Just so you all know, this works like a champ. I've been happily transferring money for months now. The money is transferred immediately, so you can pay your bills with no delay.
The first transfer must have been at an introductory rate or something, because it was only .5% above the bank of Canada rate (ie, if the rate was 1CDN = 1.23 AUD, I transferred at 1.236AUD). Since then, it's been pretty consistent at about 2%. As far as I can tell, this is still the cheapest way to transfer money. Your total cost to transfer is subject only to a 2% "we sell at/we buy at" rate, which is better than most places I've seen.
Hope this information helps someone.

