AMEX to Aeroplan 20% Transfer Bonus (Targeted)

There's an AMEX 20% Transfer Bonus to Aeroplan Targeted to some AMEX cardholders. If you're interested, check to see if you're targeted, although note that with this type of special offer, it may not be available if you don't transfer points at the time you click on the offer, and only return later.

AMEX 20% Transfer Bonus to Aeroplan Miles

Aeroplan Tips

A good Aeroplan value are flights between the U.S. to Europe, which are typically 55,000-57,500 Aeroplan miles each way for business class and, if you can find it, 70,000 miles each way for first class. With the 20% discount, that's 46,000-48,000 AMEX Membership Rewards points. In contrast, United charges 70,000 each way between the U.S. and Europe for partner business class and AAdvantage charges 57,500 miles.
For roundtrip awards, 1 free stopover is allowed when flying to another continent.
There are no close-in award ticketing fees, the way there are for United MileagePlus and American AAdvantage for non-elites
You can cancel an award up until 2 hours prior to departure, but note there is a CAD 125 charge to change or cancel an award.
No award holds are allowed, unlike American AAdvantage
Aeroplan miles require activity every 12 months, otherwise they expire
Air Canada will be replacing the Aeroplan frequent flyer program on June 30, 2020, and changes are expected. If you take advantage of this transfer offer, do so with an immediate use planned.

Which Airline Partners Incur Aeroplan Fuel Surcharges?

While you do pay fewer miles for many Aeroplan awards, vs. United MileagePlus, unfortunately there are fuel surcharges added for certain airlines. This means, for example, that a Lufthansa First Class award with Aeroplan from the U.S. to Europe is 70,000 miles, but the fuel surcharges of CAD ~1100 (USD ~$830) mean that most will not want to book that award with Aeroplan. Here are the airlines Aeroplan charges fuel surcharges on:

Adria
Air Canada
ANA
Asiana
Austrian
LOT Polish
Lufthansa
TAP Portugal
THAI

That said, I checked an award from JFK to BUD on LOT Polish, and the taxes/fees were just CAD 119, or USD ~$90, which could be worth it in terms of the points savings, so check proposed awards before ruling out Aeroplan for all the above airlines.

Here are the airlines Aeroplan does NOT charge fuel surcharges on. I've bolded the airlines I most recommend flying on: