TransferWise - Foreign exchange without the commission?

I haven't use transferwise but I have used a similar company called Oanda.com and can highly recommend them.
 
One of the guys behind Skype is behind this;

http://www.transferwise.com/


Thanks for the tip! I tried these guys out and it certainly works well, if in a slightly unorthodox fashion. I placed an order for GBP5000, they sent me a price (EUR6064.78) based on the "stop" FX rate.

I sent the money by SEPA transfer to their Dublin AIB account (cost 60 cent). About two hours later they notified me that my transfer had been received. Over the next couple of hours they matched my EUR with bids from people buying GBP until the total was achieved.

The aggregate rate was 0.84184

Including the EUR1 fee, the GBP5000 cost me EUR5940.36, and the money was in the destination account within 12 hours.

They are refunding me EUR124.42

Overall, very painless and much, much cheaper than transfers made through the FX services at the banks. This would also appear to be cheaper than PayPal or similar services, and there's no minimum transaction value.
 
How would I transfer money from either the credit union or a local bank to Australia - could I use this service?
 
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