<<Every time I compare the rate to Amex SPG, the Amex is higher by 2 to 2.5%.>>

This is also my experience, and what one would expect inasmuch as American Express USA adds a 2% fee and Merrill+ adds nothing. In my analysis Merrill+ conversions of British pounds to US Dollars are always exactly the same as the interbank rate to a fraction of a cent. Bear in mind, however, that exchange rates are based on the date the transaction is processed, not the purchase date. It is easy to see the processing date on the Merrill+ statement, but American Express shows only one date and that is typically the purchase date. This makes precise matching of transactions difficult.


dennis