Born and raised in South Africa (Krugersdorp, Transvaal Province) in a family of Scottish origin,[4] as a teenager Wallace featured for a local side against the Aberdeen squad that was touring the country in 1937, managed by Paddy Travers.
[5] The move was successful: Wallace (playing at inside left to accommodate Willie Martin)[3] opened the scoring in the 1939 Scottish Cup Final, a 4–0 win over Motherwell which secured the trophy for the first time in Clyde history.
[12] After the conflict ended, in 1946 Wallace moved to Dunfermline Athletic,[13] then in late 1947 signed for Albion Rovers,[14] helping the Coatbridge club to gain promotion to the top tier.
[15] In one of his final appearances, Wallace scored the consolation goal in a 4–1 defeat to Rangers which meant that the Gers won the championship after title rivals Dundee unexpectedly lost.
[21] Despite his birthplace, Wallace made three appearances for Scotland in unofficial wartime fixtures,[1][22] scoring a brace in a 3–2 win over England in February 1941;[23] however the other two caps were in defeats to the same opposition.