Urgent! White background to Transparent - HOW?

I have an image. It's grayscale and contains black text on white background.

Now I need the white turned into transparent.

Just the magic wand won't do, because it gives me white fringes all along the letters.

Please, somebody tell me how to replace the white with transperence.

Btw, It's NOT a GIF file and shouldn't end up being one.

Well, if the picture contains ONLY black and white, and no real bits of gray scale, you can do this easily with the usage of channels.

1. change the color mode of the picture to greyscale if it isn't already by going on the top of the screen to image>mode>grayscale.

2. Go to your "channels" box. If you don't see it, on top of the screen, go to window>show channels

3. duplicate the channel by using your mouse and dragging it to the "create new channel" button towards the bottom of the channels box.

3. Now, on top of the screen, go to select>load selection and choose the channel copy you just made. Check the "invert" box as well.

4. Go back to your layers, make a new layer, and fill the selection with black.

Delete the background layer and you will have a fully transparent background image without any fringe pixels.

Ya thanks.