Global Wallet

We are winding down the Velocity Global Wallet® program. 

We are winding down
the Velocity Global Wallet® program.

You will continue to be able to spend or perform ATM withdrawals of your funds until 31 July 2021 and redeem your funds beyond that date. From 1 February 2021, several important changes will occur:

  • You will no longer earn Velocity Points via Global Wallet®
  • Fees will apply to ATM transactions and funds redemption

If you’ve never loaded money onto your Global Wallet® card, there’s no need to take action.     

Please see the table below for important dates:

Date Description
31 December 2020 Last day on which you will be able to load money (‘Funds Credits’) into your Account.
Now until 31 January 2021

You can continue to use your current Velocity Global Wallet® card for spending at home or overseas and will earn Velocity Points for Qualifying Purchases.

You can also withdraw funds via an ATM or transfer your money to a nominated bank account (a ‘funds redemption’) fee-free.

Please note, any balance(s) held in Foreign Currency Wallets will be converted to AUD at the Applicable Exchange Rate at the time of the funds redemption.

From 1 February 2021

You will not earn Velocity Points for Qualifying Purchases.
Velocity will no longer be associated with the Global Wallet® product. You can still:

Fees will also apply for withdrawing funds via an ATM or transferring your money to a nominated bank account (a ‘funds redemption’). See the revised fee table in the Supplementary Product Disclosure Statement (SPDS) for full details.

30 June 2021 Last day you can request a replacement Physical Card via the Velocity Global Wallet® Account Centre
31 July 2021 Last day you can use your Global Wallet® Physical or Virtual Cards.
After this day any Available Balance held in Foreign Currency Wallets will be converted to AUD within seven days.
From 1 August 2021 You can no longer transact on your Global Wallet® account, but you will still have access to the Account Centre to view your transaction history until 31 July 2028, and to submit a funds redemption request.

If you don’t request the funds redemption within 7 years from the date on which your account became inactive, funds may be transferred to ASIC in accordance with the Unclaimed Monies requirements outlined in Section 22 of the Product Disclosure Statement (PDS).

As part of the changes, we are publishing a Supplementary Product Disclosure Statement (SPDS) which modifies the current Product Disclosure Statement (PDS). The changes in the SPDS take effect on 31 December 2020.

Auto-payments
You will also need to cancel any auto-payments (e.g. bills, subscriptions or memberships) authorised on your Velocity Global Wallet® and change them to an alternative payment method by 31 July 2021, at the latest. Please note that you will not be able to load additional funds into your account from 31 December 2020.

What does it mean for my card?
Your Velocity Global Wallet® card will be deactivated on 31 July 2021, however, the Velocity membership side of your card will continue to work as normal. You can access your digital My Velocity Card via the Velocity App.

FAQs