A transfer can be done between memberships. For example, if Member A is short of points for his next trip he can try to find another member who has excess points and who is willing to transfer the necessary points into Member A's account. Also, if a member has multiple memberships (due to having more than one master contract) he can transfer points from one of his contracts to another to accumulate enough points in one contract to book a reservation.
As Mike said, the transferred points do not "morph" from one resort to another. If you transfer 100 OKW points into a BCV contract, you would have to wait until the 7-month window to use them at BCV. So if you want to book at the 11-month window, you would need to transfer in points from the resort you want to reserve.