It does come up consistently that Capital One does not charge the usual 2-3% over and above the 'usual' exchange rate. However I did read once that the rate they use is higher than usual so it does come out about the same. Remember, there is no such thing as an 'official' rate, every bank or credit card companies sets their own. Also on those companies that do apply an exchange premium, it will not appear as a separate charge on the statement, it is incorporated into the rate. Any separate fees that you do see will probably be the ATM fee.