Freezing good rates local currency plus ATM use

I want to convert several hundred pounds into Colombian pesos at a good rate and then withdraw from ATM.
So if I use ATM will it just withdraw from the Colombian pesos or work out the current market rate and take that from my converted pesos?

Check that: Which Revolut account will foreign card transactions debit from?

Further, I am not aware that you could hold an account in that currency.

So, you’ll withdraw at an ATM, the amount will instantly be converted into your base currency, on weekends you’ll “pay” the markup of x% plus and after withdrawing X €/$/£ you’ll be charged 2% by :r:

I need to ask: did you read 1 word about the product?

My account is in pounds.

You can also exchange pounds into whichever currency you wish in the currency option, can you not? I have basic revolution card.

You can’t pre-exchange to any currency, only which one’s available in exchange menu.
Example :
You can’t hold Colombian pesos on :r: account, but if you make purchase then it will automatically convert from GBP to Pesos.
So you can’t lock it at good rate :+1:

1 Like

I think you must be wrong: Well why is there an exchange button if you cannot hold foreign cash?

I hope you understand my point is to exchange a few hundred pounds into pesos when the rate is good, which I can then withdraw (when I wish) from ATM.

Do it. For f*&ks sake. Change some GBP into Colombian Peso. It’s the right way.

Also: Did you check https://www.gov.uk/foreign-travel-advice/colombia already?

1 Like

Can I ask again if anyone knows if money can be exchanged on the app and stored for future use. No one has been able to give a clear answer or speak of experience doing so.
The idea is to convert say 500 pounds into Colombian pesos at a good rate .

Also how would I spend this money? Would it withdraw from atm use?

It can in certain currencies. Columbian Pesos aren’t one of those currencies.

You could use your Revolut card on the spot and it would be dynamically converted, but you wouldn’t be able to do advance exchange.

You could either spend at a merchant terminal OR withdraw the cash from an ATM

1 Like

Thank you for that information. Yes last night I understood that Colombian Pesos were not an exchangeable currency.

Regards

1 Like