Configuring currency exchange feature

I'm really sorry to post this request, normally I solder through until I understand a module enough to implement a solution. But in the case of the Currency API module, I've failed to gain an understanding of it.

Could somebody please point me in the right direction? I want to use the currency API module to set up either of two scenarios:

1 - the user enters a currency value into a Money Field on a custom content type using their local currency. Then drupal standardises that value to make it searchable and comparable with all of the other nodes of that content type using search API. Finally the end user is able to set a local currency for their account and all of the nodes of that content type are converted to show values - from the money field - in their chosen currency.

If not possible, then

2 - The user enters their value into the money field in USD. This enables the standard search and compare through Search API as everything is in the same currency anyway. But the users can set a local currency for their account so that all of the nodes of that content type are converted to show values - from the money field - in their chosen currency.

Are either of these scenarios possible? I have the Money and Currency modules installed, am i missing something? How should I configure these to work with either of those scenarios or am I barking up the wrong tree?

I've tried to search for recipes or other solutions and failed to find anything similar to these scenarios.

I'd be grateful to hear anybody's input.