Early transfers earn some exclusive rewards including Ziggs and Pool Party Ziggs, and will enjoy a 100% IP and XP boost.
For American or European League of Legends players, the idea of having to play with over 200ms is a horrible thought, and should only happen if your ISP is having some major issues. For LoL players in the Oceanic region, 200ms is considered a pretty good ping. Thankfully, Riot has taken steps to rectify this, opening an Oceanic server that, for a limited time, you can transfer to free of charge. The server is still technically in beta and lacking some key features, but if you want to finally experience lag-free-League, early reports are showing that Australian gamers are getting pings as low as 20ms!
If that's not enough incentive for you, early transfers earn exclusive rewards including Ziggs and Pool Party Ziggs, and will enjoy a 100% IP and XP boost during the server's beta test period. You can transfer from any of the NA, LATAM, Russia, Turkey, EUNE and EUW servers, and transfer is accomplished by heading to the in-game store and clicking on the "Other" tab, in a very similar manner to the free European/NA server transfers earlier this year. If you decide you want to head back to your original server later, transfers are available, but the return trip's on you.
As the Oceanic server is still in beta, the only queues available at the present time are: Normal Summoner's Rift 5v5, Co-op vs. AI Summoner's Rift 5v5, and Custom Games (all maps/modes). All other modes, including All Random All Mid, Dominion and all ranked queues will be made available at a later date.
Transferring will wipe your friends list, but you will keep all other aspects of your summoner, including summoner name, runes, and saved masteries. Be sure to check out the F.A.Q if you have any more questions.
Source: League of Legends