We have discussed the Virgin Money International Money Transfer service before on Head for Points. Their generous mileage offer was due to end last month but has now been rolled over for another year.
The company is offering up to 50,000 Virgin Flying Club miles when you use them to transfer money abroad.
Full details are on their website here. The offer runs until 12th August 2020.
The amount of Virgin Flying Club miles you earn depends on the size of your transfer:
£5,000 – £9,999 – earn 2,500 miles
£10,000 – £19,999 – earn 5,000 miles
£20,000 – £49,999 – earn 10,000 miles
£50,000 – £99,999 – earn 25,000 miles
£100,000+ – earn 50,000 miles
You only earn miles on your first transfer. This seems a bit short-sighted to me, because I think many people would want to test the company out with a smaller amount before putting £100,000+ on the line.
Virgin Money promises a best price guarantee on all international money transfers, although as this guarantee excludes internet specialists such as Azimo and TransferWise you should treat it with a pinch of salt.
In order to get ‘the best price on the high street’, you need to register an account with Virgin Money and provide the quote you received from any high street bank in writing within three hours of receiving it. Virgin Money will then give you a matching quote.
Here is a summary of the small print:
You need to be a Virgin Atlantic Flying Club member and not already have a Virgin Money International Money Transfer account
You must complete your transaction by 12th August 2020
If your first transaction is over £5,000 you will qualify for miles which will be credited to your account within 60 days
This is not necessarily a ‘no brainer’ deal. The miles are worth around 1p each at best. If the Virgin Money rates are close to Azimo – or, for larger sums, Caxton FX, HiFX etc – then you may come out on top but you should definitely do the maths first.
How to earn Virgin Points from UK credit cards (February 2024)
As a reminder, there are various ways of earning Virgin Points from UK credit cards. Many cards also have generous sign-up bonuses.
You can choose from two official Virgin Atlantic credit cards (apply here, the Reward+ card has a bonus of 15,000 Virgin Points):
Virgin Money is offering double points on spending until 14th April (£5,000 cap) to new customers when you apply for the Virgin Atlantic Reward+ Mastercard. Click here to learn more.
You can also earn Virgin Points from various American Express cards – and these have sign-up bonuses too.
American Express Preferred Rewards Gold is FREE for a year and comes with 20,000 Membership Rewards points, which convert into 20,000 Virgin Points.
The Platinum Card from American Express comes with 40,000 Membership Rewards points, which convert into 40,000 Virgin Points.
Small business owners should consider the two American Express Business cards. Points convert at 1:1 into Virgin Points.
(Want to earn more Virgin Points? Click here to see our recent articles on Virgin Atlantic and Flying Club and click here for our home page with the latest news on earning and spending other airline and hotel points.)