I pick my $$ out on the same day that it's sent. And you're right, they deduct the 4% right out of my account whenever I withdraw above $500 I believe, which isn't a problem for me since the convenience factor helps. But when I go to the counter, I usually get about $50 less for every $1,000. At least that seems to be the trend. I withdrew $1100 once, I got $1040 or something. Then yesterday I received $1890 when I withdrew $2000.00. And when I withdraw more, as you can imagine, I get hit harder.
I thought they sent their funds directly through Canadian currency? This is why I thought the exchange rate wouldn't really apply. And I e-mailed them about it last time, and they said it was sent in CDN funds.
I withdrew with a check once, but I believe it takes 21 days or something for it to clear at the bank, and the exchange rate can kill me there.