Velocity Global Wallet™ Review

Rates and Fees verified correct on July 27th, 2016

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
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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.

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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.

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This page was last modified on 18 July 2016 at 15:58.

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447 Responses to Velocity Global Wallet™ Review

  1. Default Gravatar
    | July 25, 2016

    I would like to know who global wallet uses for their exchange rate to see if they are better then others

    • Staff
      May | July 25, 2016

      Hi Fred,

      Thanks for your inquiry. Please note that you’ve come through to finder.com.au – we are a comparison website and does not represent Velocity Frequent Flyer.

      For the Velocity Global Wallet, a foreign exchange rate will apply when transferring value between currencies on your card and this foreign exchange rate will be determined by Cuscal at the time of transfer.

      Cheers,
      May

  2. Default Gravatar
    Con | July 17, 2016

    I read that there was a fee to load AUD dollars into your wallet but cannot find this fee amount anywhere. Can you tell me what the fee is and whether this fee is this charged every time you load AUD into your wallet.

    • Staff
      Sally | July 18, 2016

      Hi Con,

      Thanks for your question.

      Just to confirm, though, you have come through to finder.com.au, not Velocity. There actually isn’t a fee for loading funds onto the Velocity Global Wallet, so you won’t be charged when loading AUD onto the card.

      I hope this has helped.

      Cheers,

      Sally

  3. Default Gravatar
    Rom | July 5, 2016

    How can I cancel my card

    • Staff
      May | July 5, 2016

      Hi Rom,

      Thanks for your inquiry.

      If you want to close your Velocity Global Wallet account, please contact Velocity customer service. You may also need to fill out the account closure form to process the cancellation.

      For your convenience, I’ve sent to your email the Velocity contact details and the link to the form.

      I hope this has helped.

      Cheers,
      May

  4. Default Gravatar
    Jenny | July 2, 2016

    Does the card have a cvc no

    • Staff
      May | July 3, 2016

      Hi Jenny,

      Thanks for your question.

      Yes, your Global Wallet has a security code or CVV. It is the three-digit number at the right of the signature panel on the Visa Prepaid side of your Velocity membership card.

      Cheers,
      May

  5. Default Gravatar
    kt | June 25, 2016

    is there interest charged on this account? if so is there an interest free period?

  6. Default Gravatar
    Ron | June 23, 2016

    I have been using the Velocity Global Wallet™ for a couple of years and like it. I use it for online purchases and for travel. Later this year I will be driving in France and Italy. Can somebody confirm that the card (with Euros loaded up) can be used to pay road tolls there?

    • Default Gravatar
      | June 24, 2016

      I cannot get the equivalent of an eTag without a European bank account. Road tolls are very dear: for example a 2.5-hour journey from Grenoble to Turin will cost over 70€. You get your ticket when you enter tollways, then pay when you exit. I don’t want to carry that much cash. And my Australian credit card will attract transaction fees and a bad exchange rate. I would prefer to use my Velocity card with euros loaded up. But the toll companies advise that not all foreign cards work, even those that are chipped as ours are. So I wanted confirmation that somebody had successfully used the Velocity card to pay for tolls in Europe.

    • Staff
      Sally | June 27, 2016

      Hi Ron,

      Thanks for your question.

      Unfortunately, the product disclosure statement doesn’t provide any information about using the card this way and we don’t have any anecdotal evidence that it can be used in this way. However, you should be about you use your Velocity Global Wallet anywhere Visa is accepted.

      Cheers,

      Sally

    • Staff
      Sally | June 24, 2016

      Hi Ron,

      Thanks for your question.

      Unfortunately, the Velocity Global Wallet product disclosure statement doesn’t make mention of road tolls. Just to confirm, are you referring to an online payment after you’ve passed through the toll or an immediate payment that would usually come through an e-tag?

      Looking forward to hearing from you so we can provide you with further assistance.

      Cheers,

      Sally

  7. Default Gravatar
    | June 14, 2016

    I have big problem with Velocity Wallet customer service ,they will tell you yes we will ring you but never do .
    My problem was over the BSB Number to put money on my wife’s card it ended 79 mine 69 .just after Xmas couldn’t put money on her card .Tried to put money on her card declined ,spoke to Velecoity then was told it the Bsb should be 69 .
    My bank told me to get my money back I would have to pay $20 which I did ,now I want velocity to pay me $20 still waiting for a reply

    • Staff
      Sally | June 14, 2016

      Hi Terry,

      Thanks for your feedback.

