My experience is the same, after drilling down a bit I was told my Visa ATM card had a 1% fee charged by Visa.

I would not be surprised if exchange rates varied slightly. The transactions might have been posted on different days. I think some banks use the most adverse rate in effect anytime during the day.

I will say this, I have a very large number of foreign transactions (my wife lives in Canada and we share credit cards) and I have found that when a credit card says "No foreign transaction fee" I am usually getting an exchange rate that is not "loaded" to reflect a fee. I feel like they are dealing fairly with the situation.