Is this a bait and switch too? For CAD/USD transactions, www.peerfx.com has been operating for almost 2 years now, supposedly on similar principles. At the beginning, the peerfx rates were really goood, but now they've got a 1% spread and a 0.5% fee. Better than what you can get at a bank if you take their posted rate, but worse than the bank's "premium" rate.