Mb = MegaBit
MB = Megabyte
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As mentioned. Your internet connection speed has no bearing what so ever on your home network transfer speeds.
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OK... I'll try and help make it super simple for you... It really is simples.
As mentioned. It depends on the pendrive how fast it will read and write data to it. I have a Corsair Voyager GT and it's pretty quick compared to most pen drives... it's designed for speed.
I also have a Gigabit lan in my house, which I always use to transfer files between computers. a 1GB file can be transferred in around 30 seconds or less... which is significantly faster than it would take to copy it onto a pen drive, then walk to the other PC, plug it in and start the copy procedure.
As you don't have Gb LAN. You will be bottlenecked at the slowest part of your network... Depending on what that is... that will be your transfer rate. If your laptop is wireless "G" then it will connect at 54Mbps... which equates to 6.75MBps... that's how much data you will be able to transfer over the network per second. You know the file sizes of the files you want to send over. You can do the maths.
If you take into consideration the time it takes to find the pen drive, plug it in... copy the files, safely remove hardware... walk to next PC... plug it in... find files, copy over... it's all a bit of a hassle. I'd bet that even with the slowest possible wireless connection (54Mbps) that it's definitely more convenient and probably quicker than using a pen drive.
If you were transferring 5GB plus of data at a time. I would recommend a small external HDD. These have much quicker read and write speeds than pendrives and don't cost all that much more than a 16GB quick pen drive.
300Mbps = 37.5MB worth of data per second. If your laptop or whatever the other device is can do that... then it's definitely going to be faster than any pen drive.
Just because the router is 300Mbps capable, doesn't mean the other device is. What is the other device? Laptop, PC? What network card does it use?
Hope this helps. If you let me know the answer to the last question I will be able to give you exact times on file transfers and compare them to a pen drive, HDD and network transfer for you.