Reviewed: Velocity Global Wallet™

Rates and Fees verified correct on May 25th, 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.

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 25th, 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, 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 25th, 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 25 May 2015 at 9:06.

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299 Responses to Reviewed: Velocity Global Wallet™

  1. Default Gravatar
    richie | May 24, 2015

    Hi there,

    I just received my card and read the booklet it came with and it states that there are no load fees but above it states that load fees are $1 everytime. Are there or are there not any load fees?

    • Staff
      Sally | May 25, 2015

      Hi Richie,

      Thank you for your question.

      There is no fee for loading funds onto the Velocity Global Wallet.

      The above information has been updated accordingly.

      Thanks,

      Sally

  2. Default Gravatar
    Edwina | May 22, 2015

    I purchased an item using my Global Wallet card, but ended up having the purchase refunded (around March 11 2015). It does not appear that I have had that money credited back to my account? How long does this process generally take? Who can I speak to to follow this up?

    • Staff
      Sally | May 25, 2015

      Hi Edwina,

      Thank you for your question.

      You have actually come through to finder.com.au, not Velocity.

      As we cannot access that information, it may be best to contact the Velocity customer service team to confirm whether the purchase was properly refunded and how long you can expect the process to take.

      Thanks,

      Sally

  3. Default Gravatar
    Julie | May 21, 2015

    Can the Global Wallet be used like a saving account?? Where money is just loaded and not used for anything, if so what are the fees for this?

    • Staff
      Sally | May 22, 2015

      Hi Julie,

      Thank you for your question.

      You can load funds onto your Velocity Global Wallet card and save them for your next holiday. There are no monthly account fees or annual fees associated with the Velocity Global Wallet card. However, if your account is inactive for over 12 months, including if you don’t load additional funds or make transactions using the card, you will be charged an inactivity of $1 per month.

      While you can continue to use this card in Australia as a prepaid card, it’s not designed to be used as a regular domestic savings account.

      I hope this was useful.

      Thanks,

      Sally

  4. Default Gravatar
    james | May 20, 2015

    Is there an Australian bank I can go to and deposit cash over the counter using the BSB & account number

    • Staff
      Sally | May 22, 2015

      Hi James,

      Thank you for your question. Unfortunately you cannot load funds onto your Velocity Global Wallet card using a cash deposit at the bank.

      However, you can transfer funds onto your card using any of the following three options:
      1. Bank transfer: You can complete a bank transfer either over the phone or online by entering your bank transfer details (which you can find by logging into the Global Wallet Account Centre) and the amount you wish to transfer. Please note that bank transfer payments can take up to one business day to appear in your account.
      2. BPAY: You can transfer cash onto your card via BPAY via your online bank account or telephone banking. You will need to enter the biller code, your unique BPAY reference number and the amount you wish to load. Please note that BPAY payments can take up to three business days to appear on your Global Wallet.
      3. POLi: Log into the Global Wallet Account Centre and select the ‘Add Money’ page. Then choose the POLi option and follow the prompts to load your nominated amount via your financial institution. This can take up to two business days to appear in your account.

      I hope this answered your question.

      Thanks,

      Sally

  5. Default Gravatar
    | May 19, 2015

    Just checking on why do I need to have Aussie $$ in Global wallet when I want US$$ only

    • Staff
      Sally | May 19, 2015

      Hi Bryan,

      Thank you for your question.

      You cannot load US Dollars (or other foreign currencies) straight onto your Global Velocity Card. Instead, you need to load Australian Dollars onto your card and then convert them to US Dollars (or any of the other supported currencies) using the Global Wallet™ Account Centre.

      I hope this answered your question.

      Thanks,

      Sally.

  6. Default Gravatar
    David | May 15, 2015

    Hi
    How do you know what exchange rate you are getting when you load Australian Dollars and the convert to USA dollars for example. Are they comparative with daily bank rates?

    • Staff
      Sally | May 19, 2015

      Hi David,

      Thank you for your question.

      The Applicable Exchange Rate between any two currencies is the rate that Velocity set from time to time. The rates are updated continuously throughout the day. If you are a current Velocity Global Wallet member, you can check the rates on the Global Velocity Wallet website.

      I hope this answered your question.

      Thanks,

      Sally.

  7. Default Gravatar
    Quentin | May 8, 2015

    where can I locate velocity gold wallet

    • Staff
      Elizabeth | May 11, 2015

      Hi Quentin,

      Thanks for your question.

      There is no Global Wallet specifically for Velocity Gold members, no matter what membership level you’re at you will receive the same Global Wallet card.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    Quentin | May 8, 2015

    How does the velocity wallet operate when I have not put money in the card

    • Staff
      Elizabeth | May 11, 2015

      Hi qmort11,

      Thanks for your question.

      You need to have money on your Velocity Wallet in order to activate it. You won’t be able to use this card as a prepaid debit card unless you have money loaded onto it.

      I hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    Shawn | May 7, 2015

    Hi Lizzy, i’ve got the biller code which is 214932, where i can find the reference number?
    Thanks,
    Shawn

    • Staff
      Elizabeth | May 11, 2015

      Hi Shawn,

      Thanks for your question.

      You’ll be given your BPAY reference details when you login to your account centre to make the payment. Once you select BPAY as your preferred load method, the details you need will be displayed.

      I hope this has helped.

      Thanks,

      Elizabeth

  10. 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

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