      Just to confirm, though, you have come through to finder.com.au, not Velocity. As such, we’re unable to confirm the progress of your request. Instead, you’ll need to get in touch with Velocity’s team again. As they’d receive many customer service requests, there may be some delay. If the request is urgent, you might like to contact them again on 13 18 75.

      I hope this has helped.

      Cheers,

      Sally

  8. Default Gravatar
    G | June 13, 2016

    How do I change my pin number?

    • Staff
      Sally | June 14, 2016

      Hi G,

      Thanks for your question.

      You can change your PIN number through your Velocity Global Wallet account centre. Here, you’ll be able to change your account details, including your PIN and password.

      I hope this has helped.

      Cheers,

      Sally

  9. Default Gravatar
    Tania | June 10, 2016

    If I lock in an exchange rate for USD when I load money on it but if I run out or want to load more money for the USD does the locked in rate change or stay the same as when I first locked the exchange rate in.
    Thanks

    • Staff
      Sally | June 10, 2016

      Hi Tania,

      Thanks for your question.

      Your funds will be locked in at the exchange rate that’s in place at the time of loading, rather than just the first time you loaded funds on the card.

      I hope this has helped.

      Cheers,

      Sally

  10. Default Gravatar
    Mightyanders | June 10, 2016

    Hi there – I am travelling to Vietnam and want to check the following:

    * If I pre-load the Global Wallet with AUD and then use at an ATM in Vietnam to withdraw local currency what fees can I expect ie ATM fee + conversion currency ?

    * If I purchase from a shop that is in Vietnamese currency and use the Global Wallet funds that has AUD loaded what fees can I expect ?

    * When I return and IF I have funds still left on the card what is the charge to transfer the remaining funds back to my bank account?

    * Why does it take up to 3 business days to transfer funds (have them cleared) – I would expect that if I need the money loaded and do it that it not take that amount of time. I obviously need the funds quickly and waiting 3 days could be a problem.

    * How long does it take for a supplementary card to be received once ordered?

    * Once I have returned and exhausted my Wallet ie used the funds or transferred them back to my main account – what do I do so that I don’t have to continue to pay the $1 inactivity after 12 months? Please note that I may want to use the wallet in the future but don’t really want to have to pay this minor maintenance fee.

    Thanks in advance for your responses.

    • Staff
      Sally | June 10, 2016

      Hi Mightyanders,

      Thanks for your questions.

      1. If you load the Global Wallet with Australian Dollars and use it to withdraw Vietnamese dong in Vietnam, you’ll incur a 3% currency conversion fee and an AUD$2.95 ATM withdrawal fee. Please note that local ATM fees may also apply.
      2. If you use Australian dollars from the Global currency card to make a purchase in Vietnam, you’ll be charged a 3% currency conversion fee.
      3. If you have remaining funds on your Global Currency Wallet when you return from your holiday,
      4. This is the standard amount of time it takes for a BPAY payment to process. If you’re worried about having access to your cash, keep an eye on your balance regularly and reload the funds early to avoid being stuck without cash. If you’d like funds in your account quicker, you can use an online transfer which will only take one business day.
      5. If you ordered a supplementary card, it could take up to a week for it to arrive. Depending on where you’re located, it might be best to confirm how long it will take with Velocity when you’re requesting the supplementary card.
      6. If you don’t want to cancel the card, but want to avoid the inactivity fee after $12, you might want to use the card as a prepaid or debit card in Australia or for foreign purchases when online shopping. If you load the card with Australian dollars, you won’t be charged a currency conversion fee or withdrawal fee for making transactions in Australia. This means you could use the card as you would any other debit card or prepaid card. Otherwise, if you’d like to make a purchase in a foreign currency online, you can load the card with Australian dollars, move the required amount to the foreign currency and make the purchase, then you’ll also avoid the currency conversion fee. So long as you use your card for some activity within 12 months, you’ll avoid having to pay the inactivity fee.

      Please note that the Velocity Global Wallet does have an expiration date though, and you’ll be able to find this date on the front of your card. Please note that the card can’t be used after this date, so you’d need to order a replacement if you still want to use it after then.

      I hope this has helped.

      Cheers,

      Sally

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