Yes I saw this too or convert $75,000 for total 200,000 points, and then if you convert straight back I think you actually lose the 1.75% fee on both directions so $1,312.50 x 2 would be total $2,625, Or if you are happy to store the funds in say USD for a week or two you could then transfer back and probably halve that fee amount (with movement in exchange rates over a week or two). You can use a website like AUD USD Historical Data - Investing.com AU too and change to weekly amount and you can see some weeks the change is as much as 2.82% and some weeks as low as 0.16% like the change last week. Weeks where interest rates change are often the bigger movers. I can't see anywhere in t and c the funds once converted have to be used for actual purchases in overseas currencies.
