Velocity Global Wallet® Review

Rates and fees last updated on

Earn Velocity Points as you spend in 11 foreign currencies wherever Visa is accepted.

The Velocity Global Wallet® is a Visa prepaid travel card that allows you to load and spend multiple currencies with locked-in currency exchange rates. The Global Wallet® also doubles as a Velocity Frequent Flyer membership card, allowing you to earn Velocity Points as you spend. In addition, you can save with locked-in exchange rates, free loads and reloads, and no foreign currency conversion fees when you spend in supported currencies.

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$0
Negative Balance Fee$0
Minimum Age18
Available To Temporary ResidentsNo

Which currencies can I load onto my Velocity Global Wallet®?

The Velocity Global Wallet® supports the following 11 currencies:

  • Australian dollars (AUD)
  • Canadian dollars (CAD)
  • Euros (EUR)
  • British pounds (GBP)
  • Hong Kong dollars (HKD)
  • Japanese yen (JPY)
  • New Zealand dollars (NZD)
  • Singapore dollars (SGD)
  • Thai baht (THB)
  • US dollars (USD)
  • South African rand (ZAR)

You may hold any of the listed currencies, but only five currency wallets can be active at any one time and one of them must be your Australian currency wallet. All funds are loaded into your Australian currency wallet, after which you can transfer them into other currencies at the applicable exchange rate set by Velocity. Rates are updated continuously throughout the day, and you can check them at any time on the Velocity Global Wallet® website.

What happens when I spend in an unsupported foreign currency?

In the event you make a purchase in a currency that isn’t supported, or isn’t sufficiently loaded on the card, two things will happen. First, a foreign exchange fee of 3% will be applied to your total transaction amount.

Second, available funds from your other active currency wallets will be debited to pay for the transaction, according to the currency order or “drawdown sequence”. The drawdown sequence is the order in which you prefer your available wallet balances to be debited when making a transaction. You can set your preference by logging in to your account online, or by calling customer assistance on 13 18 75, or +61 2 8667 5924 from overseas. If you don’t indicate your preference, the default order will be the order in which your currency wallets were first loaded.

How does the drawdown sequence work?

To illustrate, imagine you load your Velocity Global Wallet® with AUD$1,000 and subsequently convert AUD$99 into New Zealand Dollars and AUD$900 into Thai baht (THB). On your way to Bangkok, you stop over in Singapore and have a meal priced in Singapore dollars at SGD$200.

When you use your card to pay, it performs an “auto wallet transfer” to transfer funds from your first wallet in the drawdown sequence, which is the Australian currency wallet. Since you only have AUD$1 left in that wallet, your card performs a second auto wallet transfer to convert your NZD balance into SGD.

As that isn’t sufficient either, a third auto wallet transfer takes place converting THB into SGD to complete the transaction. All three currency conversions are subject to Velocity’s prevailing exchange rates and the 3% currency conversion fee.

Where can I use my Velocity Global Wallet®?

You may use your Velocity Global Wallet® online, in-store and at ATMs globally wherever Visa is accepted, including over 30 million locations worldwide. Your card cannot be used for Internet gambling or illegal transactions, cash-out transactions at a point of sale, or where a merchant does not accept Visa prepaid cards.

Features of the Velocity Global Wallet®

Other features and benefits you can access with a Global Wallet® card include:

  • Velocity Frequent Flyer program. Enjoy the membership perks of the Velocity Frequent Flyer program, including the ability to earn 1 Velocity Point per $1 spent overseas and per $2 spent in Australia. You can redeem points for travel, dining, entertainment, lifestyle products and services.
  • Locked-in exchange rates. Locking in currency exchange rates ahead of travelling helps you to stay in control of your budget and spending.
  • Additional card. You can request a supplementary card for $10 via the Global Wallet® Account Centre. This card lasts for up to five years and functions in the same way as the primary card, giving access to the same funds and letting you earn Velocity Points whenever you use it for purchases. It also serves as a backup card should you lose or damage the first one.
  • Worldwide ATM alliance. Access your cash at any overseas ATM that accepts Visa prepaid cards.
  • Smartphone app. Easily manage your account online by logging in to the Global Wallet® Account Centre or by using the Global Wallet® app on your smart device. You can view your transactions and balances, as well as transfer money between currency wallets.
  • Account and transaction limits. Your account balance cannot exceed AUD$25,000 or its equivalent. The maximum daily amount you can withdraw from an ATM is AUD$2,500 or its equivalent in another currency, or the withdrawal limit set by the ATM operator.

How much does the Velocity Global Wallet® cost?

This table presents the costs associated with using the Velocity Global Wallet® and explains when the fee will be charged.

