Reviewed: Velocity Global Wallet™

Rates and Fees verified correct on May 6th, 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
  • 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:

  • Load Fee $1 - This fee is charged every time you load money into your card account. You can minimise the amount you pay in fees by adding up how much you think you'll need in the Australian dollar equivalent before you make your transaction. This lets you pay a single fee only. You can then log into your Global Wallet™ Account Centre and transfer those Aussie dollars into various other foreign currencies to suit your needs.
  • 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 $$1 - If your Global Wallet™ account remains inactive with no new funds loaded or purchases paid for from the account for 12 months, you will be charged a $$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 POLi 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.

Did you know?

POLi is an online payment facility where you can pay anyone through an internet banking payment from a customer's bank account to a merchant. It's a good alternative  for people who don't have credit cards, or for those who do already own one but are uncomfortable sharing their credit card details online.

You'll also be able to exchange any Australian dollars you've deposited into your account into other currencies, or change any other currencies you have back into any other foreign currency you think you may need during your travels.

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.
This can be done by:

  • BPAY from your regular bank account
  • or via POLi.

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.

Remember, a load fee applies every time you load cash into your account. This is a flat fee of $1 per load transaction, so add up how much you think you'll need during your trip before you make your transaction. This will minimise the amount you pay in fees overall.

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:

Country Currency Withdrawal Fee
Australia AUD $0 AUD
Canada CAD $2.95 CAD
Europe EUR €2.00 EUR
Britain GBP £2.00 GBP
Hong Kong HKD 20.00 HKD
Japan JPY ¥200 JPY
New Zealand NZD $2.95 NZD
Singapore SGD $2.95 SGD
Thailand THB 75 THB
United States USD $2.95 USD
South Africa ZAR $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.

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 May 6th, 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
NAB Traveller Card
NAB Traveller Card
AUD, USD, GBP, EU, CAD, NZD, JPY, SGD, HKD, THB, $0 NAB international ATM fees on withdrawals and balance checks, and $3.75AUD per withdrawal at Australian ATMs. 1% $0 Go to site More
Qantas Card with Qantas Cash
Qantas Card with Qantas Cash
AUD, USD, GBP, EUR, THB, NZD, SGD, HKD, CAD, JPY, AED 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
OzForex Travel Card
OzForex Travel Card
AUD, USD, EUR, GBP, NZD, HKD, SGD, CAD, JPY AUD 2.95, CAD 2.95, EUR 2.00, GBP 2.00, HKD 15.00, JPY 210, NZD 4.25, SGD 3.50, USD 2.25 $0 $15 Go to site More
Multi Currency - Cash Passport
Multi Currency - Cash Passport
AUD, USD, EUR, GBP, NZD, THB, CAD, HKD, JPY, SGD $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, USD, THB 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 May 6th, 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
NAB Traveller Card
NAB Traveller Card
4% $4 Yes $45,000 Go to site More
Qantas Card with Qantas Cash
Qantas Card with Qantas Cash
3% $0 Yes $20,000 Go to site More
OzForex Travel Card
OzForex Travel Card
3% $0 Yes $25,000 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 22 April 2015 at 14:03.

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279 Responses to Reviewed: Velocity Global Wallet™

  1. Default Gravatar
    Hannah | May 6, 2015

    Hi, I was wondering how I might withdraw money from my velocity global wallet? I transferred money before realising it doesn’t have the currency I want (Der)

    • Staff
      Elizabeth | May 6, 2015

      Hi Hannah,

      Thanks for your question.

      You can withdraw money from any ATM that accepts Visa, or you can submit an account closure form on the Velocity website and elect how you’d like to redeem your funds.

      I hope this has helped.

      Thanks,

      Elizabeth

  2. Default Gravatar
    jANDA | May 5, 2015

    How do I close my account?

    • Staff
      Elizabeth | May 5, 2015

      Hi jANDA,

      Thanks for your question.

      To close your account you can download an account closure form the Velocity Global Wallet website and either email it or send it via post. This form lets you outline how you’d like to redeem your remaining funds.

      I hope this has helped.

      Thanks,

      Elizabeth

      I hope this has helped.

  3. Default Gravatar
    Sandy | April 22, 2015

    why does my bank NOT recognise the BSB no for my global wallet

    • Staff
      Elizabeth | April 23, 2015

      Hi Sandy,

      Thanks for your question.

      The BSB number you have to enter is 214-932, if this is not being recognised by your bank you may have to get in contact with them. You also have the option of loading funds using a bank transfer or by POLi, the instructions for which you can find by logging into your Global Wallet account centre.

      I hope this has helped.

      Thanks,

      Elizabeth

  4. Default Gravatar
    Kiara | April 22, 2015

    Hi Elizabeth – I’m travelling to Hong Kong, Canada, USA and through Europe for 4 months. I’m tossing up between the Cash Passport and Global Wallet which one would you recommend? I obviously want to save the most amount of money on fees possible, however I do think I’ll use ATMs regularly. I read the Cash passport doesn’t charge for international ATM transactions but you can still be charged with the individual ATM fee, is this also with the Global Wallet? Or do you just get charged the flat rate they mention on their website.

