Fern, you might want to look at http://www.xe.com/fx/
if you've not checked out xe already. They do currency trades but also can facilitate setting up local currency accounts. I'm in the process of applying for an account with them.
I'm actually looking at the same thing as you, but from the US. I'm in the middle of a big project (and am procrastinating as I write this), but I'll try to PM you once I'm through, if you're interested. Perhaps we can help each other.
The one thing that sucks about currency arbitrage is that to make significant money, you usually have to start with a lot of money. But the good thing is that it's relatively risk free if it's done correctly. I think Bitcoin is ripe to be used as one leg of a currency hedge.