Interesting article indeed!
however, I would be wary of holding to much balance in such an account because they seem to be lax on identity which means they could be a target for money laundering and or terrorists. Which in short means, they might get shit down and your funds may or may not come back to you. Great concept though and I do seriously hope it works, I just will not hold much currency in it if I open an account.
You are right, but I never had issues with them before. Have used it a few months ago.
If you need money urgently or simply don't want to wait few hours to exchange it, this is a great way. Otherwise, I'd not hold big amount either.