Verdict up front: In Australia, American Express Membership Rewards transfer to Velocity at 2:1, to Singapore KrisFlyer at 3:1, to Asia Miles at 3:1, to Qatar Avios at 3:1, to Virgin Atlantic at 3:1, to Malaysia Enrich at 3:1 and to Emirates Skywards at 4:1. Qantas is available at 2:1 but only on Amex Platinum and Centurion. Nothing transfers 1:1 to an airline any more, and the 2025 devaluation pushed Asia Miles from 2:1 to 3:1 and Emirates from 3:1 to 4:1.
Last updated: August 2026. Ratios verified 19 July 2026 against Australian Frequent Flyer and Point Hacks; next scheduled re-check October 2026. Transfer ratios change without much notice, so confirm in your own Membership Rewards account before you move a balance. [Affiliate disclosure: I earn a commission if you apply via the credit card links on this page - it never affects my analysis.]
Transfer ratios are the least glamorous number in the points world and the one that decides most of the value. A bank point is only worth what an airline will give you for it, and in Australia that exchange rate has moved sharply against cardholders since 2025.
Amex Membership Rewards transfer ratios (Australia)
Read the third column, not the second. The ratio is abstract; what 100,000 Membership Rewards actually becomes is the number that matters.
| Airline program | Ratio (MR : airline) | 100,000 MR becomes | Notes |
|---|---|---|---|
| Velocity Frequent Flyer | 2 : 1 | 50,000 Velocity Points | The best mainstream ratio available in Australia |
| Qantas Frequent Flyer | 2 : 1 | 50,000 Qantas Points | Amex Platinum and Centurion only - not available on other Amex cards |
| Singapore Airlines KrisFlyer | 3 : 1 | 33,333 KrisFlyer miles | |
| Cathay (Asia Miles) | 3 : 1 | 33,333 Asia Miles | Devalued from 2:1 in 2025 |
| Qatar Airways Privilege Club (Avios) | 3 : 1 | 33,333 Avios | |
| Virgin Atlantic Flying Club | 3 : 1 | 33,333 points | |
| Malaysia Airlines Enrich | 3 : 1 | 33,333 Enrich points | |
| Emirates Skywards | 4 : 1 | 25,000 Skywards miles | Devalued from 3:1 in 2025 - the worst ratio on the list |
| Air New Zealand Airpoints | 200 MR = 1 Airpoints Dollar | 500 Airpoints Dollars | Priced in dollars rather than miles |
| Etihad Guest | Not available | - | Not a current Australian transfer partner |
(Verified 19 July 2026. No transfer bonus was running as at July 2026 - Amex periodically offers 15% to 30% bonuses on selected partners, and waiting for one is worth more than any ratio arbitrage on this table.)
What the 2025 devaluation actually cost
Two partners moved, and both moved against cardholders.
| Partner | Old ratio | New ratio | 100,000 MR: before | 100,000 MR: after | Loss |
|---|---|---|---|---|---|
| Cathay (Asia Miles) | 2 : 1 | 3 : 1 | 50,000 miles | 33,333 miles | 33% fewer miles |
| Emirates Skywards | 3 : 1 | 4 : 1 | 33,333 miles | 25,000 miles | 25% fewer miles |
This is the standing argument against hoarding. A balance sitting in Membership Rewards is exposed to a ratio change announced with little notice, and the change is always one-directional. Nobody has ever woken up to a transfer ratio improving permanently.
What a transferred point is then worth
The ratio is only half the sum. Multiply it by what the receiving program’s point is worth on redemption:
| Route | Ratio | Points received per 100,000 MR | Redemption value | Effective value of 100,000 MR |
|---|---|---|---|---|
| MR to Velocity, economy flight | 2 : 1 | 50,000 | 1.7c to 2.1c | $850 to $1,050 |
| MR to Velocity, business flight | 2 : 1 | 50,000 | 3.0c to 4.0c | $1,500 to $2,000 |
| MR to Qantas (Platinum/Centurion), economy | 2 : 1 | 50,000 | around 2.0c | around $1,000 |
| Keep as MR, redeem for gift cards or cash out | n/a | 100,000 MR | 0.5c to 0.7c | $500 to $700 |
So even after the devaluation, transferring to an airline and redeeming on a flight is worth roughly 1.5 to 3 times cashing out - provided you actually take the flight. If you will not, the gift card column is your real value and you should stop optimising the transfer ratio. Full working on the receiving side in how much Velocity Points are worth and how much Qantas Points are worth.