Type of feeCostWhen you’ll be charged
Purchase fee$0You don’t have to pay a fee to order the card.
Supplementary card fee$10When you request an additional card
Load/reload fee$0You won’t be charged a fee when you load or reload funds on the card.
International ATM withdrawal fee
  • AUD$1.95
  • USD$1.95
  • GBP£1.25
  • EUR€1.50
  • NZD$2.50
  • CAD$2.00
  • HKD$15.00
  • SGD$2.50
  • JPY¥160
  • THB60
  • ZAR20.00
Each time you withdraw money from an overseas ATM in the relevant supported currency. If the currency isn’t supported, you will be charged AUD$1.95.
Domestic ATM withdrawal fee$0You won’t be charged a fee when you withdraw funds from an ATM in Australia.
Currency conversion fee3% of the transaction (in AUD$)Whenever you transact in a currency that is unsupported or insufficiently loaded on your card
SMS fund transfer fee$0There is no fee to transfer money to other cardholders via Mobile Services.
Card to card transfer fee$0You won’t be charged if you transfer funds to another card.
Inactivity fee$1This fee will apply each month after your account has been inactive for 12 consecutive calendar months.
out fee
$0It is free to close your account and cash out any available balance.
Emergency cash transfer fee$15When you request an emergency cash transfer of up to AUD$3,000 or equivalent.

How to use the Velocity Global Wallet®

Follow these steps to get your travel card up and running.

  1. Activate the card. You can activate your Velocity Global Wallet® online or by calling 13 18 75 in Australia, or +61 2 8667 5924 from overseas and following the prompts. Make sure you have personal information (such as your contact details and drivers licence) on hand for identification purposes.
  2. Load funds onto the card. Once your card is activated, you can load Australian dollars onto your Velocity Global Wallet® via bank transfer or BPAY. You can find instruction details for either method by logging in to the Global Wallet® Account Centre.
    Note that bank transfers can take up to one business day to be reflected in your account, while BPAY transactions can take up to three business days. The maximum amount for each load or reload is AUD$25,000 as long as it doesn’t cause your total available balance to exceed AUD$25,000.
  3. Manage your online account. Once funds are loaded to your Velocity Global Wallet®, you can transfer money between currencies by logging in to the Global Wallet® Account Centre online, or by using the Global Wallet app on any smart device.
    You can perform a variety of tasks including the following:
    • View your account balance and transaction history
    • Move money between currency wallets
    • Activate a replacement card
    • Request a supplementary card
    • Report a lost or stolen card
    • Change your account password and card PIN
    • Reclaim funds
    • Manage your alert notifications

What do I do if I return home with foreign currency remaining on the card?

Keep the money on your card for future trips, or apply for a funds redemption by logging in to your account online or by calling Customer Assistance on 13 18 75. Any remaining foreign currency will be converted to Australian dollars at the prevailing Velocity exchange rate at the time your request is processed, and the funds paid out to you via your designated method.

Who do I contact if my card is lost, stolen or damaged?

Report any card loss or theft instantly, as you may be held liable for losses resulting from unauthorised transactions if you take too long to report the incident. Cancel your card using the Global Wallet® app or via the Global Wallet® Account Centre. You can also call 13 18 75 or +61 2 8667 5924 while overseas. You can request a replacement card or emergency cash transfer, or use your supplementary card if you have one.

How to apply for a Velocity Global Wallet®

If you’re an existing Velocity member, log in to your Velocity account and go to “My Benefits”.

If you’re new to Velocity, you can request that your new membership card comes enabled with Global Wallet®. Go to the Velocity website and click the “JOIN FREE NOW” button. You will be required to fill in an online form with your personal details and contact information. For security purposes, you will also need to create a password, PIN and security question.

Your card will arrive via post in 10 to 15 working days.

Are there any eligibility requirements?

You must be over 18 and have a residential address in Australia.

In addition to locked-in currency exchange rates and fee savings, the Velocity Global Wallet® offers a great way to earn Velocity Points on your overseas expenditure. Compare all available travel card options before applying to make sure you choose one that will best serve your personal travel needs and spending preferences.

Back to top

Was this content helpful to you? No  Yes

This page was last modified on 30 June 2017 at 4:12pm.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

512 Responses

  1. Default Gravatar
    AlexJuly 26, 2017

    What happens if there is a refund on the purchase that was made in one of the valet currencies

    • Staff
      DanielleJuly 27, 2017Staff

      Hi Alex,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      According to their terms, if you are entitled to a refund for any reason relating to a transaction, you agree to accept the refund under the policy of that specific merchant. Refunds may be in the form of a credit to your Available Balance, cash refund or in store credit.

      I hope this helps.


  2. Default Gravatar
    TomJuly 13, 2017

    If I use velocity global wallet to pay a bill using Bpay, does this earn points? Also, do they pay points for ATO or government spending? Thank you in anticipation.

    • Staff
      RenchJuly 13, 2017Staff

      Hi Tom,

      Thanks for your inquiry.

