May be not very useful for now but will be handy later when travel ban gets lifted
Velocity Global Wallet has made some changes to their prepaid travel card, with earn rates and fees affected, which will go live 4 May 2020.
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.
The changes include:
-Fees paid when using the Velocity Global Wallet card are reduced, including removing the 2.25% currency conversion fee (foreign exchange rates apply), supplementary card issue fee, and the $1.95 ATM transaction fee
- Earn rate from Domestic spend will reduce to 1 Velocity Point for every $4 spent on qualifying purchases, down from 1 Velocity Point for every $3
- No more ATM transaction fees when withdrawing cash in Australia and overseas.
- The Inactivity Fee will change to 0.5% of the Available Balance, with a minimum of $1 for accounts that have been inactive for 12 months.
Note that the following will NOT be changing:
- the Overseas earn rate remains the same, 2 Velocity Points for every $1 spent, on qualifying purchases
- BPAY will still be FREE when you load into a Foreign Currency Wallet and will have a fee of 0.5% of Funds Credited when you load into your Australian Wallet, with a minimum of AU$1 per Load
Features of 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
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.
Brave person loading up funds for virgin to hold at the moment ;)