    Thanks

    • Staff
      Elizabeth | April 22, 2015

      Hi Kiara,

      Thanks for your question.

      Unfortunately I’m unable to recommend a specific product to you, but I can highlight a few features of the products you mentioned. As you said you’d be using your card for ATM withdrawals, for both the Cash Passport and the Global Wallet you may be charged a fee by the ATM operator to withdraw funds, but you will be charged an additional fee with the Global Wallet (you won’t be charged any fee with the Cash Passport). That being said, you should also look at fees such as cross currency conversion fees in case you make a purchase and have insufficient funds in a specific currency – other fees such as reload fees and card replacement fees will be worth looking into as well.

      You might also want to read our travel money guides for Europe, Hong Kong, USA and Canada to get a good idea of your options and read about other people’s experiences in our case studies.

      I hope this information will help you make your decision.

      Thanks,

      Elizabeth

  5. Default Gravatar
    cesar | April 21, 2015

    Hello im trying to compare the Qantas cash card and the velocity wallet card i think they are both better than the banks card.
    your thoughts please

    • Staff
      Elizabeth | April 22, 2015

      Hi Cesar,

      Thanks for your question.

      You can find the review for the Qantas Cash Card on this page. Unfortunately I’m unable to recommend a specific product to you, as the best one for your needs will really depend on how you plan to use it, where you’re travelling to, and what you personally want out of the card. Both of these cards earn you frequent flyer points, so you might want to compare them based on how much they cost to load money onto, what currencies are available, how much it will cost you if you use it for a currency not loaded onto the card, etc. All of these fees, and more, are listed on our review pages.

      I hope this will help.

      Thanks,

      Elizabeth

  6. Default Gravatar
    Bernard | April 20, 2015

    Is there a daily limit on cash withdrawals from ATM’s in America?

    • Staff
      Elizabeth | April 21, 2015

      Hi Bernard,

      Thanks for your question.

      There is a general cash withdrawal limit which is the lower of AU$2500 (or equivalent) in a 24-hour period, or any withdrawal limits set by the individual ATM operator.

      I hope this has helped.

      Thanks,

      Elizabeth

    • Default Gravatar
      Bernard | April 21, 2015

      Hi Elizabeth,

      Would any purchases made on the card in a store affect the withdrawal limit?

      I just don’t want to be caught short over there for hotel payments etc

    • Staff
      Elizabeth | April 21, 2015

      Hi Bernard,

      No, that limit only applied to ATM withdrawals. For your purchases, the product disclosure statement doesn’t mention any specific limits, so you should be able to spend up to and including the available balance on your card, with the ATM limit being separate.

      Thanks,

      Elizabeth

  7. Default Gravatar
    Liliana | April 16, 2015

    Hi,
    I noticed when checking my GW history that the purchase I made in my recent cruise comes up twice . Once in U.S. Dollars and once in AU dollars for the same transaction. Both With a negative red sign. The AU amount is showing as pending. I’m confused because it looks like the same purchase has been debited in two different currencies. I only had Australian dollars in the card.

    • Staff
      Elizabeth | April 17, 2015

      Hi Liliana,

      Thanks for your question.

      The Velocity Global Wallet works with a currency order, where if the transaction had been tried to be made in US Dollars but US Dollars weren’t available on the card, then the transaction would be put through in the next available currency. The two transactions might have been Velocity attempting to debit the money from one currency and failing to find sufficient funds, and then debiting it from another currency after it had been converted. You might want to get in contact with Velocity’s customer service team to ensure this is the case and that you won’t be debited twice for the one transaction.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    Betty | April 16, 2015

    I filled in some forms and put it on hold as I was told on the computer that I could link up and finish it later.

  9. Default Gravatar
    Di | April 15, 2015

    What is the current exchange rate for AU to US for the Velocity Global Wallet?

    • Staff
      Elizabeth | April 16, 2015

      Hi Di,

      Thanks for your question.

      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.

      I hope this will help.

      Thanks,

      Elizabeth

    • Default Gravatar
      Betty | April 16, 2015

      The problem is I wanted to activate my card and add the Altitude points I have. I have found it quite confusing. My daughter is here and will hedlp me now.

    • Staff
      Elizabeth | April 21, 2015

      Hi Betty,

      Thanks for your query.

      You can activate your card online, but you’re unable to add Altitude Points as this is a Velocity card, so you are only able to earn Velocity Points.

      I hope this has helped.

      Thanks,

      Elizabeth

  10. Default Gravatar
    stan | April 12, 2015

    if getting money from an ATM will I need a PIN ?

    • Staff
      Elizabeth | April 13, 2015

      Hi Stan,

      Thanks for your question.

      Yes, you’ll need a PIN to withdraw money from the ATM. You can set your PIN online after you’ve activated your card, or contact Velocity Wallet and select the Global Wallet option. When withdrawing funds, select ‘credit’.

      I hope this has helped.

      Thanks,

      Elizabeth

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