xyz123,

Are you sure that Bank One also charges 3%? I travel to China frequently and primarily use 3 credit cards:

Bank One issued Visa
Citibank issued Mastercard
Amex charge card

I have been tracking the conversion rates for the past few months and it has averaged as follows:

Bank One - 8.17
Citibank - 8.01
Amex - 8.10

I believe the RMB is more or less fixed to the dollar by the Chinese government, so there is little, if any, fluctuation. Clearly Bank One's rate is much better than Citibank yet supposedly they both charge 3%. And it can't possibly be the timing of the conversions as I am talking about hundreds of transactions over the course of several months. Could the difference lie between Visa and Mastercard?

leslie, my calculations are correct. Please note these corrections to yours. .

$1.65 x 101% = $1.665
(The amount should be $1.6665)

$1.65 x 102% = $1.683
(You need to add 0.0165 to include the first 1 % total $1.6995)

$1.665 x 102% = $1.6983
(Should be $1.6665 x 102%= $1.69983)

The difference is $0.00033 per pound or $0.33 per thousand pounds.