How to get the Biggest Bang for your Bucks in Argentina! 5 Things to Know About Exchanging Money in Argentina

How to get the Biggest Bang for your Bucks in Argentina!

5 things to know about exchanging money in Argentina.

Traveling and money should be simple; use your ATM or Charge Card and the bank will give you a favorable exchange rate. Unfortunately, things are a little more complicated in Argentina, so here are five things that will help you get the most for your money.

1. Bring Cash.

Bring as much as you feel safe carrying because otherwise you will end up paying about $6 dollars everytime you take out money from the ATM. Aside from that, you will get a much better exchange rate with dollars or euros. Which brings us to point number two..

2. Argentina has several exchange rates.

The lowest rate by far is the “Official Rate”, which is what you will get if you use your Credit or ATM card. You are much better paying in dollars or exchanging your dollars at the “Blue Rate," the unofficial rate that you can get by exchanging your dollars at a “cueva” (Exchange House). For example, as of today 2/23 the Official rate is 8.63 pesos for 1 US Dollar, a restaurant I walked by was offering 12 pesos per dollar and the “Dolar Blue” was 13.25 to 1! To keep up to date on the daily rate, check out the http://www.dolarblue.net/ site.

3. Bring big bills.

You will get a more favorable exchange rate for $100s than you will for $20s. This could be a difference of 13 to 13.2 for your dollar but if you are exchanging large amounts, the difference can really add up. For anyone with $1 bills, forget about changing them and don’t feel offended when they hand them back to you.

4. Ask Around for a Safe Place to Exchange Money.

Asking never hurt anyody. Check with locals, friends and expats where they exchange money.  Fellow travelers, tour specialists and the front desk at your hotel are also usually great in helping out on the matter. Everyone seems like they have their “guy” to change money with, so instead of going to any which location, just ask around. Although the exchange of pesos for dollars at a rate higher than the official rate is “illegal,” it is impossible to walk down several streets in Buenos Aires without hearing “Cambio! Cambio!”  (Change!). Many exchange houses have a black light that you can look at the bills under, if the silver strip glows, it is pretty sure they are the real thing..

5. If You End Up With too Many Pesos Don’t Panic. 

You will not be able to exchange them back for dollars at anywhere near the rate you got originally you can always shop! The International Airport prices many items in US dollars, however once they ring you up just tell them you are paying in pesos and they will charge you the “Official Rate”. An example of how you can save money at the airport: you exchanged $100 at 13 pesos to 1 dollar and thus, received 1300 pesos; you still have them at the airport so you buy $150 worth of duty free items (which is the equivalent to 1300 pesos at the official rate of 8,6)... instant discount of $50!

You are now ready to see your hard earned money go further!  Just don’t spend it all in one place.

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