Velocity Global Wallet® Review

Rates and Fees verified correct on May 26th, 2017

Earn Velocity Points for your spending, load and spend in up to 11 different currencies and save on fees with the Velocity Global Wallet®.

The Velocity Global Wallet® is a Visa Prepaid Travel card that allows you to load and spend in multiple currencies, including Australian Dollars, US Dollars, British Pounds and Euros. It also earns 1 Velocity point per $1 spent overseas, 1 Velocity Point per $2 spent in Australia and doubles as your Velocity Frequent Flyer membership card.

As well as allowing you to earn points and avoid foreign transaction fees, the Velocity Global Wallet® offers no load fees, no monthly or annual account fees on active accounts and no foreign exchange fees overseas purchases when you spend from funds you hold in a wallet in the local currency.

Available CurrenciesAUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD, ZAR
Multiple Currencies on One CardYes
Number of Cards Issued1
Minimum Load Amount$1
Maximum Load Amount$25,000
Maximum Annual Load Amount$75,000
24 Hour ATM Cash Withdrawal Limit$2,500
Card Issue Fee$0
Initial Load Fee$0
ATM Withdrawal FeeAUD 0.00, CAD 2.00, EUR 1.50, GBP 1.25, HKD 15.00, JPY 160, NZD 2.50, SGD 2.50, THB 60, USD 1.95, ZAR 20, Other than above: AUD 1.95
Reload Fee$0
Monthly Inactivity Fee
after 12 months inactivity
Balance Enquiries$0
Card Replacement Fee$0
Currency Conversion Fee3%
BPay Reload fee$1
Negative Balance Fee$0
Minimum Age16
Available To Temporary ResidentsNo

How does the Velocity Global Wallet® work?

The Velocity Global Wallet® is designed to offer a simple and affordable way to spend money when you're travelling or shopping online. You can avoid foreign transaction fees by loading funds in the local currency of the country or countries you visit and paying with this card.

Pre-loading your international currency onto your Velocity Global Wallet® also allows you to lock-in exchange rates before you go overseas, making it easier to budget for your trip. When you use the card overseas, you also earn 1 Velocity Point per $1 spent, and in Australia you earn 1 Velocity Point per $2 spent.

The Velocity Global Wallet® is a prepaid Visa card, which means it can be used at over 30 million merchants worldwide. It also offers chip-and-PIN card security, the ability to freeze your card if it's lost or stolen and is not linked to your bank account.

Reloading funds and currencies on the Velocity Global Wallet®

There are two ways to add funds to your account:

  • Online transfer. You can transfer funds to your Velocity Global Wallet® directly from your bank account. Allow one business day for the transfer to be processed, or longer if transferring outside of Australian business hours.
  • BPAY. You can load funds on your Velocity Global Wallet® via BPAY. These payments can take up to three business days to be processed.

Australia Dollars is the default currency for loading funds onto the card. However, you can update your load currency to any of the other available options via your Velocity Global Wallet account. If you select an international currency, any Australian funds you load (ie. from your bank account) will be converted to your chosen default currency at the applicable daily exchange rate.

Once you have funds available, you can transfer money to additional "wallets" that allow you to hold and spend money in the other currencies available. You can hold a total of 11 currencies on this card:

  • Australian Dollars
  • Canadian Dollars
  • Euros
  • Hong Kong Dollars
  • Japanese Yen
  • New Zealand Dollars
  • British Pounds
  • Singaporean Dollars
  • South African Rand
  • Thai Baht
  • US Dollars
If you spend in one of these loaded and supported currencies where it's the local currency, you can avoid currency conversion fees when making purchases.

Velocity Global Wallet® currency allocation

Providing you have funds loaded onto your card, the local currency of the country where you're using the card will automatically be used, up to the amount available in that wallet. If you don’t have the local currency loaded on your card, a "drawdown sequence" will apply and funds from your next available balance will be used for your spending. By default, the drawdown sequence is set by the order of the wallets you create on the card, starting with Australian Dollars. For example, let's say you loaded Australian Dollars on your account, then added a wallet for US Dollars, British Pounds and Euros. If you were in the US but had no US dollars available, the drawdown sequence would use your Australian Dollar funds first, then British Pounds, then Euros. You can change the drawdown sequence via the Velocity Global Wallet® app or online. Note that a currency conversion fee of 3% of the Australian equivalent spending applies when you don't pay in the local currency.

How much does the Velocity Global Wallet® cost?