Bank reward programs
The major banks run their own points currencies - NAB Rewards, Westpac Altitude, ANZ Rewards, CommBank Awards - and each publishes its own transfer table to Velocity, Qantas and a handful of international partners. Those ratios move independently of Amex’s and are frequently tiered by card, so a single number would be misleading.
We have not independently verified the current bank ratios and will not publish numbers we have not checked. Read them off the issuer’s own rewards page at the moment you plan to transfer - it is the only source that is definitionally current. Two structural points do hold across all of them: transfers are one-way and irreversible, and a card that earns points directly into an airline program has no transfer ratio to lose in the first place, which is an underrated advantage.
Rules that apply to every transfer
- Transfers are one-way. Once Membership Rewards become Velocity Points, they are Velocity Points forever. There is no path back.
- Transfer late, not early. Move points when you have found the award seat, not while you are dreaming about it. Points sitting in an airline program are exposed to that airline’s devaluations as well as the transfer ratio.
- Names must match. The frequent flyer account has to be in the cardholder’s name, and mismatches are a common reason transfers fail or take days.
- Transfers are not instant. Some partners post within minutes, others take days. Never cancel a cash booking until the points have actually landed.
- Wait for a bonus if you can. A 30% transfer bonus is worth more than the difference between any two ratios on this page.
FAQ
How many Amex points to Velocity points?
Two Membership Rewards points convert to one Velocity Point in Australia, so 100,000 Membership Rewards become 50,000 Velocity Points. At a mid-range economy redemption value of 1.9 cents, that is worth about $950 in flights. Verified July 2026.
How many rewards points to Qantas points?
On American Express Membership Rewards the ratio is 2:1, so 100,000 Membership Rewards become 50,000 Qantas Points - but only on Amex Platinum and Centurion cards. Other Amex cards cannot transfer to Qantas at all in Australia. Bank programs publish their own ratios to Qantas on their rewards pages.
Can I transfer Amex points to Qantas?
Only from Amex Platinum or Centurion, at 2 Membership Rewards to 1 Qantas Point. If Qantas Points are your goal and you do not hold one of those cards, a card that earns Qantas Points directly will beat the transfer route. See our best Qantas points credit cards.
What is the best Amex transfer partner in Australia?
Velocity, on ratio alone - 2:1 is the best mainstream rate available, and it is open to every Membership Rewards card rather than being gated to Platinum and Centurion the way Qantas is. Whether it is best for you depends on whether Virgin Australia and its partners fly where you want to go.
Did Amex devalue its transfer ratios?
Yes, in 2025. Cathay’s Asia Miles moved from 2:1 to 3:1, costing 33% of the miles on any given transfer, and Emirates Skywards moved from 3:1 to 4:1, costing 25%. Velocity, Qantas, KrisFlyer, Qatar Avios, Virgin Atlantic and Malaysia Enrich were not changed at that time.
Is there a transfer bonus running?
There was no live Australian transfer bonus as at July 2026. Amex runs them periodically, usually 15% to 30% on one or two selected partners for a limited window. If you are not booking imminently, waiting for one is the single highest-return thing you can do with a Membership Rewards balance.
Can I transfer points back if I change my mind?
No. Every transfer is one-way and irreversible. This is why the advice is always to transfer only once you have located the award seat you intend to book, rather than moving a balance speculatively.
Do transfer ratios change often?
Not often, but always downward when they do, and usually with short notice. Two of the nine Australian partners moved against cardholders in 2025. Treat any published ratio, including the ones on this page, as a snapshot to confirm in your own account before you act on it.
Related guides & tools
- How much are Velocity points worth?
- How much are Qantas points worth?
- Is the Amex Explorer worth it?
- Best Velocity credit cards
- Points converter (free tool)
- Velocity points value calculator (free tool)
