Reviewed: Velocity Global Wallet™

Rates and Fees verified correct on July 28th, 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 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.
Loading funds onto your charge is free and 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.

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.

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 July 28th, 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
OzForex Travel Card
OzForex Travel Card
AUD, CAD, EUR, HKD, GBP, JPY, NZD, SGD, USD 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, 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 July 28th, 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
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 16 July 2015 at 4:02.

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351 Responses to Reviewed: Velocity Global Wallet™

  1. Default Gravatar
    Jane | July 22, 2015

    If you use the velocity global wallet to book flights, are the booking fees waived (ie you don’t get charged the additional fees you would normally get charged if you used your credit card)?

    • Staff
      Sally | July 24, 2015

      Hi Jane,

      Thanks for your question.

      As stated on the Velocity website, when making a booking through the Virgin Australia website, payments made using the Velocity Global Wallet will incur the standard booking and service fee.

      I hope this has answered your question.

      Thanks,

      Sally

  2. Default Gravatar
    Baxter | July 21, 2015

    I will be travelling from Australia to both USA and Canada. Can I load both currencies at the same time? Or do I just load Australian dollars and it converts to whichever country I am in.

    • Staff
      Sally | July 22, 2015

      Hi Baxter,

      Thanks for your question.

      When using the Velocity Global Wallet, you will need to load AUD onto the card first and then convert it to either CAD or USD. However, AUD must always be one of the currencies loaded on the card, so you can load AUD, then convert a portion of it into CAD and then another portion into USD. When making purchases in any of these currencies, it should deduct the funds from the relevant currency wallet. Otherwise, you could just load AUD onto your card and then move the funds into the relevant wallets as you need to during your travels. The best strategy will depend entirely on your individual needs.

      I hope this has helped answer your question.

      Thanks,

      Sally

  3. Default Gravatar
    Fran | July 6, 2015

    Is the Global Wallet suitable for travel in Korea? Would I access the AUD funds held in the card?

    • Staff
      Sally | July 7, 2015

      Hi Fran,

      Thank you for your question.

      If you load AUD onto your card, you will be able to access it in Korea but will incur a currency conversion fee of 3% if you try to complete a payment in Korean Won (KRW), as KRW is not a supported currency on the Global Wallet.

      You may wish to visit our travel money guide for Hong Kong, China and Korea for further travel money options.

      I hope this has helped.

      Thanks,

      Sally

  4. Default Gravatar
    Des | July 5, 2015

    If there’s a transaction made in the history that I don’t remember making and am wondering if someone stole my card to use it, how can I go about checking that? I.e. How to find out exactly where that payment was made?
    Thanks

    • Staff
      Sally | July 6, 2015

      Hi Des,

      Thanks for your question.

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

      If you suspect that your card has been stolen, you’ll need to contact Velocity directly as soon as possible.

      I’ve emailed you their contact details.

      I hope this has helped.

      Thanks,

      Sally

  5. Default Gravatar
    Lorraine | June 29, 2015

    I am going to Greece next month. Will I be able to draw money from an ATM in Greece with my Global wallet travel card ?

    • Staff
      Sally | June 30, 2015

      Hi Lorraine,

      Thank you for your question.

      The Greek Government has assured tourists that the capital control measures do not apply to those wishing to make transactions and withdrawals with a credit card issued in their home country.

      So if you’re using an Australian prepaid travel card, you should be able to withdraw funds in Greece.

      However, you may also wish to organise some cash in case of emergencies or delays due to the financial crisis.

      I hope this has helped.

      Thanks,

      Sally

  6. Default Gravatar
    Nic | June 28, 2015

    Virgin has a special offer on purchase at the Apple online Store until 30 June 2015 ( 4 points for $1 spent). If I pay with my Virgin Global Wallet Card, do I double up my points? (4 for $1 spent for the offer + 1 for $2 spent for the payment using the card?

    • Staff
      Sally | June 29, 2015

      Hi Nic,

      Thanks for your question.

      You will need to get in contact with Virgin directly or read the terms and conditions of the promotion to confirm how many points you can earn.

      I hope this has helped.

      Thanks,

      Sally

  7. Default Gravatar
    Julie | June 22, 2015

    Can you please tell me how do I activate my card??

    • Staff
      Sally | June 22, 2015

      Hi Julie,

      Thanks for your question.

      You will need to login to the Velocity Global Wallet Account Centre to activate your card.

      You can do this by entering your Velocity Membership Number and password.

      I’ve emailed you a link to the Velocity Account Centre.

      I hope this has helped.

      Thanks,

      Sally

  8. Default Gravatar
    ZM | June 21, 2015

    Hi,

    do you know if the money you have transferred to your card can be transferred back into your bank account if you wish?

    Thanks

    • Staff
      Sally | June 22, 2015

      Hi ZM,

      Thank you for your card.

      Yes, you can transfer remaining balances on your Velocity Global Wallet back into your nominated bank account.

      You can apply for funds redemption either by contacting the Velocity Global Wallet Customer Assistance or through the website. They may require you to complete a funds redemption form, where you can request the bank account you would like your funds transferred to.

      I hope this has answered your question.

      Thanks,

      Sally

  9. Default Gravatar
    Jo | June 17, 2015

    My daughter had a global wallet and is travelling in the USA she converted all of her AUD into USD on the card. She has now lost the card and is awaiting a new card. They offer the service of emergency money through western union but only if you have AUD on your card. Why would you have AUD if travelling in USA. So to get 500 USD emergency money she will have to convert back to AUD which will cost her an extra 164AUD how does this card help travellers? Can’t understand if the money is already in USD why it can’t be transferred into a western union as USD help please!

    • Staff
      Sally | June 17, 2015

      Hi Jo,

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

      Thanks for your comment and we’re sorry to hear about your daughter’s troubles with the Velocity Global Wallet.

      As explained on our Velocity Global Wallet review page and in the Velocity Global Wallet Product Disclosure Statement, cardholders can load up to five of 11 different currencies on their card. However, one must always be AUD. Perhaps this guideline is in place because of the emergency cash transfer terms and conditions.

      However, the PDS also mentions that when the cardholder requests an emergency cash transfer, they need to visit the closest Western Union office and confirm the currency in which you would like the emergency cash transfer. In case there was an issue or error when your daughter requested for her funds to be transferred in USD, you or your daughter may wish to contact either Velocity or Western Union directly to confirm what has happened.

      I have emailed you their contact details.

      I hope this has answered some of your questions.

      Thanks,

      Sally

  10. Default Gravatar
    Ken | June 16, 2015

    I have just received my new Velocity Card with Global Wallet included but am having trouble activating it. I have not deposited any funds to it. Help!!!

    • Staff
      Sally | June 16, 2015

      Hi Ken,

      Thanks for your question.

      You can activate your Velocity Global Wallet online. You will be unable to load funds onto your Global Wallet until the card has been activated.

      I’ve emailed you a link to the Velocity Global Wallet website where you can activate your card. You will just need to enter your 16-digit Global Wallet Card Number, the Expiry Date and three-digit CVV2 number.

      I hope this has helped.

      Thanks,

      Sally

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