Velocity Global Wallet 2 points per $ transferred to foreign currency offer - is this a good deal?

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Greetings

Recently received a targeted offer from Velocity offering 2 points per $ on a transfer to a non-AUD currency on their Global Wallet. Small print says only the first transfer applies.

The way I read this I could transfer funds to (say) EUR and then transfer it back to AUD and then use the funds like I would any other Visa card; said funds qualifying for the 2 points per $ offer. Can’t find anything in the T&C’s that says I have to spend the EUR.

The Global Wallet site seemed to be a bit elusive on the exchange rate to and from EUR (which I guess is effectively what I am buying the points for.) Any thoughts on whether or not this is a good opportunity?

Cheers

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Great Response
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You could do that, however you’re looking at around a 5% spread either side, so you’d be basically paying 10c for 2 points, as well as forgoing any credit card points (that may be a higher earn) while using the AUD you now have on the Virgin card

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Txs for the advice.  I never realised just how savage the Velocity exchange rate was.

When something looks to good to be true …..

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