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 have occured:
- Velocity is no longer associated with the Global Wallet® product
- You no longer earn Velocity Points via Global Wallet®
- Fees 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:
|From 1 February 2021||
You will not earn Velocity Points for Qualifying Purchases.
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).