0.2% is insignificant to the normal differences between the major exchanges in BTC alone, let alone other currencies. Which again for another random point in time compared to my earlier post of the other day sits at 627.297 vs 637.46 which is 1.6% right now. Relatively easy to give out a .5% gain from that with your own profit if you had resources in both places.
The fee for depositing USD via an international wire transfer to BTC-e is 1%. The trade fee on BTC-e is 0.2%, the trade fee on Bitstamp is 0.2% in the best fee-tier. This adds up to 1.4% already.
Even if for some reason you don't pay to deposit and you have the fiat and coins in the right place. You buy Bitcoin for $1000 on BTC-e and pay a 0.2% fee, so total cost: $1002. Then you sell the same amount of Bitcoin for $1016 at Bitstamp (using the 1.6% price difference you mentioned) and pay a 0.2% fee, so total received: $1013.97.
Now, how much funds were involved in this process? Roughly $2000 worth of USD and Bitcoin. So a profit of $11.97 was made on a sum of $2000, or 0.6%. And this is in the scenario that you don't need to deposit or withdraw fiat (more costs!), have employees or an office to pay for (way more costs!), don't have fiat sitting in wire transfers (lowering the profit-%) and didn't run out of either BTC or fiat (lowering the profit-%).
Even under completely unrealistic assumptions, that 1.6% price-difference translates into a 0.6% profit. In reality, the profit will be much less than that.