Basically the same as this deal, but now you can transfer at any time for the improved rate and no longer need to have auto transfer enabled.
The cap has been abolished as of November 1st as well, so you can transfer as many points you like (in blocks of 1000 flybuys points) throughout the year.
Given their recent deal with Air Canada and Aeroplan, when international travel is allowed again there's a chance that you can redeem for flights with them.
edit: old rate was 1000 Flybuys for 435 Veloicty, but in blocks of 2000 flybuys points (ie. 2000 FB = 870 Velocity). As pointed out in the comments this is equivalent to the 15% bonus promo being run permanently now.
Boost your Velocity balance with our all new transfer rate! Transfer 1,000 Flybuys points and you’ll earn an impressive 500 Velocity Points to boost your Velocity balance.*
Redemptions of Velocity Points are available for selected flight bookings. See here for more details.
Please note, redemption for international flight rewards remain paused. Find out more.
Terms and Conditions
*If you’ve linked your Velocity Frequent Flyer membership to your Flybuys household account, you can choose to manually transfer a minimum of 1,000 Flybuys points at a time to receive 500 Velocity Points per 1,000 Flybuys points transferred to Velocity. Or, you can turn on Auto Transfer and if you choose to do this, your entire existing Flybuys points balance (to the highest multiple of 1,000 Flybuys points) will be automatically transferred to your linked Velocity account, and every 1,000 Flybuys points you subsequently collect will be automatically transferred into 500 Velocity Points. From 1 November 2020, the annual transfer limit has been removed, meaning there’s no limit to the amount of Flybuys points you can transfer to Velocity. Only one Velocity membership can be linked to a Flybuys household at any one time. To turn on Auto Transfer, the full name and date of birth on your Flybuys household account and linked Velocity membership must match. You can de-link or manage your linked accounts at any time at partners.flybuys.com.au/velocity-frequent-flyer/. Visit flybuys.com.au/transfer to manually transfer your Flybuys points. Alternatively, to turn on Auto Transfer, visit partners.flybuys.com.au/velocity-frequent-flyer/ and sign in to your Flybuys account then turn your Auto Transfer preference to ‘On’. This selection will apply to all members under that specific Flybuys household account. You can turn your Auto Transfer preference to ‘Off’ at any time and will still be able to manually transfer your Flybuys points to Velocity.
Please allow up to 48 hours for Velocity Points to be credited to your linked Velocity account and for your Flybuys points balance to be updated. Once Flybuys points have been redeemed for Velocity Points they can’t be returned to your Flybuys account. Standard Flybuys Terms and Conditions apply to the collection of Flybuys points. Velocity membership Terms and Conditions apply.
Interesting. Would be keen to see the awards chart between Aeroplan and Velocity. Might have to start collecting Velocity points again.