What are the best ways to convert points earned from Air Canada back to my Qantas or Velocity Frequent Flyer programs?

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Hi PH community, I have just booked some international flights with air canada and am wondering if anyone has any advice for converting the points that I would earn from the flight back to my QANTAS or VFF programs? Should I sign up to the KrisFlyer and claim the points from the flight (affiliate program) and then convert to Virgin?

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