Qantas Business Money

[Mattg]

Qantas Business Rewards has launched a new global payments platform called Qantas Business Money.

According to the website, you can "make cheaper payments across the globe and save up to 70% compared to the big banks on conversion rates" and "set up global accounts in 11 different currencies instantly, without visiting a bank branch".

You earn 1 Qantas point for every AUD10 (or equivalent) converted to a foreign currency and there's a launch offer of 25,000 bonus points for converting AUD15,000 or equivalent within 60 days.

https://www.qantas.com/au/en/business-rewards/business-money.html

Has anyone looked into this and does it seem worthwhile? Personally I can't see this being a more competitive option than Wise for foreign currency transfers.

 

[opusman]

I transfer $15K regularly to Europe so I thought I might as well give this a try. Usually use XE (used to be HiFX). Comparing the rate on offer from Airwallex (Qantas) at exactly the same time as XE, Qantas ended up with €35 more than XE. I was quite surprised.

 

[ChrisMars]

I transfer $15K regularly to Europe so I thought I might as well give this a try. Usually use XE (used to be HiFX). Comparing the rate on offer from Airwallex (Qantas) at exactly the same time as XE, Qantas ended up with €35 more than XE. I was quite surprised.

Is an ABN all that is required to join, even if not much action happens with it?

 

[33kft]

Is there a way to see the rates without signing up? I wrote this off originally as another poor FX rate product but if it is actually competitive I have some USD to convert and I may as well get myself the points.

 

[opusman]

Is an ABN all that is required to join, even if not much action happens with it?

Yes just ABN and answer basic questions about what countries you need to transfer to and why.

 

[opusman]

Is there a way to see the rates without signing up? I wrote this off originally as another poor FX rate product but if it is actually competitive I have some USD to convert and I may as well get myself the points.

I don't think so, I think you have to initiate a transfer (and therefore have an account) to see the rate.

But for example, I took these screenshots at the same time, just a few minutes ago:

Qantas 1000 AUD = 664.57 EUR


XE 1000 AUD = 655.22 EUR



I have been using HiFX/XE for years so I was quite shocked to find that Qantas was better.

 

[VPS]

And this is Wise

 

[33kft]

The 25K points would easily cover that gap. I was assuming QF would be outlandish and not competitive at all but it's actually close. Being QBR points and not counting towards PC counts against it a bit but if I'm looking at a couple dollar FX spread for 25K points I think I'd be swayed their way.

I mean, look at the horrible mobile plan I just signed up for in pursuit of a 60K bump this is a comparative bargain

 

[opusman]

The Wise screenshot was presumably taken 11 hours after the other two, so not really directly comparable.

 

[VPS]

The Wise screenshot was presumably taken 11 hours after the other two, so not really directly comparable.

Happy to coordinate to get real time if anyone wants to

 

[Batterytraveller]

I’m interested but it would have to be pretty good rates and functionality to beat Wise.

 

[Vic]

The 25K points would easily cover that gap. I was assuming QF would be outlandish and not competitive at all but it's actually close. Being QBR points and not counting towards PC counts against it a bit but if I'm looking at a couple dollar FX spread for 25K points I think I'd be swayed their way.

I mean, look at the horrible mobile plan I just signed up for in pursuit of a 60K bump this is a comparative bargain

I had the impression transferring QBR points to your personal FF account will then count toward points club. Maybe I should double check.

Just did a transfer points in FF account immediately, points club not updated.

 

[DrGear]

I've been using Airwallex for a while now and it's great. Didn't realize the Qantas one was effectively a rebranded version. Might look into seeing what the difference would be if I swapped over. Having a Japanese bank account has been a god send for dealing with importing products from there.

 

[PaulyB]

Has anyone looked into this and does it seem worthwhile? Personally I can't see this being a more competitive option than Wise for foreign currency transfers.

From the original poster. I think there is a huge advantage - being the points. I have been an avid Wise user and if I am correct in looking at the comparison, the transfer difference is marginal if it means 50k points..... It has to be cheaper than buying points or even the recent OPTUS offer which (curses) I missed out on. Plus, after one has the 50k points does one have to stay???

 

[Sarah Verburgt]

I got knocked back on the Qantas business banking account - do you know what they require to be accepted?

 

[PaulyB]

I’m sure the instructions are there but an over riding thing would be an ABN. Did they not provide a reason why? I have found their support helpful so worth contacting them if not.