      Unfortunately, you will not earn Velocity Points when paying bills using BPay. You can earn Velocity Points with Global Wallet for shopping in-store and online, locally and overseas. Earn 1 Velocity Point per AU $1.00 (in the equivalent international currency) spent overseas and 1 Velocity Point per AU $2.00 spent in Australia.

      This page may also be helpful to you. Please contact Velocity directly for further inquiries.


    • Default Gravatar
      TomJuly 13, 2017

      Hi Rench, thanks for your prompt reply. Does velocity pay points on Australian Tax Office spending? Regards, Tom

    • Staff
      RenchJuly 14, 2017Staff

      Hi Tom,

      Unfortunately, no. You can use the Velocity points for flight upgrades, car hire, fuel, hotels, holidays and travel, sport, Velocity Rewards Store, points booster. You can get more details on Velocity Frequent Flyer official site.


  3. Default Gravatar
    JamesJune 23, 2017

    Do you know the exact ATM machines withdrawal is available from without incurring ATM fees? Because today I was charged a $2 fee from withdrawing from a NAB ATM. Thanks

    • Staff
      RenchJune 24, 2017Staff

      Hi James,

      Thanks for your inquiry. Please note that we are not affiliated with Velocity or any company we feature on our site and so we can only offer you general advice.

      For Domestic ATM withdrawal, you won’t be charged a fee when you withdraw funds from an ATM in Australia. For international ATM withdrawal, each time you withdraw money from an overseas ATM in the relevant supported currency. If the currency isn’t supported, you will be charged AUD$1.95.

      Regarding the $2 fee that occurred by withdrawing from a NAB ATM, you may want to contact Velocity directly for this concern.

      Best regards,

  4. Default Gravatar
    LarraineJune 22, 2017

    How do I withdraw from an ATM and how do I purchase online?

    • Staff
      RenchJune 22, 2017Staff

      Hi Larraine,

      Thanks for your inquiry.

      To make an ATM withdrawal, simply press the ‘Credit’ button. For purchasing online, you will need to input your card details for your payment. You can get more information on this by going to the Velocity Global Wallet official website.

      Hope this helps.


  5. Default Gravatar
    NinaJune 19, 2017

    Hi. Today at the service station I was told that I will be charged 1% fee to use the payWave facility because it is going through credit rather than savings or cheque, is this true? He said it will be coming into all pay wave facilities soon. Should I stop using it and swipe with my pin instead to avoid the fee?


    • Staff
      JonathanJune 20, 2017Staff

      Hi Nina!

      We reviewed the Product Disclosure Statement and the Fees and Charges table of Velocity Global Wallet and we found out there is no mentioned payWave facility fee.

      You can contact your card issuer to verify if there’s any updated information on this matter.

      Hope this helps.


  6. Default Gravatar
    JanetJune 1, 2017

    Hi there

    I was planning to load my global wallet with AUD and then exchange the currency with USD today. If I was to re-load my wallet and wanting to change to USD next week, am I able to use the same exchange rate?

    Also, when I withdraw the amounts from my global wallet in USA when I leave, which rates would apply if I was to load in 2 separate occasions?

    Thanks for your help!


    • Staff
      AnndyJune 1, 2017Staff

      Hi Janet,

      Thanks for your question.

      The exchange rate will vary depending on when you transfer money from AUD to USD. To check the up-to-date exchange rates, you can log in to your Global Wallet Account Centre and then choose “Manage Wallets”.

      The exchange rate on the date of withdrawal will apply.


  7. Default Gravatar
    CliffMay 30, 2017

    I would like to check and possibly change my PIN on my Global Wallet Card, can you please assist with the procedure.
    Thank you

    • Staff
      ArnoldMay 30, 2017Staff

      Hi Cliff,

      Thanks for your inquiry.

      The Global Wallet® Account Centre

      The Velocity Global Wallet® Account Centre is your Global Wallet® dashboard. Here you can:

      View your account balance
      Move money between currency wallets
      View your transaction history
      Activate a replacement card
      Request a supplementary card
      Report a card lost or stolen
      Change your account password and card PIN
      Find the Bank Transfer and BPAY® details to load money on your card
      Reclaim funds
      Manage your alert notifications
      To access your Global Wallet® account, visit You can log in using your Velocity membership number and the password you setup during your Global Wallet® account activation.

      Hope this information helped.


  8. Default Gravatar
    SurMay 19, 2017

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

    • Staff
      RenchMay 19, 2017Staff

      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.


  9. Default Gravatar
    TonyMay 5, 2017

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

    • Staff
      LiezlMay 5, 2017Staff

      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.


  10. Default Gravatar
    AlessiaMay 5, 2017

    Can I use this card in Shanghai, China?

    • Staff
      ArnoldMay 5, 2017Staff

      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.


Ask a question