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Many, many years ago (so it may have changed) I managed the card issuing department of a small private bank. As part of that process we had the training on the credit card company processes - it was Visa, and the way that they did currency exchanges was that they would net out all of the various currency transactions and just do one net exchange into the 'home' currency at the end of the day. This was in the UK so their would have been one GBP to FF (at the time) conversion, one GBP to DM, one GBP to USD, etc, etc.
They then processes the individual transactions on people's cards at that rate plus a nominal amount - I don't recall the exact amount but it was something like 0.5 - 1%. I can't claim to have followed it closely since leaving that industry, but I have always found that the credit card exchange is the most favourable.
PayPal exchange rates are bad, but agree that if you have to send funds overseas by wire it can amount to the same with wire fees and the bank conversion rates.
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