It’s been a while since I stayed up to date with Westpac rewards’ transfer rate.
When I was a cardholder, the Westpac Reward transfer rate to Velocity was 2:1 and transfer rate to Krisflyer was 2.5:1.
Example, if you have 100k Westpac points, you can transfer to get 50k Velocity points or 40k Krisflyer miles.
50k Velocity points transfers to 37k Krisflyer (1.35:1).
So it is better to go directly to Krisflyer.
BIG however. If Velocity is running a 15% bonus transfer, it would tip the scales.
100k Westpac points would get you 57.5k Velocity points.
57.5k Velocity points transfers to 42.6k KF.