Woah! Not so fast! Those “international exchange differences” you speak of are massive!
I’ve just done a quick “dummy run”. Transferring A$1 into US$ on Qantascash gives me US$0.73c on my card. If I were to transfer that US$0.73 back to my bank account, Qantascash would deposit A$0.90 into my account. So the “international exchange differences” are losing me 10 cents per dollar.
Let’s say you want to transfer A$20,000 into Qantascash to get the full 50,000 Qantas points. You’d get about US$14,600 in your Qantascash account. Then you’d end up with about A$18000 in your bank account after transferring it back.
So those 50,000 Qantas Points have effectively cost you $2000 – a whopping 4 cents per point. To be honest, unless you were absolutely desperate for quick points, no-one in their right mind would pay that much for a Qantas point. You’re better off using the $2000 you save to pay for a flight outright.
There are 10 other currencies which I haven’t looked at. And exchange rates do vary, but I’m sure the final result would be basically the same: ie. you’d be massively out of pocket for not much return.
Accumulating Frequent Flyer points is great fun. But you have to be hard-nosed about it. Sometimes it’s best to pass on the points and keep the cash. This, to me, is clearly one of those times.