Reviewed: Velocity Global Wallet™

Rates and Fees verified correct on February 13th, 2016

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 February 13th, 2016
Available Currencies ATM Withdrawal Fee Reload Fee Initial Load Fee
NAB Traveller Card
NAB Traveller Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD $0 NAB international ATM fees on withdrawals and balance checks, and $3.75 AUD per withdrawal at Australian ATMs. 1% $0 Go to site More
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 $0 $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 February 13th, 2016
Currency Conversion Fee Monthly Inactivity Fee Multiple Currencies on One Card Maximum Load Amount
NAB Traveller Card
NAB Traveller Card
4% $4 Yes $45,000 Go to site More
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
$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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402 Responses to Reviewed: Velocity Global Wallet™

  1. Default Gravatar
    Norman | February 2, 2016

    Please provide the BPay biller code for me to load funds onto my Velocity Visa card.
    Thanks

    • Staff
      Sally | February 3, 2016

      Hi Norman,

      Thanks for your question.

      The BPAY biller code is 214932 and you’ll also have to enter your unique BPAY reference number and the amount you wish to load via BPAY.

      I hope this has helped.

      Cheers,

      Sally

  2. Default Gravatar
    Sue | December 28, 2015

    I have USA0.01 left in my Velocity Global Wallet. I do not plan to be travelling again for sometime. Since there is a monthly inactive charge of $1, I think it is best for me to cancel the card.
    How to I go about cancelling my Velocity Global Wallet? Is there any fees involved?

    • Staff
      Sally | December 29, 2015

      Hi Sue,

      Thanks for your question.

      You can cancel your Velocity Global Wallet by contacting their customer service team on 13 18 75.

      I hope this has helped.

      Cheers,

      Sally

  3. Default Gravatar
    Peter | December 7, 2015

    Thanks for the reply, I am aware that Amex if currently the only service using Apple Pay in Australia, and it is my experience with this that has prompted my question. Anything to have less cards in my wallet has to be a bonus, and the fingerprint access is great security, especially with an ageing memory.

    Thanks,

    Peter

  4. Default Gravatar
    Peter | December 6, 2015

    When will my Global Wallet be available on Apple Pay in Australia?

    • Staff
      Sally | December 7, 2015

      Hello Peter,

      Thanks for your question.

      At the current time, only American Express cards are equipped with Apple Pay technology. The Velocity Global Wallet team has yet to announce whether they will introduce Apple Pay in the near future.

      Cheers,

      Sally

  5. Default Gravatar
    Libby | November 10, 2015

    What happens if a merchant charges too much? How do you get money back?

    • Staff
      Sally | November 11, 2015

      Hi Libby,

      Thanks for your question.

      If you have been charged incorrectly, you’ll need to file a transaction dispute with Velocity Global Wallet. You can do this by contacting their customer service centre and providing them with the necessary details to start the investigation. While the Velocity Global Wallet team will do their best to resolve the dispute as quickly as possible, it can take up to 45 days from the day the signed dispute resolution form is received and acknowledged.

      I’ve emailed the relevant contact details to you for your convenience.

      Cheers,

      Sally

  6. Default Gravatar
    | November 3, 2015

    Hi,

    I’ve had this Velocity Global Wallet card for a few months now and love it. I can tell by the BSB number of the account that the card gets it’s funds from that it’s linked to a Westpac bank account.

    This would make sense as the Westpac Global Currency Card is also a Cuscal Limited/ Rev Australia Pty Ltd card. Basically the same product.

    Given it’s linked to a normal Westpac account with BSB and Account number, does that mean you can deposit money into the account at any Westpac branch?

    • Staff
      Sally | November 4, 2015

      Hi Joey,

      Thanks for your question.

      Velocity Global Wallet cardholders can only load funds onto their account via online or phone bank transfer and BPAY.

      I hope this has helped.

      Cheers,

      Sally

  7. Default Gravatar
    Laura | October 31, 2015

    I’m overseas at the moment and every time I make a purchase it asks for a signature. How do I stop that. Is there anyway to just enter my pin instead as some merchants won’t accept payments that need authorisation and the others that do are getting annoyed at having to give me a pen to sign.

    • Staff
      Sally | November 2, 2015

      Hi Laura,

      Thanks for your question.

      Just to confirm, what have you been selecting at the EFTPOS machine (e.g. savings, credit etc) when you’re making a purchase? You should be selecting credit and the payment should go through without having to sign.

      I hope this has helped.

      Cheers,

      Sally

  8. Default Gravatar
    Eric | October 27, 2015

    1. The call centre was less than helpful when I asked! How do you redeem any funds left in the wallet after you return? Seems the only
    answer is to close the account?
    2. What is the differential between the bank exchange rate and the card
    loading exchange rate. It appears to be 6-7% or $A100 in $A1500 loaded ie loss on way in and no doubt loss to exchange back.

    • Staff
      Sally | October 28, 2015

      Hi Eric,

      Thanks for your questions.

      You can have any remaining funds transferred into your chosen account by requesting a funds redemption. As long as you have no cancelled or expired authorisations on your account, you can request a funds redemption by contacting the Global Velocity Wallet team. Funds redemption doesn’t incur a fee.

      The difference is that the loading exchange rate is determined by Cuscal, whereas the other rate will be determined by your bank provider. If you convert your remaining funds back to Australian Dollars before transferring your funds back into your account, you’ll only have to incur the Velocity exchange rate.

      I hope this has helped.

      Thanks,

      Sally

  9. Default Gravatar
    Karen | October 25, 2015

    Why do I need to wait 3 days to access my funds in global wallet? Its rather inconvenient!

    • Staff
      Sally | October 26, 2015

      Hi Karen,

      Thanks for your feedback.

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

      While it takes three days for you to access funds loaded via BPAY, electronic bank transfers will only take one day to appear in your account.

      I hope this has helped.

      Thanks,

      Sally

  10. Default Gravatar
    Z | October 23, 2015

    Is it possible to deposit cash into the global wallet at a branch – perhaps a westpac branch?

    • Staff
      Sally | October 23, 2015

      Hi Z,

      Thanks for your question.

      Unfortunately, you can only use BPAY or bank transfer to load funds onto your Velocity Global Wallet.

      If you use a bank distributed travel money card, you can load funds onto your card at the branch.

      I hope this has answered your question.

      Cheers,

      Sally

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