Exchange rates are set by Visa we have nothing to do with it we only charge the $2 fee nothing more, nothing less, the ATM you use may charge a fee as well for example most ATMs in Thailand charges a 150 Baht fee ($4.5) for international cards.
For the currency exchange Visa charges a 1% fee.
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For the world's 25 major trading currencies Visa use the average of wholesale market spot rates fixed at 2 p.m. EDT each working day. "The average market spot rate used in the conversion system is always compared with spot rates quoted by the banks, based upon the real-time Reuters money and foreign exchange date transmission service," he says. "This check is carried out by Visa International to ensure that the rates used in the system are fair to both cardholders and Visa's members."
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http://www.elliott.org/ask/2002/visa.htm
We don't add 1%, 2% or more to the transaction but charge a flat fee of $2. Some card issuers charge a 2%-3% fee so if you take out $500 the fee will be $10-15 instead of $2 one thing to keep in mind when comparing the different companies.