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 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||$25,000|
|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 2.95|
|Monthly Inactivity Fee|
after 12 months inactivity
|Card Replacement Fee||$15|
|Currency Conversion Fee||3%|
|BPay Reload fee||$1|
|Negative Balance Fee||$0|
|Available To Temporary Residents||No|
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
- 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?
|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|
|Exchange rate||When 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)|
|Emergency Cash Transfer Fee||$15.00|
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
- 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.
- 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