Fee type Cost
Issue fee$0
ATM withdrawalsAUD 0, CAD 2.00, 1.50 EUR, 1.25 GBP, 15.00 HKD, 160 JPY, 2.50 NZD, 2.50 SGD, 60 THB, 1.95 USD, 20 ZAR, AUD 1.95 for other currencies.
Reload feeFree
Currency conversion fee3% of the Australian equivalent when you don't spend in the local currency.
Exchange rateWhen you exchange money into a different currency wallet, it’s locked in at the current exchange rate. You’ll be shown the exchange rate on-screen before you transfer.
Inactivity fee$1 (charged monthly after 12 months of inactivity and only if there are remaining funds available)
Supplementary card$10.00
Emergency Cash Transfer Fee$15.00

Other features of the Velocity Global Wallet®

  • Global Wallet® App and Account Centre.You can activate and manage your Velocity Global Wallet® account online or via the Global Wallet® Account Centre app that's available for Apple and Android devices. Once you're logged into the service, you can add wallets, move funds, view your transaction history, report or block a lost or stolen card and access a virtual card to use online.
  • Virtual card. You can request a virtual Velocity Global Wallet® card for added security when shopping online. This allows you to make purchases without having to use your physical card number.
  • Supplementary card. If you want a backup card available for your account, you can request a supplementary card for $10. This card will have its own card number and PIN but gives you access to the funds you load onto your account. Supplementary cards last for up to five years and have the ability to earn points for spending on them.
  • Leftover cash. If you have funds left on your card when you return from holidays, you can either transfer it back to Australian dollars and withdraw it from a local ATM or you can transfer it to your nominated account.
  • Inactivity fee. Note that a monthly inactivity fee of $1 is charged after 12 months without transaction history.

How to get a Velocity Global Wallet® card

You must be a member of the Velocity Frequent Flyer program to get a Velocity Global Wallet®. The program is open to anyone living in Australia over the age of 18 and is free to join online via the Velocity website. If you are a Velocity member and don't currently have a Global Wallet® card, you can request one by logging into your Velocity online account. Go to the "My Benefits" section and follow the prompts to request your card.

  • Activating your card. When you receive your card you will need to activate it before you can use the Visa Prepaid functionality. To do this, go to the Velocity Global Wallet® website and follow the prompts to set up your account.
  • Loading funds. Once you’ve activated your card, you can load funds on your account through online transfer or BPAY.
  • Adding wallets. After activating your card and loading funds, you can add wallets for each of the foreign currencies you want available on the card and transfer funds between them at any time.

Benefits and drawbacks of the Velocity Global Wallet®


  • Multiple currencies. Global Wallet® allows you to load and spend money in up to 11 currencies at a time.
  • Reward points. Get 1 Velocity Point for every $1 you spend in a foreign currency and 1 Velocity Point for every $2 you spend in Australia.
  • Low cost. This card has no ongoing fees and gives you a way to avoid foreign currency charges when you're spending money overseas.


  • Conversion fees. When you make a purchase or ATM withdrawal that is not in the local currency or is not supported by the card, a 3% transaction fee applies, just like most debit, prepaid and credit cards.
  • Exchange rate. The Global Wallet® exchange rate may be less favourable than other Visa debit or credit card exchange rates
  • Additional card. Unlike some other travel cards, the Global Wallet® only provides a spare card if you request it for a fee of $10.
Global Wallet® offers a convenient way to save money and rack up Velocity Points when you’re overseas. Just make sure the Global Wallet® supports the currency of your destination and that you have the right funds loaded so you can avoid a currency conversion fee. As there are many travel cards on the market, make sure you compare your options so you can find the right one for your needs.

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Questions about Velocity Global Wallet®

This card allows you to load funds in Australian Dollars, and then transfer them to up to 10 other currencies (11 including Australian Dollars). You can manage your currency selection from the Velocity Global Wallet® Account Centre or via the app. Note that you must always have your Australian dollars currency wallet active.
You can load your Global Wallet® with money using a direct bank transfer or BPAY payment. Australia Post is not a supported load partner.
Global Wallet® is a travel card made to be used overseas. You do not need to tell Velocity about your travel plans before you leave Australia.
There’s no withdrawal fee for taking out money from ATMs in Australia using Global Wallet®. Some ATM providers may charge their own ATM operating fee.
You can set your PIN for your card online by logging on to the Velocity Global Wallet® Account Centre.
You can load up to $25,000 a time on the card as long as it doesn’t take you over the $25,000 maximum balance limit. The minimum load is $1.
You can withdraw up to $2,500 from an ATM in a 24 hour period.
You can only order one extra supplementary card for a cost of $10.
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This page was last modified on 16 March 2017 at 5:18pm.

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496 Responses to Velocity Global Wallet® Review

  1. Default Gravatar
    Sur | May 19, 2017

    When withdrawing money from an atm do I use savings or credit options? Thanks.

    • Staff | May 19, 2017

      Hi Sur,

      Thank you for your enquiry. Please note that we are not affiliated with any company that we feature on our site.

      To make an ATM withdrawal, simply press the ‘Credit’ button. You can get more information on this by going to the Velocity Global Wallet official website.


  2. Default Gravatar
    Tony | May 5, 2017

    I’m in the UK can I pay GBP cash into my account from here at any ATMs?

    • Staff
      Liezl | May 5, 2017

      Hi Tony,

      Thanks for reaching out.

