallets are active on the card, you will need to empty and inactive one of the active Global Wallets to reload another currency.
  • The Velocity Global Wallet does not offer replacement cards overseas.

Earn more points with the Velocity Frequent Flyer Rewards Program

The Velocity Frequent Flyer Rewards Program is Virgin Australia’s frequent flyer scheme that allows customers to earn Velocity Points whenever they fly with the airline or any of its international partners. Not only can customers earn points, but they also can take advantage of the many flights offered, including one-stop flights to Europe, flights to the Americas, Asia, the Middle East and more.

Members of the Velocity Frequent Flyer Program can also earn points all over the world by using the program’s network of partners, including hotels, car hire companies, travel assistance, insurance companies and more. Additionally, customers using a credit card that is linked to the Velocity program will be able to earn double the points, because they will be earning points by using their cards as well as with program partners.
Learn more about the how to join Velocity for free

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Applying for your Velocity Global Wallet™ Card

It only takes a few minutes to apply for your Velocity Global Wallet™ card via the secure online form. If you're already a Velocity member, you can simply request a Global Wallet™ card by logging into your account using your membership number, where you can also obtain and read the Product Disclosure Statement.

If you're not already a member, you will need to join the Velocity program first. You can request your Global Wallet™ card as part of joining the program.

Travel money card comparison

Rates last updated September 4th, 2015
Available Currencies ATM Withdrawal Fee Reload Fee Initial Load Fee
ANZ Travel Card
ANZ Travel Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD, AUD 3.50, CAD 3.00, EUR 2.20, GBP 2.00, HKD 20.00, JPY 260, NZD 4.50, SGD 4.00, THB 95, USD 2.50, 1.1% of the value purchased $0 Go to site More
Qantas Card with Qantas Cash
Qantas Card with Qantas Cash
AUD, AED, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD AUD 1.95, CAD 2.00, EUR 1.50, GBP 1.25, HKD 15.00, JPY 160, NZD 2.50, SGD 2.50, USD 1.95, THB 70.00, AED 6.50 $0 $0 Go to site More
Multi Currency Cash Passport
Multi Currency Cash Passport
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD $0 for International ATM withdrawal and 2.95% of the amount withdrawn in Australia $5 $0 Go to site More
Travelex Travel Card
Travelex Travel Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD Travelex does not charge an ATM withdrawal fee when you use your Travelex Multi-currency Cash Passport to withdraw currencies that are loaded on the card at overseas ATMs where MasterCard is accepted. The greater of 1.1% of the initial load / reload amount or AU$15.00 $0 Go to site More
Rates last updated September 4th, 2015
Currency Conversion Fee Monthly Inactivity Fee Multiple Currencies on One Card Maximum Load Amount
ANZ Travel Card
ANZ Travel Card
3% $3 Yes $80,000 Go to site More
Qantas Card with Qantas Cash
Qantas Card with Qantas Cash
3% $0 Yes $20,000 Go to site More
Multi Currency Cash Passport
Multi Currency Cash Passport
5.95% $4 Yes $100,000 Go to site More
Travelex Travel Card
Travelex Travel Card
5.95% AU$4.00 per month No Go to site More
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This page was last modified on 2 September 2015 at 9:45.

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375 Responses to Reviewed: Velocity Global Wallet™

  1. Default Gravatar
    Troy | September 2, 2015

    I have loaded money onto my global wallet but would like to know how to transfer some of this cash back to my original bank account.

    Thank you.

    • Staff
      Sally | September 3, 2015

      Hi Troy,

      To have any remaining balances transferred to your chosen account, you can request a funds redemption. You can contact the Velocity Global Wallet team to request the funds redemption and should you have no cancelled or expired authorisations, you’ll be able to transfer any remaining funds to your chosen account without incurring a fee.

      I hope this has helped.

      Thanks,

      Sally

  2. Default Gravatar
    Pinky | September 2, 2015

    I have loaded Australian dollars on to my Velocity wallet. How do I convert them to US dollars in preparation for my upcoming trip? The “manage Wallets” page shows $0 in both currencies. But transaction history says cash has been successfully loaded. Unable to drag. Do i need to wait another 24 hours before I can do so?

    • Staff
      Sally | September 2, 2015

      Hi Pinky,

      Thank you for your question.

      If you have loaded funds on your Velocity Global Wallet via BPAY, you will need to wait three business days until the funds appear on your account. If you used an online or telephone bank transfer, you can expect the payment to appear on your account within one business day.

      Once the funds have appeared on your account, you can activate your USD wallet and transfer the funds across.

      I hope this has helped answer your question.

      Thanks,

      Sally

  3. Default Gravatar
    waller | August 26, 2015

    How do I activate Velocity Frequent Flyer card?

    • Staff
      Sally | August 27, 2015

      Hi Waller,

      Thanks for your comment.

      If you’re referring to the Velocity Global Wallet (Velocity’s prepaid travel money card), you can activate it by logging into the Global Wallet™ Account Centre online. Your username will be your regular Velocity membership number, so keep this handy before you begin the activation process. Once you’ve entered your Velocity membership number, you’ll be asked to verify your identity and choose a password and a PIN.

      If you’re referring to your Velocity Frequent Flyer membership card, this should be activated when you receive it.

      I hope this has helped.

