HEAT grill to medium heat.
GRILL franks 7 to 9 min. or until heated through, turning occasionally.
MEANWHILE, cut VELVEETA into 1/2-inch cubes; place in microwaveable bowl. Microwave on HIGH 1 min. or until completely melted, stirring after 30 sec.
FILL buns with franks; top with chili, VELVEETA and onions.
To save time, microwave the franks as directed on package instead of grilling them.