Are there any international/foreign fees on using the Apple Card?

The link here Foreign Fees on Apple Card says that they do not levy any foreign transaction fees and any transaction or refund in another currency will be converted into US Dollars.

So just wanted to get a clarity if I spend, suppose, € 50 in Germany using Apple Pay, it's a direct conversion from € to $, as per the settlement day's rate (by mastercard) and nothing else?

e.g.

1. Assuming the balance on the card is 0 (zero).
2. € 50 is spent on the card at a restaurant.
3. It will be converted to USD (at the time of writing market conversion rate is €1 = $1.07) so I should be €50x1.07 = $53.5 charge on my card and nothing additional?