I was very surprised at your calculation: I thought Visa incorporated a network fee of about 0.75 percent of the wholesale rate.
What is amazing is how difficult it is to determine just what Visa does charge.
Actually, not so amazing.
This is what Visa charges:
https://usa.visa.com/support/consume...lculator.html/
Your bank may add to this, usually 2-3%
Chinese banks have no ATM fees so the Schwab deal is not so special.