Velocity Global Wallet Change to Terms & Conditions

[clipped_wings]

We have Global Wallets that are used regularly when we travel overseas and spend domestically. Never had a loading problem until last week, when husband (WP) attempted to load $500 to his card in AUD. The money never appeared in the destination account, and we noticed our bank had returned the funds, so we investigated.

I rang Velocity and from what I can gather, it turns out they are negotiating to cap the loading to $50k in one year. The phone rep said we had crossed this line - she was apologetic, but admitted she knew very little on the subject and could offer nothing more than "someone will call you within 24 hours to discuss".

Still waiting for this communication....is Velocity is making up the rules as they go along? I am mystified as to why they would cap people's ability to load funds, as the points earn is only .5 per dollar domestic, so it equates to an average NAB credit card. It's not exactly screamin' home the points.

The rep also would not disclose just when our annual cap resets, which I think is a bit weird and non-transparent. The short story is: husband has a Velocity Platinum Visa debit card that is now a shiny book marker. It serves no other purpose and no-one is telling us when we can start using it again.

Not Happy Jan.

 

[clipped_wings]

Just received a reply from Velocity:

"We have recently introduced a maximum load limit. This has since been increased from $50,000 to $75,000. This means your total aggregate balance can never go above $75000 over any 12 month period. Your Maximum balance any one time cannot be above $25,000. The PDS is yet to be update with the new limits."

Ok at least this clarifies things. For those who wish to take the holiday of a lifetime, or travel abroad for a few years, this information is vital, as it really affects your ability to utilize the prepaid debit visa card.

In hindsight, I'd probably up the limit on a credit card and pay off the balance within the no interest period. At least my money is earning interest for me somewhere else while it waits to settle a huge holiday-related debt................

 

[Bagpuss]

I stopped using the Global Wallet as I was in the the US and a few retailers told us to be careful with them as in general thieves knew most Travel Debit Cards only require a signature when used internationally. As they come with no consumer protection like a full blown debit / credit card does, you could lose some serious $$$.
Unsure if true or not. Though, I no longer use any such prepaid cards.

 

[adrenaln]

Just received a reply from Velocity:

"We have recently introduced a maximum load limit. This has since been increased from $50,000 to $75,000. This means your total aggregate balance can never go above $75000 over any 12 month period. Your Maximum balance any one time cannot be above $25,000. The PDS is yet to be update with the new limits."

Ok at least this clarifies things. For those who wish to take the holiday of a lifetime, or travel abroad for a few years, this information is vital, as it really affects your ability to utilize the prepaid debit visa card.

In hindsight, I'd probably up the limit on a credit card and pay off the balance within the no interest period. At least my money is earning interest for me somewhere else while it waits to settle a huge holiday-related debt................

I just come up against this myself.... The QF card at least is $100K. VA continue to make you question loyalty on a regular basis....

 

[AustraliaPoochie]

Note that you can only load $1000 a month/maybe at a time, unless you "upgrade".
Its due to anti terrorism/money transfer/etc blah.
So if you deposit $40, and then try to deposit another $1300, it will reject and then send the funds back to your transaction account.
So, if you deposit $40, then you have to deposit $960.
Learnt it the hard way, thought to myself, so why hasn't my funds appeared in my VGW account.
Waited days.
Then just checked, the money has been returned to my transaction account, and also noticed, maybe I am a bit slow, that its mentioned a max of $1000 can be deposited a month, (without upgrading-what ever that means, maybe providing passport details/drivers licence details (?)...
Edit: yes, to be able to add more money, you indeed have to verify your identity online, Rev will ask you to go a link to check your identity, even asked about uploading images of documents.
Maybe its already known by others on here, but its news to me!

 

[AustraliaPoochie]

Maybe this load limit thingo is set to make illegal money movement round the world harder, (like the Aust govt rule), similar to the cash movement reporting requirement when we take $10,000 into and out of Aust.

 

[clipped_wings]

I packed the debit card away, too hard IMHO. Now I just use my NAB Velocity Platinum credit card and pay off the balance in the interest free period.

I'll probably dust off the debit card and load US dollars when we go later this year, but the lack of information and ambiguity was certainly frustrating. Why do some juggernauts think it's ok to deflect from an actual answer? Yes, you're going to tick some people off, but you'll score more for transparency and honesty every time.