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 Currencies||AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD, ZAR|
|Multiple Currencies on One Card||Yes|
|Number of Cards Issued||1|
|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 Fee||AUD 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|
|Monthly Inactivity Fee|
after 12 months inactivity
|Card Replacement Fee||$0|
|Currency Conversion Fee||3%|
|BPay Reload fee||$1|
|Negative Balance Fee||$0|
|Available To Temporary Residents||No|
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
- Hong Kong Dollars
- Japanese Yen
- New Zealand Dollars
- British Pounds
- Singaporean Dollars
- South African Rand
- Thai Baht
- US Dollars
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?
|ATM withdrawals||AUD 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.|
|Currency conversion fee||3% of the Australian equivalent when you don't spend in the local currency.|
|Exchange rate||When 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)|
|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.