Velocity Global Wallet™ Review

Rates and Fees verified correct on February 27th, 2017

Earn 1 velocity point for every dollar spent in 11 different international currencies with the Velocity Global Wallet

The Velocity Global Wallet is one account, two cards and 11 different currencies. One side of the card is a prepaid Visa travel card, the other side of the card is your Velocity Frequent Flyer membership, so you’ll get points whenever you shop with the Global Wallet. The account supports up to 11 different currencies, but you can only hold up to 5 currencies at the one time including Australian dollars.

Unlike other prepaid travel cards, Velocity do not automatically issue a spare card when you open a Global Wallet account. Instead, a supplementary Visa travel card is available for $10. If you’re comparing prepaid travel cards by available currencies, the Global Wallet is only one of two accounts which lets you load South African rand.

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$25,000
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 2.95
Reload Fee$0
Monthly Inactivity Fee
after 12 months inactivity
$1
Balance Enquiries$0
Card Replacement Fee$15
Currency Conversion Fee3%
BPay Reload fee$1
Negative Balance Fee$0
Available To Temporary ResidentsNo

Reloading funds & currencies

The Velocity Global Wallet lets you load any 4 of these 11 international currencies at a time. Australian dollars are credited to the account when you load and reload the Global Wallet and must be held on the card at all times:

  • Australian dollars
  • Canadian dollars
  • Euros
  • Hong Kong dollars
  • Japanese yen
  • New Zealand dollars
  • British pounds
  • Singaporean dollars
  • South African rand
  • Thai baht
  • US dollars

Ways to load funds on your Velocity Global Wallet

  • BPAY. You can load funds on your Velocity Global Wallet via BPAY, but it’ll take three business days for the funds to appear in your account.
  • Online transfer. You can also load funds with an online transfer, but this will take one business day to clear.

Use the Velocity Global Wallet App to exchange money from Australian dollars to up to 4 international currencies listed above at one time. The exchange rate is locked in when you transfer money between different currencies so you know how much you have to spend without the needing to check the latest rate.

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 on your card, your card will use the drawdown sequence and use funds from your next available balance. If you use a different currency, then you’ll be charged a currency conversion fee. By default the drawdown sequence is set by the order you first credited the account with different currencies, you can change the drawdown sequence by contacting the Global Wallet customer assistance line.

Where can you use the Global Wallet?

The Velocity Global Wallet is a prepaid Visa card. The Global Wallet can be used anywhere in the world where Visa is accepted including ATMs showing the Visa or PLUS logo. Make sure you spend in the currency of your destination or you’ll pay an additional 3%, which is low compared to some other travel cards but still defeats the purpose of using a travel card overseas over most debit cards and credit cards. Visit the Account Centre to request a Virtual Global Wallet, which you can use to shop online.

How much will 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
Exchange rateWhen you load funds on your card, they’ll be lock in at the current exchange rate. You’ll be able to confirm this via the Velocity Global Wallet website.
Inactivity fee$1 (charged monthly after 12 months of inactivity)
Supplementary card$10.00
Emergency Cash Transfer Fee$15.00
Back to top

Manage your account

You can manage your Velocity Global Wallet easily via the Global Wallet Account Centre app. This is available from iTunes for Apple phones or from Google Play for those with Android-based phones:

  • Log in, check your balance, transaction history and add new currencies. You can use your Velocity Global Wallet app or online account to view your transaction history, report a lost or stolen card and access your virtual card to use online.
  • Moving currencies. You can move your Australian dollars across to different currencies through your Velocity Global Wallet app. Remember that there may 11 available currencies, but you can only hold up to five of these currencies on your card at one time.
  • 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. Note that a monthly inactivity fee of $1 is charged after 12 months without transaction history, so make sure to close your account if you’re not going to use it again.

Global Wallet Security

Velocity ask that you notify them right away if you find unauthorised transactions or you think someone else has your Global Wallet or virtual card. Outside Australia call +61 2 8667 5924. If you’re overseas and you don’t have your Global Wallet, Velocity offer an emergency cash service for $15. They can make the money in your Global Wallet available for cash collection (up to $3,000) at convenient locations all over the world.

Getting your card

  • Ordering. You must be a Velocity frequent flyer member to get a Global Wallet. The program is open to anyone living in Australia over the age of 18 and is free to join. If you are a Velocity member, logon to your Velocity online account and request a Global Wallet from the ‘My Benefits’ section of the website.
  • Activating. When you receive your card, go to the Velocity Global Wallet website and follow the steps to activate the prepaid Visa card.
  • Loading. Once you’ve activated your card, you can load funds in your account through BPAY or online transfer.

Benefits and drawbacks

Benefits

  • Multiple currencies. The Global Wallet is only one of two accounts which let you spend in ZAR.
  • Rewards points. Get 1 Velocity Point for every dollar you spend in a foreign currency and 1 Velocity Point for every 2 dollars you spend in Australia.
  • Cheap. It’s free.

Downsides

  • Conversion fees. Pay international ATM fees and a currency conversion fee.
  • Exchange rate. The Velocity Global Wallet prepaid Visa exchange rate gives you less than the Visa debit or credit card exchange rate.
  • No additional card. Unlike other travel cards, Velocity don’t give you a spare Global Wallet card.

The Global Wallet is a great way to rack up Velocity Points when you’re on holiday, just make sure the Global Wallet supports the currency of your destination so you don’t pay the extra currency conversion fee. There are more travel cards to compare on our travel money page.

