Point Hacks Guide

Velocity Global Wallet changes: increased overseas earn rate, decreased domestic earn rate, and a mixed bag with fees

Velocity Global Wallet Visa

Velocity Global Wallet Visa is a no annual fee prepaid travel card that earns 1 Velocity point per $3 on domestic spend and 2 Velocity point per $1 on foreign currency spend overseas or online.

  • No Annual fee
  • 1 Velocity Frequent Flyer point per $3 spent in Australia
  • 2 Velocity Frequent Flyer point per $1 spent on foreign currency spend (overseas or online)
  • No load fee via bank transfer or BPAY to foreign currency wallet
  • Annual fee: $0 p.a.
  • International ATM withdrawal fee of $1.95 AUD

Find out more or apply →

Point Hacks do not earn commission for this card. More about this →

Velocity Global Wallet Visa is Velocity’s prepaid travel card that allows holders to load multiple currencies onto the card and make purchases at any worldwide location that accepts Visa. Your purchases will be transacted in the local currency subject to you having that currency loaded onto your card.

While Velocity Global Wallet’s direct competitor is Qantas Cash, given both these cards allow the earning of frequent flyer points on purchases, the card also goes head-to-head with other non-points-earning travel cards in the market, including the NAB Traveller Card.

Unlike Qantas Cash, Velocity Global Wallet does not come standard with your Velocity card, and you will need to opt in to have a Velocity Global Wallet version of the Velocity membership card sent out to you.

Changes effective 1 September 2017

Velocity have announced changes to the Velocity Global Wallet, which are effective immediately for new cardholders, while some changes will only take effect in October for existing cardholders or those with cards activated prior to 1 September. See the table below for a summary of the changes:

 ExistingNewPositive or negative change?Effective date
for cards activated prior to 1 September
International earn rate1 point per $12 points per $1Positive1 September
Domestic earn rate1 point per $21 point per $3Negative1 October
Domestic ATM feeFree$1.95Negative1 October
International ATM fee (some ATM operators may charge additional fees)Varies depending on country$1.95Positive1 September
Inactivity fee (only charged after 12 months of inactivity)$1/month$1.95/monthNegative1 October
Load fee using BPAYFree0.5% load fee to AUD wallet but $0 load fee for BPAY to foreign currency wallet as your preferred load walletNegative1 October
Foreign exchange fee3%2.25%Positive1 September
Aggregate funding limit (12 month rolling load limit)$75,000$100,000Positive1 September

In addition to the changes above, transactions at the ATO and other national or local Australian tax authorities will no longer earn points, again effective immediately for new cardholders and starting 1 October for existing cardholders:

“ATM withdrawals, quasi cash transactions, payments made to the Australian Taxation Office or other national or local Australian tax authorities, fees and charges, account adjustments, reversed transactions, gambling transactions and business transactions.”

Source: Velocity Global Wallet Product Update

All information in this guide are now updated to reflect the changes.


Features of Velocity Global Wallet

Card Details

CardVelocity Global Wallet
Card typePrepaid debit card
Loyalty ProgramVelocity Frequent Flyer
Points earned from spend1 point per $3 on domestic spend
2 points per $1 on overseas spend
Load feeNo load fee via bank transfer or BPAY to foreign currency wallet

0.5% load fee for BPAY to AUD wallet
International ATM withdrawal fee$1.95
Currency conversion fee 2.25%
Annual fee$0 p.a.

As a result of the changes, the overseas earn rate is now increased to 2 Velocity points per $1 AUD spent overseas and decreased to 0.33 Velocity points per $1 AUD spent in Australia.

The card allows you to load 11 currencies, which are:

  • Australian Dollar
  • Canadian Dollar
  • British Proud
  • Euro
  • Hong Kong Dollar
  • Japanese Yen
  • New Zealand Dollar
  • Singapore Dollar
  • South African Rand
  • Thai Baht
  • US Dollar

These currencies can be converted on the go, meaning that you can lock in your exchange rates using your computer or via the app at any time. Loading funds onto the card can be done through a bank transfer or by using BPAY. The card remains separate to your bank account, however, so if you do lose your card, nobody would be able to access any of your bank information.

Velocity Global Wallet now charges a flat ATM fee of $1.95 for withdrawals made in Australia and overseas.

An annoying feature of the card, however, is a $1.95 inactivity fee charged monthly after 12 months of inactivity.

Summing up

Velocity Global Wallet is definitely a competitive card in the prepaid travel market, and one of only two cards that allow for frequent flyer earn per spend on the card.

For those looking to accrue Velocity points, then this is a decent card for you, given that the earn rate is similar to many Visa credit cards in the market.

Velocity Global Wallet changes: increased overseas earn rate, decreased domestic earn rate, and a mixed bag with fees was last modified: September 6th, 2017 by Daniel Sciberras

Jump back up to offer ↑

Point Hacks Credit Card Information

Point Hacks is published by Newformula Media. Newformula PTY LTD (ACN: 609 361 051) is a credit representative (486568) of Eurofinance Corporation Pty Ltd (Australian Credit License: 393845). In some instances, Newformula PTY LTD receives a commission or benefit for referring you to the services of a credit provider. This commission or benefit is disclosed at the point of referral to the credit provider. This website does not provide credit, assist you in obtaining credit, or advise you to apply for any particular product from a provider.

We have not taken into consideration your circumstances or financial situation when providing the information on this website. It is important you read the relevant PDS from the product issuer and seek the independent advice of an appropriately qualified professional before making a decision on a product.

While we invest a great deal of time and energy into ensuring we provide with you with the most up to date and accurate information, we do not warrant the accuracy of statements or information contained on the Website relating to third party goods and services, including credit card information, loyalty schemes and rewards. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability arising from any person acting on those statements or information to the fullest extent permitted by law. Where conditions or warranties are implied by law and cannot be excluded, our liability will be limited to the re-supply of information. You should confirm the accuracy of information provided on this Website with the third party product provider before acting on it.

Comments Expand Comments

  1. Ken

    Email received from Velocity last night. From 1 October 2017, the earn rates will change for both domestic and international spend.

    Domestic – 1 point per $3 dollars spent
    International – 2 points per $1 dollar spent

Leave a Reply