This thread and others has helped me understand that I may want to get another credit card with no or low foreign exchange conversion fee for credit card purchases. Rule 1: All credit card transactions use only local currency.

Who determines the exchange rate on VISA/MC credit card transaction? VISA/MC corporate or the local merchant's bank who initially processes the transaction?

Who determines the exchange rate on an ATM cash withdrawal from your checking account transaction? Can the local merchant bank charge whatever they want? Does the transaction get debited to your checking account as a local currency debit and your bank determines the exchange rate?

Thanks