Back to top

Questions about the Velocity Global Wallet

Can I load different currencies each time?

You can manage your currency selection from the Velocity Global Wallet Account Centre. You can only hold 5 different currencies at a time and you must always have your Australian dollars currency wallet active.

Can I load money on the Global Wallet at Australia Post?

You can load your Global Wallet with money using a direct bank transfer or BPAY payment.

Do I need to tell Velocity about my travel plans?

The 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.

How much does it cost to withdraw from ATMs in Australia?

If you use the Global Wallet in Australia you will have to pay the Velocity AUD ATM withdrawal fee plus any charge from the ATM operating bank or institution.

How do I set my Global Wallet PIN?

You can set your PIN for your card online by logging on to the Velocity Global Wallet Account Centre.

What’s the maximum load?

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.

What’s the ATM withdrawal limit?

You can withdraw up to $2,500 for an ATM in a 24 hour period.

How many extra cards can I get?

You can only order 1 extra supplementary card.

The Velocity Global Wallet lets you spend in the currencies of Australia's favourite holiday spots as well as earn Velocity Points. We review the Velocity Global Wallet prepaid Visa travel card.

Back to top
Was this content helpful to you? No  Yes

This page was last modified on 11 October 2016 at 3:40.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

481 Responses to Velocity Global Wallet™ Review

  1. 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”.

      Cheers,
      May

  2. 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.

      Cheers,
      Anndy

  3. Default Gravatar
    Dario | February 10, 2017

    Hi
    What’s the best way to transfer unused funds back to a bank or account? Is there a transfer option to move funds to a bank account?

    • Staff
      May | February 10, 2017

      Hi Dario,

      Thank you for your question and for contacting finder.com.au – we financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with any company we feature on our site.

      Yes, there is. 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.

      When you transfer your funds to your nominated bank account, make sure that you change the currency first back to AUD. Aside from transferring it your bank account, you can also withdraw your funds in AUD from an ATM.

      Please also note though that a monthly inactivity fee of $1 is charged after 12 months without transaction history, so you might like to close your account if you’re not going to use it again.

      Hope this helps.

      Cheers,
      May

  4. Default Gravatar
    Stephen | February 7, 2017

    What is the maximum amount you can load onto the card in a 12 month period

    • Staff
      Anndy | February 7, 2017

      Hi Stephen,

      Thanks for your question.

      For the Velocity Global Wallet, you can load up to $25,000 on the card at a time as long as your total money on the card will not exceed the $25,000 maximum balance limit. If you withdraw your money immediately, you can reload again anytime.

      There is no set maximum amount that you can load for the 12-month period because you can always reload, up to the maximum balance limit.

      Cheers,
      Anndy

  5. Default Gravatar
    Dezzery | January 10, 2017

    What is the Velocity AUD ATM withdrawal fee?

    • Staff
      Anndy | January 10, 2017

      Hi Dezzery,

      Thanks for your question.

      The withdrawal fee for the Velocity Global Wallet within Australia is free but third party ATM operators may charge a fee.

      Cheers,
      Anndy

  6. Default Gravatar
    Paige | November 17, 2016

    Do I press the Credit or the Savings button when I withdraw cash from ATM in foreign countries?

    • Staff
      Jason | November 17, 2016

      Hi Paige,

      Thank you for your enquiry.

      Please press the credit button to withdraw cash using your Velocity Global Wallet card from ATM anywhere in the world where Visa is accepted.

      Cheers,
      Jason

  7. Default Gravatar
    Ken | November 5, 2016

    How long will a vehicle hire deposit refund take to appear in my Velocity Global Wallet account?

    • Staff
      Sally | November 7, 2016

      Hi Ken,

      Thanks for your question.

      This will depend on the company you hired your vehicle with, but you can expect the funds to return to your account within a few weeks. If they haven’t you should contact Velocity Global Wallet directly on 13 18 75 to confirm when you can expect the funds to return to your account.

      Cheers,

      Sally

  8. Default Gravatar
    Dave | October 31, 2016

    Does my Visa global wallet have travel insurance?

    • Staff
      May | October 31, 2016

      Hi Dave,

      Thank you for your question.

      I’m afraid that this Velocity Global Wallet issued by Virgin does not have a complimentary travel attached to it. Usually, the complimentary travel insurance is attached to the credit cards, which you may be able to find on this page.

      Cheers,
      May

  9. Default Gravatar
    Rob | October 19, 2016

    Is velocity considering the option of loading cash onto the card from for example Australia Post? This is more convenient for me and I’m sure others

    • Staff
      Harold | October 19, 2016

      Hello Rob,

      Thank you for your question. Unfortunately, there are only two ways to load your Velocity Global Wallet.

      1. BPAY. You can load funds on your Velocity Global Wallet via BPAY, but it’ll take three business days for the funds to appear in your account.
      2. Online transfer. You can also load funds with an online transfer, but this will take one business day to clear.

      Cheers,
      Harold

  10. Default Gravatar
    TravelBuddy | October 6, 2016

    Can the Global Wallet be used to BPay bills? If so, through which avenue?

    • Staff
      Sally | October 10, 2016

      Hi TravelBuddy,

      Thanks for your question.

      You can use your Global Wallet for online transactions, so if you’re paying your bill online, you’ll be able to use it in the same way that you would use your debit card to pay for bills. You can’t set up auto-repayments on the card, though, so you’ll need to manually pay the bill each month. Please note that debits for fees and charges do not accrue Velocity Points.

      Cheers,

      Sally

Ask a question
feedback