XEtrade is even worse than the banks. The banks will pretend that there's no fee, but at least they will generally tell you the spread you'll be charged as long as you specifically ask for the spread.

XEtrade charges you a different spread for every transaction, and doesn't list it explicitly in their quote. You never know in advance what it's going to be. They're virtually always better than the bank rate, but you don't know that in advance.

If I can ever get my bank to offer me their commercial rate for currency trades I'll switch from XEtrade in a heartbeat.