...Yes, if you have agreed to them doing the conversion, and it sounds like that's exactly what you did:
I am not sure what you mean by "agreed." I expected in the end to pay the exact same sum quoted in $ USD at the time the reservation was made, then confirmed in $ USD by email notification, and finally printed on the front of the contract know what you Uby email notice, and finally stated on the front of the contract in $ USD when the car was picked up at the location. That would have been $437, not the $490 that was charged through AmEx. If it was a couple of dollars more than $437 and AmEx added 2% for the currency transaction, I would say nothing, figuring that was proper. I think it anything but proper that the amount which appears on my credit card is >10% higher on account of the location's choice of a conversion rate that is well in excess of the market rate.
(I'm headed off to the airport now, so no time to go into further details about the conversation had there at the rental location. You have the basic details, though.)