Global Wallet - overload beware
 

Was unaware but there is a limit of A$25000 that can be loaded onto GW. I already had some money in my account and transferred A$20000 which pushed the account over the limit. The limit is not well publicised and I was unaware of it at the time of making the BPAY transfer. I am still not sure if it is an absolute limit or an annual spend limit - suffice to say I will not be using GW going forward to find out.

The disturbing thing was that there is seemingly no process for GW to handle overpayment. Instead of the money being sent back to my Australian bank account - it simply went missing. When a deposit is made into GW you get an email acknowledging it. I got nothing - because the deposit never hit my GW account.

I had to make several calls to GW call centre in (Manila?) and be told, sorry your problem, contact your bank to get it back.

Several more calls to my bank and was told that I would have to dispute the original transaction (made by BPAY) and that resolution could take 45 days and if there was no response from GW, then would need to take own legal action!

After a week of calls and emails to GW, the money was returned to my Australian bank account - after some sleepless nights. Sent emails to REV which seem to operate GW, but no response. Even rang VA HO and got no return call.

Subsequent communication with Velocity to find out why there is no process and also to seek some form of compensation has been unsatisfactory..

VA co-brand the GW and should be more active in ensuring that there are proper processes and communication lines in place for this financial product.

I am sorry to hear that you have got "burned", but I do not understand why are you blaming VA or GW. The limit is clearly stated in PSD (page 15, point 8.1).

And as for the compensation? Why should anyone compensate your for your own mistake?

Finally, PSD also states that:
Did you try that?

BTW, Qantas has $100,000 limit on their card.

Accept it was my mistake for the overload but what was disappointing was that I had to proactively chase the funds through my bank - no assistance from GW. Why they cant send an email that says 'sorry your deposit cannot be accepted as it would push you over the limit and the funds are being refunded to your bank account' would have saved a week of calls and emails to get the money back...

Wasn't offered an increase in the limit as GW indicated that the funds had not hit my account, presume the funds sat in a suspense account.

The compensation I was after the points I would have got if the money went through and I spent it as I had planned to do.

You really seriously think they should compensate you for your own mistake of not reading PSD? :confused:

Points for spending you didn't do, because you didn't read/follow the terms and conditions?

Oh man, i'd love to be responsible for writing the response to that request.

Aw c'mon. People don't read a 45-page pseudo-legalese pdf before they use every product. If there's going to be a limit, and especially if there's going to be a limit somewhere within the range that normal people might actually use, it should be stated more clearly than right there.

Furthermore I agree with the OP that the response to too much money coming in shouldn't be that the money mysteriously vanishes and you have to spend weeks trying to get it back, especially not when large amounts of money are involved. OP can't be the only person out there accidentally overpaying into his account.

What actually happens to this money? Presumably if it's vanished from his account it's appeared in theirs, and they're determined to make a few months' interest out of it while he disputes it.

So yeah, I'd agree that this is something that Velocity and their mysterious partner "Rev" (I'm looking at their website and can't figure out even what country they're based in, let alone a street address) really need to sort out a lot better.

BTW,
so, the problem actually is how Cuscal (major Australian Deposit-Taking Institution) handles it, not Rev, not Velocity...

Are normal people going to load >$25,000 onto a cash card? At $25k , I would be checking terms before using it tbh

I am actually surprised it is not $10,000 as per the level of cash that can be transported out of the country without reporting

I agree that the overpayment shouldn't disappear and transaction should just be reversed

That's what I think too... But then I think it was just to earn some points on large local purchase because you can load AUD as well? Not the best way of earning VA points though...

Hmmm... Good point. But then again, Qantas has $100,000. And it is not exactly cash... My Amex has $100,000 limit too...

Agree on that one too... But then again, as I said, hard to blame VA or Rêv since Cuscal is actual issuer. And I had some issues with Cuscal in the past...

Sure, I found the website. It still didn't tell me what country they're based in. I found the name of their CEO, but it was a common enough name that this didn't help me. It just seems weird.

If you like. But since Velocity are the major consumer-facing organisation who have plastered their branding all over the product and handed it out to each of us whether we wanted it or not, I'm happy for complaints to be directed in the direction of Velocity.

I can't see why. That's for physical cash. It's not like you have to report whenever you cross a border with more than $10K in your bank account while carrying your card.

A cash card would seem to be on par with travellers cheques ( which also do have to be reported ) rather than just being a bank account card or credit card

Putting cash onto a card and then taking it out the country seems quite dissimilar to a debt allowance on a credit card

If you want to spend money, you can do search on ASIC - https://connectonline.asic.gov.au/Re...=161i3ulfwl_24 and that will give you all the details.
Australian corporate law does not require street address disclosure to public...

Good point, although it is not for physical cash only... You should do your homework before you make statements...

That's your interpretation... Would be interesting to see what customs would say should one ask them...

Yes, I think people are missing the point.

Accept that I didn't know that there was a A$25000 limit and my mistake in sending too much cash (which BTW was to spend some overseas and some locally) - what I didn't find acceptable was the only way to remedy the situation was for me to dispute the deposit with my bank that I sent through my bank's BPAY facility and presumably my bank did the work in contacting GW and getting the funds back. There was no process for GW to simply send an email saying sorry you are over the limit and we are remitting the money back. It was not an insubstantial amount of money...

It also raises issues as to how accountable REV or Cuscal actually are. I have received no return correspondence from REV.

Think I will stick with the Australian bank issued travel cards in the future.