Virgin travel money solutions: compare prepaid Global Wallet, insurance and a rewards program with an international reach
Virgin has you covered in the air and when you land. The Velocity Global Wallet is a prepaid travel card you can use to spend in specific countries without paying extra for currency conversion and rewards you with Velocity Points when you make purchases in Australia and abroad. Virgin Money provides insurance for your holiday and the financial brand of the Virgin Group offers basic and comprehensive domestic and international cover. If you want to get traveller’s cheques or foreign cash through Virgin you’re out of luck. You can find an overview of Virgin Velocity travel money options below.
Virgin launched back in 2000 as Virgin Blue, with just two aircraft and one route between Sydney and Brisbane. Their service quickly expanded in the following year with the addition of 12 new routes. June 2001 also marked another milestone for the company, as they welcomed their one millionth passenger on board. In the thirteen years since the company entered the Australian market, they have continued to grow the number of services they offer to the Australian public. Strategic partnerships with major international airlines has also seen Virgin Australia expand into a number of regions like the pacific.
Velocity Global Wallet Card
If you’re a Velocity frequent flyer member, you can get a free Velocity Global Wallet prepaid travel card. The card works as a prepaid Visa and as your Velocity frequent flyer membership card. Use this card to make over the counter purchases and ATM withdrawals at millions of places all over the world. It works at home too, there’s no fee for domestic ATM withdrawals. In addition to Visa acceptance, you also get Visa’s money back guarantee if you’re the victim of card fraud.
Benefits of the Velocity Global Wallet
- Earn velocity Points when you spend. The Velocity Global Wallet rewards you with Velocity Points when you make purchases in Australia and overseas. Get 1 Velocity Point for every dollar you spend overseas and 0.5 Velocity Points for every dollar spend in Australia. No points are awarded when you withdraw cash.
- The Global Wallet is light on fees. The Global Wallet is cheap to use compared to other travel cards, as it’s free to open and to reload. A currency conversion fee applies when you spend in a currency which is not loaded on the product, this fee is comparable to what’s charged on most other debit and credit cards and is much lower than the conversion fee on some other prepaid travel cards. There’s also an ATM withdrawal fee (depending on the currency you’re withdrawing), an inactivity fee if you don’t use the product for a month and a fee if you want a second card (unlike other travel cards no second card is issued automatically when you open the account).
This travel card supports 10 different currencies including Australian dollars, five of which you can hold on the card at one time. Load Australian dollars on the Global Wallet and lock in the rate when you convert the funds to a foreign currency using the convenient Global Wallet mobile application. You can preload the following popular currencies: AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD, ZAR.
|Currency||ATM withdrawal fee||ATM balance enquiry fee|
|United States dollars||1.95||Free|
|British pounds sterling||1.25||Free|
|New Zealand dollars||2.50||Free|
|Hong Kong dollars||15.00||Free|
|South African rand||20||Free|
Velocity do not provide traveller’s cheques, you can find out more about ordering traveller’s cheques here.
Velocity does not provide a foreign cash service. If you want to collect foreign cash before you leave Australia, compare banking and foreign exchange institutions on our travel money page.
Virgin Money has international and domestic travel insurance policies with different levels of cover and pricing. Comprehensive international travel insurance gives you unlimited cover for things like overseas medical and hospital expenses as well as covering the theft of cash, documents and personal belongings. The essentials policy doesn’t cover for theft of cash or pay a benefit in the event of accidental death. The basic international policy gives you cover for medical and hospital expenses and personal liability only. There’s annual multi-trip cover too. Find out more about each of these policies by reading a detailed review of these insurance products on our Virgin travel insurance comparison page.
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Velocity frequent flyer program
Virgin Australia’s frequent flyer program, Velocity rewards you with points when you shop using Velocity credit cards, the Global Wallet, when you fly with Virgin or any of Virgin’s international partners airlines. There’s potential to earn serious points when you use a Velocity branded credit card to get double and bonus points when you purchase services from Velocity partners. The Velocity program is also free to join.
- Tip: Your points do not expire as long as your account remains active — you continue to earn or spend points.
Velocity Global Wallet frequently asked questions
What exchange rate will I get using the Global Wallet?
You can view the exchange rate you will get when you exchange funds between currencies by logging in to the Global Wallet mobile application and looking for the menu which lets you ‘manage wallets’.
Institutions such as Virgin Velocity, Commbank, ANZ and more apply a margin to the travel card exchange rate. A Visa debit card gets a better rate than a Visa prepaid travel card. Velocity update the foreign exchange rates multiple times throughout the day.
How do I apply for a Velocity Global Wallet?
You need to be a Velocity Frequent Flyer member before you can request a card. You must be over the age of 18 and an Australian resident to join the frequent flyer program, you’ll get a card automatically sent to you when you enrol. If you’re already a Velocity member, you can request a card by logging into your account and looking for the benefits menu. The Velocity Global Wallet is free to open.
Where can I use my Velocity Global Wallet?
What’s an eligible purchase?
According to the product disclosure statement, an eligible purchase is everything except: 'cash withdrawals, gambling transactions, quasi cash transactions (such as money orders, purchasing traveller’s cheques and foreign cash), debits for fees and charges, transfers between Wallets or adjustment transactions.'
How do I set a PIN for my Velocity Global Wallet Card?
This can be done through the Global Wallet website. You will need to activate your card first, but once you have done this you will be prompted to set a PIN for your card. You also do this by contacting Velocity over the phone.