      If you are referring to loading cash to your Global Wallet, you can only load money onto your card using BPAY or bank transfer. Please note that money must first be loaded to your Global Wallet in Australian Dollars. You can then transfer money at the applicable exchange rate into your foreign currency wallets by selecting “Manage Wallets” in your Global Wallet Account Centre.

      I hope this has helped.


  3. Default Gravatar
    Alessia | May 5, 2017

    Can I use this card in Shanghai, China?

    • Staff | May 5, 2017

      Hi Alessia,

      Thanks for your inquiry.

      Velocity Global Wallet only supports these 11 currencies as of today.

      AUD – Australian Dollar
      CAD – Canadian Dollar
      EUR – Euro
      GBP – Pound Sterling
      HKD – Hong Kong Dollar
      JPY – Japanese Yen
      NZD – New Zealand Dollar
      SGD – Singapore Dollar
      THB – Thai Baht
      USD – US Dollar
      ZAR – South African Rand

      Hope this information helped.


  4. Default Gravatar
    | May 1, 2017

    my husband lost his wallet on our last trip an we wished to transfer the thai bhat to my global card but were advised it had to be changed back into Australian dollars first then transferred to my card and I then transferred it back into Thai bhat. This was extremely convoluted is there an simpler way to do this.

    • Staff
      Anndy | May 2, 2017

      Hi Rayleen,

      Thanks for your question.

      Just like in the case of handling excess money in your Global Wallet, you’ll have to exchange the foreign currency back to Australian dollar first before you can withdraw it or transfer to a nominated account. The same procedure may apply to you. You can then deposit the money to your Global Wallet card and convert it to your desired currency.

      You may want to directly contact Velocity to discuss the best course of action for your situation.


  5. Default Gravatar
    Hum | April 29, 2017

    What is the BPay code to load money

    • Staff
      Anndy | April 30, 2017

      Hi Hum,

      Thanks for your question.

      When loading money to your Velocity Global Wallet through BPAY, the biller code is 214932.

      Kindly note that BPAY payments can take up to three business days to process.


  6. Staff
    Anndy | April 21, 2017

    Hi Stephanie,

    Thanks for your question.

    The applicable exchange rate will vary depending on when you transfer money across from AUD to USD. You can view the real time exchange rates by logging in to your Global Wallet and selecting “Manage Wallets”.


  7. Default Gravatar
    Michael | April 20, 2017

    I’m about to head off to Sri Lanka and intended using my Global Wallet which is yet to be activated.
    I assume I will pay 3% on all transactions as the rupee is not a standard Global Wallet currency?
    I also have a GE 28 Degree card – is using this a better option?

    • Staff
      Anndy | April 20, 2017

      Hi Michael,

      Thanks for your question.

      With Velocity Global Wallet, since this card does not support the local currency in Sri Lanka, you’ll incur 3% currency conversion fee when you use this card in that country. On the other hand, the 28 Degrees MasterCard does not charge currency conversion fees on purchases when you use it overseas. It also has $0 foreign transaction fees at ATMs, although you will still have to pay cash advance fees and interest charges if you use your credit card to get cash out.


  8. Default Gravatar
    Greg | April 10, 2017

    The Inactivity Period does this still apply if you use it as the Velocity Card (as it’s 2 in 1 card essentially). I Am not a Frequent traveller.

    • Staff
      Harold | April 11, 2017

      Hi Greg,

      Thank you for your inquiry.

      Typically, a monthly inactivity fee of $1 is charged after 12 months without transaction history only if there are remaining funds available. As an option, you can transfer your leftover cash to your bank account through the Global Wallet Account Centre app, which is available from iTunes for Apple phones or from Google Play for those with Android-based phones.

      I hope this information has helped.


  9. Default Gravatar
    Winefish | February 23, 2017

    It seems all commentators avoid the elephant in the room called the variation from the published exchange rate. So my question is: If I put $100AC into the wallet and convert it to Euros when the interbank rate is say 0.72, and then convert it back to $AC, how much credit have I got in $AU?

    • Staff
      May | February 24, 2017

      Hi Winefish,

      Thank you for your inquiry.

      With Velocity Global Wallet, the applicable exchange rate from AUD to EUR or vice versa will vary depending on when you transfer money across to a different currency. To view up-to-date exchange rates, log in to your Global Wallet Account Centre and select “Manage Wallets”.


  10. Default Gravatar
    Debra | February 19, 2017

    I will be travelling to London and Paris, do I need to change the order of currency wallets on my card to have Euros as 1st wallet while I am in France then change the order to Pounds sterling as 1st wallet when I get to London or does the ATM automatically withdraw from the corresponding wallet in that country.

    • Staff
      Anndy | February 22, 2017

      Hi Debra,

      Thanks for your question.

      With Velocity Global Wallet, if you have the local currency loaded on your card, that’ll be the currency that’s used when you’re spending in that particular currency. If you don’t have the local currency loaded, your card will use the drawdown sequence and use funds from your next available balance. You can change the drawdown sequence by contacting the Global Wallet customer assistance line.


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