      Thanks,

      Sally

  4. Default Gravatar
    James | August 25, 2015

    What are the B-Pay details I need to load money on to my Global Wallet?

    • Staff
      Sally | August 26, 2015

      Hi James,

      Thanks for your question.

      To load funds onto your card via BPAY, you will need to log in to your online bank account or telephone banking and follow the prompts to make a BPAY payment. Enter the biller code 214932, your unique BPAY reference number and the amount you wish to load via BPAY. You can view this by logging into the Global Wallet Account Centre and viewing the ‘BPAY’ option on the ‘Add Money’ page.

      I hope this has helped.

      Thanks,

      Sally

  5. Default Gravatar
    James | August 25, 2015

    I am trying to log in but it is not recognizing my e-mail address?

    • Staff
      Sally | August 26, 2015

      Hi James,

      Thanks for your comment.

      To login into the Velocity Global Wallet Account Centre, you need to enter your membership number and password.

      If you’re still unable to access your account, you may need to contact Velocity directly to reset your login details.

      I hope this has helped.

      Thanks,

      Sally

  6. Default Gravatar
    christina | August 25, 2015

    i have activated my velocity frequent flyer pre paid card but do not know how to put money on the card

    • Staff
      Sally | August 26, 2015

      Hi Christina,

      Thanks for your question.

      Now that you have activated your account, you have a few options for loading funds onto your account.

      One option involves logging in to your online bank account or telephone banking and follow the prompts to make a bank transfer. You’ll need to enter your unique bank transfer details and the amount you wish to transfer. You can locate your bank transfer details by logging into the Global Wallet Account Centre and viewing the ‘Bank Transfer’ option on the ‘Add Money’ page. This should take up to one day to appear in your account.

      The next option is to pay via BPAY. Again, you’ll need to login into your online Bank Account or via telephone banking and follow the prompts to make a BPAY payment.Enter the biller code 214932, your unique BPAY reference number and the amount you wish to load via BPAY. You can view this by logging into the Global Wallet® Account Centre and viewing the ‘BPAY’ option on the ‘Add Money’ page. BPAY payments can take up to three business days to load onto your Global Wallet.

      Once you’ve loaded your AUD onto the card, you can convert the funds into your preferred currency by moving it into the available currency wallets.

      I hope this has helped.

      Thanks,

      Sally

  7. Default Gravatar
    | August 21, 2015

    I am tossing up between loading a Velocity Global Wallet card or Qantas Cash Card. They appear to have similar points value and fees however is one better than the other and if so why?

    • Staff
      Sally | August 24, 2015

      Hi Diane,

      Thanks for your question.

      As a financial comparison service, we can’t actually recommend any one specific product, service or strategy to our users as the best option will always depend on their individual needs.

      If you’ve already compared the fees and rates, another way you could compare the Velocity Global Wallet and the Qantas Cash Card is by considering which of the two airlines you’re more likely to fly and earn points with.

      The best option will compliment your existing spending and travelling habits, so this is something you may want to consider.

      I hope this has helped.

      Thanks,

      Sally

  8. Default Gravatar
    neil | August 19, 2015

    Is my velocity card correctly entered

    • Staff
      Sally | August 19, 2015

      Hi Neil,

      Thank you for your comment.

      Just to confirm, you have come through to finder.com.au, not Velocity.

      As such, we’re unable to confirm your Velocity card number.

      You may need to get in contact with Velocity directly to confirm these details.

      I hope this has helped.

      Thanks,

      Sally

  9. Default Gravatar
    Matt | August 12, 2015

    Can I put cash into my global wallet account at a banking branch in Australia ?

    • Default Gravatar
      Marianne | August 14, 2015

      Can I deposit cash in the velocity global wallet. I have already transferred via BPay and it takes 3 working days. How can I transfer from a bank to velocity which takes one working day?

    • Staff
      Sally | August 17, 2015

      Hi Marianne,

      Thank you for your comment.

      As well as BPAY, you can also reload funds onto your card via an online or telephone bank transfer. You’ll need to enter your unique bank transfer details and the amount you wish to transfer. You can find your ‘Bank Transfer’ details by logging into the Global Wallet Account Centre and viewing the ‘Bank Transfer’ option on the ‘Add Money’ page. The funds will take up to one business day to appear on your account.

      I hope this has helped.

      Thanks,

      Sally

    • Staff
      Sally | August 13, 2015

      Hi Matt,

      Thanks for your question.

      No, you can only load funds onto your Global Wallet via online or telephone banking or via BPAY.

      I’ve emailed you a link to the instructions for loading funds onto your Global Wallet using the three above options.

      I hope this has helped.

      Thanks,

      Sally

  10. Default Gravatar
    Sarah | July 31, 2015

    Hi There,

    Where can I find exchange rate details?
    Before ordering the card I would like to know this information as for example other card providers may have a better rate.

    Also – do you lock in the rate for all future transfers or are future transfers at the rate on that day

    thank you

    • Staff
      Sally | August 3, 2015

      Hi Sarah,

      Thanks for your question.

      Just to confirm, you have come through to finder.com.au, not Velocity Global Wallet.

      You can only see the applicable exchange rate when you go to move currencies between wallets. Simply log into your Global Wallet account centre and select ‘manage wallets’ to view the current rate.

      The exchange rates are locked in each time you load or reload funds onto your card.

      I hope this has helped.

      Thanks,

      Sally

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