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
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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:
|Existing||New||Positive or negative change?||Effective date
for cards activated prior to 1 September
|International earn rate||1 point per $1||2 points per $1||Positive||1 September|
|Domestic earn rate||1 point per $2||1 point per $3||Negative||1 October|
|Domestic ATM fee||Free||$1.95||Negative||1 October|
|International ATM fee (some ATM operators may charge additional fees)||Varies depending on country||$1.95||Positive||1 September|
|Inactivity fee (only charged after 12 months of inactivity)||$1/month||$1.95/month||Negative||1 October|
|Load fee using BPAY||Free||0.5% load fee to AUD wallet but $0 load fee for BPAY to foreign currency wallet as your preferred load wallet||Negative||1 October|
|Foreign exchange fee||3%||2.25%||Positive||1 September|
|Aggregate funding limit (12 month rolling load limit)||$75,000||$100,000||Positive||1 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.”
All information in this guide are now updated to reflect the changes.
Features of Velocity Global Wallet
|Card||Velocity Global Wallet|
|Card type||Prepaid debit card|
|Loyalty Program||Velocity Frequent Flyer|
|Points earned from spend||1 point per $3 on domestic spend
2 points per $1 on overseas spend
|Load fee||No 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
- 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.
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.
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