Velocity Global Wallet is closing down in 2021

[Bundy Bear]

This was a good card for withdrawing money from overseas bank accounts.
Oh well no great loss I did spend Saturday buying stuff with this card so now only $1.66 left.

 

[AustraliaPoochie]

Better do something with that $1.66 or you might loose it to ASIC lost money.
My council allows me to use the smallest amount in paying them by card.
OR maybe you do want to prove a point to them, and let them do the transfer.
Ie, make them work their butts off for that small pittance.
I used up all of mine, zero, there is a satisfaction to having them email a transaction listing, $0.00 from "support@ve...".

 

[daveS]

Wish the email had come a week earlier - just last week I loaded some USD and the charges deducted amounted to 11.9% of my cash disappearing down a black hole. To add further insult their chat line is just a robot which is just as impossible to have a meaningful conversation with as a door knob. I'm guessing it'll be all downhill for Virgin/Velocity service quality once Bain does some more slicing and dicing.

We had loaded US$ and $SG earlier this year in anticipation of trips.

Hs anyone found a way to transfer this currency to a different travel card to avoid converting it back to $A (now at a much higher level) ?

 

[AustraliaPoochie]

Only way is to take out from ATM if you really want Aud$, noting you will loose some funds in the process.
Because the VGW system is run on its own by Rev/CUSCAL, there is no way to transfer the value of the foreign currency value/worth to another card.
Not sure which way is the cheapest overall, but I think ATM will be the fastest, though if you wait, you will be charged a higher ATM fee than now, if I remember correctly, you have until mid Jan to take the funds out at no/low ATM fee charge, then mid Jan, they hike the fees.
Maybe they (as in VA3) have a plan for another prepaid card system, but who knows for sure, they have not publicly announced anything.
Not so bad if they tell us they have plans for another card, prepaid/reloadable, that they will run inhouse, but its as far as we have info, its cut, finish, kaput, we are closing it, move your funds out yada yada yada... before more fees come in to take value out.
Don't lapse and do nothing, otherwise the funds might go to ASIC lost funds, and you have claim the money back from ASIC.

 

[Bundy Bear]

Jan 2 at 12:13 Australia/Sydney Debit for 1.66 AUD At WOOLWORTHS ...... AU APPROVED Available balance: 0.00 AUD Global Wallet transaction alert

And its gone to the expired airline cards box.

 

[tomlee1986]

Jan 2 at 12:13 Australia/Sydney Debit for 1.66 AUD At WOOLWORTHS ...... AU APPROVED Available balance: 0.00 AUD Global Wallet transaction alert

And its gone to the expired airline cards box.

At least you have used up all available balance!

 

[Scottport]

Does anyone know of an identical style card available out there, prepaid with online access etc?

 

[tomlee1986]

Does anyone know of an identical style card available out there, prepaid with online access etc?

Other one I know is Qantas Cash

 

[AustraliaPoochie]

No, none other, apart from one with the opposition airline, ie, QF/QFF/QTMC.
You can buy the "gift" visa cards, one use only, non rechargeable, with a visa card, either debit or credit at Coles, earn FB points on that purchase, and then use that bought card, for something, either at Coles or its affiliates, and then earn FB points again, on the use of the gift card.
Any purchase at Coles will earn FB points.
Earn 2k FB points, and they become 1000 VFF points, or 1k FB = 500 VFF points, if you pick auto transfer.
Coles and Woolworths got rid of their rechargeable card system a while back, its not enviornmentally friendly, but the only way to "play" the system, is as I mention here above.
Not sure if VFF is planning something similar to VGW later on, down the "runway".
Maybe Rev felt it wasn't financially viable for them to run the VGW system, and VFF might later on do a tie in with another financial institution, but its hard to say.
Its a "non core" activity to VFF to run a card product, but they might find someone else to tie, in and we might only earn 0.10 point per Aud$1 spent.
The blurb that JH sent out, in that email, gave a hint of other ways to earn, but as far as confirmed ways to earn, with card spending/spents, is to go with the real credit card side, "*unless that too has been curtailed*", I think NAB might have stopped the Velocity real credit card rewards, and Virgin money might or might not be the only one left, or that one too has stopped.
Have a look to see if NAB/Virgin money is still doing credit card rewards, or Amex/Diners.
As to debit card with VFF rewards, only way is Coles FB.
Sorry for the waffly.

 

[bullerdude]

Not surprised, doubt it was a highly used product. Many non frequent flyer aligned versions available such as Cash Passport Platinum Mastercard - Travel Money Card

 

[ozstamps]

I'm sure the 3 people who used it will be devastated

Are you sure there were three?

 

[tomlee1986]

I used to use Velocity card too but i closed it last year when Virgin Australia was in financial trouble

 

[serfty]

I used to use Velocity card too but i closed it last year when Virgin Australia was in financial trouble

I used it in the early days for promotional bonus points but reverted to a standard card after a Delta Sky Club agent at MSP wanted to know how a visa card was going to give me access to her lounge.

 

[AustraliaPoochie]

Yes, there is the Auspost sold cash passport, which is rechargeable, but no direct points earnt on that.
(Edit), There is a fee, isn't there on that to buy the card (?), last time I think I saw was Aud$4.95.
Cash passport is now free to get, didn't realise that.

 

[ozstamps]

I used it in the early days for promotional bonus points but reverted to a standard card after a Delta Sky Club agent at MSP wanted to know how a visa card was going to give me access to her lounge.

I remember that happening too in the USA, and it was Atlanta or New York Delta Lounge. Two of us on paid Delta First Class tickets, issued on Delta ticket stock, and paid to Delta direct, and showed the Lounge Dragon the Virgin Velocity card that also looked like a VISA card we were rejected out of hand for entry. .

Dragon - this is a credit card Sir.

Me - Please turn it over - it says Virgin Velocity Platinum. That gives us access.

Dragon - (after flipping card over) - Credit cards do not work for entry here sir.

Me - well we are on First Class paid Delta tickets - does that help?

Dragon - No it does not.


Luckily it was quiet and her offsider was listening - she pointed to her screen to something - (probably the entry rules!) and with bad grace we were admitted by Dragon #1.

 

[clifford]

I remember that happening too in the USA, and it was Atlanta or New York Delta Lounge. Two of us on paid Delta First Class tickets, issued on Delta ticket stock, and paid to Delta direct, and showed the Lounge Dragon the Virgin Velocity card that also looked like a VISA card we were rejected out of hand for entry. .

Dragon - this is a credit card Sir.

Me - Please turn it over - it says Virgin Velocity Platinum. That gives us access.

Dragon - (after flipping card over) - Credit cards do not work for entry here sir.

Me - well we are on First Class paid Delta tickets - does that help?

Dragon - No it does not.


Luckily it was quiet and her offsider was listening - she pointed to her screen to something - (probably the entry rules!) and with bad grace we were admitted by Dragon #1.

Hey Glen, I can visualise this from personal experience in the US.

 

[AustraliaPoochie]

Well, at the least that part as talked about above, will stop now.
Back to showing the VFF status cards without the visa card ensign.
OT: wonder how soon the will start sending out VFF status cards with the visa ensign.