A few weeks ago we ran an article on how you can earn Avios points when you make foreign currency transfers with Midpoint. The company is a well-established Avios partner and feedback from HfP readers has always been positive.
For this week (in fact, just five days, until Friday), Midpoint is offering 50% or 100% bonus Avios on money transfers, depending on how much you transfer.
The company is also cutting its fee to just 30 bps (0.3%) for transfers over £1,000.
These offers are being promoted exclusively on HfP to new and existing Midpoint who undertake a transaction by Friday 2nd July 2021.
What is Midpoint?
Midpoint is a UK-based platform for making international payments. It is FCA regulated.
The company can transfer funds to 55 countries in 26 currencies. It uses segregated trust accounts at major local banks to ensure that funds remain safe. It claims that typical individual users are expats, international students and those with property abroad.
How to earn Avios with Midpoint
The standard earning rate is 1 Avios point per £10 or equivalent currency and there is no maximum limit on the amount of Avios points you can earn.
Until Friday 2nd July 2021, you can earn 2 Avios points per £10 or equivalent currency transferred if you transfer over £75,000, or 1.5 Avios per £10 if under £75,000. This applies to new and existing customers.
You can earn an additional 1,000 Avios if you mention ‘HfP’ or ‘Head for Points’ as your reason for signing up and complete your first transaction by Friday. You will be asked how you heard about Midpoint on your account set-up call. This bonus is only available to new customers.
The service is available to both businesses and individuals.
The Avios points can be deposited in to these Avios programmes provided you have integrated your Avios membership with your new Midpoint account: British Airways Executive Club, Iberia Plus, AerClub and Vueling Club.
What are Midpoint’s fees?
Midpoint is fully transparent. You can get a quote on their home page here. Midpoint uses the interbank FX rate so the fee is the only expense you have – there is no FX spread.
Fees range from 0.3% to 0.5%, minimum £10, based on the amount transferred.
For new customers this week, fees are fixed at 0.3% with a minimum of £5.
When you include the value of the Avios, your transfer is exceptionally cheap. As a new customer, you would pay just £300 to transfer £100,000 into Euro, for example.
If you value the 21,000 Avios that you would receive at £210, it offsets almost 75% of the fee, taking your net spread down to well under 0.1% over the interbank rate.
(21,000 Avios for a £100,000 transfer = 1,000 Avios new customer bonus + 2 Avios per £10 transferred.)
If you can write off the Midpoint fee as a business expense, the value of the Avios should be MORE than the fees.
How do I register to earn Avios with Midpoint?
During the registration process you must upload a proof of identity (i.e. passport) and proof of address. Accounts will be approved within 15 minutes during office hours. Some additional documentation is required for business customers.
At the end of the registration process you can add your Avios account number of the programme you would like to receive the Avios into. Make sure that your last name is the same as the one registered with your Avios account in order to receive your points.
You can find out more about the partnership on the British Airways lifestyle and finance partners page here, although it doesn’t mention this bonus, which is only for HfP readers.
The Midpoint website is here if you want to find out more
The terms and conditions of the ‘double Avios’ promotion can be found here.