Access multiple currencies worldwide and earn Velocity Frequent Flyer points as you spend with the prepaid Velocity Global Wallet.
If you’re a Velocity Frequent Flyer program member (or plan to become one) with an upcoming overseas trip booked, the Velocity Global Wallet could come in handy. This is especially due to the Velocity points you’ll earn each time you make a purchases in Australia or overseas.
The Global Wallet, a prepaid Visa card, gives cardholders the ability to load multiple currencies onto the card and access the account globally wherever Visa is accepted. You can also manage your account on-the-go with the Global Wallet app.
Table of contents
How does the Velocity Global Wallet work?
The Global Wallet enables you to hold as many as five currencies, including Australian Dollars, in your account at any given time. You can choose from the following:
|Hong Kong Dollar|
|New Zealand Dollar|
|South African Rand|
You load your card using Australian Dollars and then move loaded funds into as many as four other currencies. When you convert funds from Australian Dollars to other currencies, you benefit by locking in the current exchange rates. You can load funds in the Global Wallet via bank transfers and BPAY, using online or phone banking.
You can turn to the Velocity Global Wallet Account Centre for the following:
- Move funds between currencies
- View transaction history
- Change your card’s PIN or your account’s password
- Report a lost or stolen card
- Request and activate a supplementary card
- Details about bank transfers and BPAY
Fees and rates
Here are the costs and savings you can expect from the Velocity Global Wallet:
- Purchase Global Wallet card: Free
- Supplementary card: $10.00
- Lost or stolen card replacement fee: Free
- Loading fee: Free
- Online balance enquiry: Free
- Balance enquiry by SMS: Free
- Electronic statements via website: Free
- ATM transaction fee (Australian withdrawals in AUD): Free
- Inactive account fee: (charged each month, after 12 months of inactivity)
- Emergency cash transfer fee (maximum of $3,000): $15.00
- Foreign exchange fee: (you have to pay this when you use your card for a transaction in a currency other than AUD, except in instances when you use your card to pay in local currencies)
- International ATM withdrawal fee: Country and currency dependent
Spend with ease overseas
When you use the Velocity Global Wallet Visa card overseas you can benefit by making payments in local currencies, given that you get to choose from the different currencies provided. While you can hold no more than five international currencies, including Australian Dollars, you can make changes to your account at any time, from anywhere.
Owing to the Visa connection, you can look forward to using ATMs and EFTPOS terminals in over 200 countries and territories, at over 30 million locations. While you can use this card for everyday purchases overseas, you can also use it within Australia, where you pay in Australian Dollars.
What also helps is that cardholders get the ability to earn Velocity points when flying to over 400 destinations globally, which is because of Velocity’s partnership with Air New Zealand, Singapore Airlines, Etihad Airways, and Delta Air Lines.Back to top
Earning Velocity Points with the Global Wallet
Using the Velocity Global Wallet card to pay for purchases gives you the ability to earn Velocity points. When you use this card to make purchases in Australia, every two dollars you spend earns one Velocity point. For international purchases, you earn one Velocity point for every dollar spent.
Bear in mind that you don’t earn Velocity points on cash transactions, gambling transactions, quasi cash transactions, reversed transactions, account adjustments, and fees and charges.
When it comes time to redeem your accumulated points, you do so through the Velocity Frequent Flyer Program. You can redeem your points for flight tickets, flight upgrades, accommodation, car hire, travel and shopping vouchers, and a range of merchandise.
What are the benefits of using a Velocity Global Wallet overseas?
Using the Velocity Global Wallet when overseas comes with a number of benefits, and here’s what you can expect:
- Access your own funds overseas. You can only access your own prepaid funds rather than credit, so you don’t have to worry about paying interest or overspending.
- No currency conversion fees. Paying in a foreign currency using a credit or debit card usually comes at the cost of currency conversion fees. When you use the Global Wallet to make payments in local currencies loaded on your card, you don’t have to worry about this fee.
- No foreign transaction fees. The Global Wallet does not charge any foreign transaction fees, as is often the case with credit and debit cards, so this can lead to further savings.
- Earn points as you spend. While you can come by other prepaid cards for overseas travellers, finding one that comes linked to a rewards program is not easy. The Global Wallet gives you easy means to earn and redeem points through the Velocity Frequent Flyer Program.
If you’re a frequent overseas traveller, getting the Velocity Global Wallet makes sense, especially if the supported currencies are local to your usual travel destinations. Earning Velocity Points as you spend is another perk. This isn’t the only prepaid travel card on the market though, so make sure to compare your options before selecting one.Back to top
Frequently asked questions
How long will it take for loaded funds to show on my account?
If you load your card via a bank transfer, the money can take up to one business day to reflect in your account. If you use BPAY, the process can take up to three working days.
What is the maximum amount I can load onto my Global Wallet card?
You can hold as much as AUD 25,000 in your account at any given time, and the maximum you can load at any given time depends on your account’s existing balance.
Is there a maximum limit I can withdraw from an ATM?
You can withdraw up to AUD 2,500 or its equivalent in foreign currency in any 24 hours period. Take into account that certain ATM operators set their own withdrawal limits.
Can I access funds in my account in any other way, other than using the Visa card?
Yes. You can set up a virtual card by logging into the Global Wallet Account Centre, and you can use this virtual card for online transactions.
Travel money card comparison
|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|