In addition to tinkybelle's post, to REALLY maximize points, you can do as I did.

Transfered 12k from ANZ -> Citibank (12,000 points)

wait a few days

Transfer 12k from Citibank -> ANZ (instantly, online)

wait a few days

Transfer 12k from ANZ -> Citibank (12,000 points)

wait a few days

Transfer 12k from Citibank -> ANZ (online, again)

wait a few days

Transfer 12k from ANZ -> Citibank & Close ANZ Acc (24,000 points)

* Max 3 transfers reep the QF points

Total cost: 2 weeks of screwing around and $150 in ANZ cash advance charges.

48,000 points for $150 isnt a bad deal

(I did not make the 3rd transfer personally, just incase another bank opens up the same deal as Citibank)