Confused by all exchange rates?
Wondering how to get the most out of your money while living in Argentina?
Whether you’re visiting for a short stay or planning to settle down, understanding how money works in Argentina is crucial.
From navigating the various exchange rates to choosing the best payment methods, here’s everything you need to know about handling money in Argentina.
Let’s dive in.
The Argentine Peso: Coins, Banknotes, and Currency Basics
In Argentina, the official currency is the Argentine peso, denoted by the symbol “$” and abbreviated as ARS.
The peso has been the country’s currency since 1992, and it’s what you’ll use for all transactions during your stay.
The peso is subdivided into 100 centavos.
The currency comes in both coins and banknotes, each with various denominations:
- Coins: 5, 10, 25, and 50 centavos, along with 1, 2, 5, and 10 pesos.
- Banknotes: 10, 20, 50, 100, 200, 500, 1,000, 2,000, and 10,000 pesos.
Note: while coins technically exist, they are extremely rare. Due to inflation, everyone uses either cards (debit or credit) or banknotes. The most common bills are 1,000 and 2,000 pesos.
Exchange Rates in Argentina: Official, Blue Dollar, and Tourist Dollar
Navigating exchange rates in Argentina can be complex due to the country’s volatile economic situation.
While there are many different exchange rates, there are only a few you, as an expat, need to be aware of:
There are several key rates you need to be aware of:
- Official Exchange Rate: This is the rate set by Argentina’s central bank and is the most widely recognized but often offers the least favorable value for foreign currencies like the USD or EUR.
- Blue Dollar (Dólar Blue): This is the unofficial, parallel exchange rate that operates outside of government controls. The Blue Dollar rate is typically much higher than the official rate, offering more pesos for your foreign currency. It’s the rate most expats prefer when exchanging cash.
- Foreign Tourist Dollar: Also known as the MEP or CCL rate, this rate is close to the Blue Dollar and applies when you use a foreign credit or debit card in Argentina. It’s a relatively new option introduced in 2022 to make card transactions more attractive, aligning closely with the Blue Dollar rate.
You can see the current difference between the official and the Blue dollar rate below:
A few useful websites to keep track of the exchange rate:
- Dolar Hoy: you’ll be using mid rate here to exchange money in P2P marketplaces.
- Blue Dollar: good for seeing the historical exchange rate.
Where to Exchange Money in Argentina
Here are the main ways to get money in Argentina:
- Western Union
- “Cuevas” (exchange offices)
- Credit & debit cards
- Bringing cash with you
- Crypto
Western Union
Western Union provides an exchange rate close to the Blue rate.
To use Western Union:
- Create an account on the mobile app or website.
- Transfer funds from your bank account, debit, or credit card.
- Pick up pesos at a local Western Union agent in Argentina. Bring your passport for identification.
Do keep in mind that with Western Union, you can only get pesos, not dollars.
“Cuevas”
“Cuevas” are the unofficial exchange offices in Argentina.
They are available everywhere, from Florida Street in the center to various WhatsApp and Telegram groups.
The key word here is unofficial – they are technically illegal (but widely tolerated by everyone), and can vary in appearance. They can have corporate-looking offices, or they can be in someone’s apartment. Some of them even deliver cash to your doorstep.
Some cuevas will have different rates for locals and foreigners. Doesn’t happen with every cueva, but it is worth mentioning.
You might want to bring an Argentinian friend alongside you to get the better rates.
Credit & debit cards
Since December 2022, foreign Visa and Mastercard cards have been getting MEP rates, which are close enough to the blue dollar rate (usually 80-90% of the blue dollar rate).
You might find it easier to deal with smaller purchases by paying with cards to avoid carrying huge amounts of cash around.
Bringing cash with you
If you’re only staying in Argentina for a short time, it might be easier just to bring cash with you.
You can bring up to $10,000 in cash into Argentina without having to declare it.
Crypto
The majority of “cuevas” accept (and prefer) crypto.
You can sometimes even get better rates with crypto compared to cash.
You can use central exchanges like Binance or just send directly.
It’s also not unheard of to have larger purchases in crypto.
We’re talking about stuff like buying a car, getting a salary, or even buying an apartment.
Additional Tips
- Always check rates: before exchanging money, always check the latest blue rate online to ensure you get a fair deal. This also applies to the commission of the “cueva”.
- Take safety precautions: when exchanging money, especially in areas like Florida Street, be cautious of scams. Use reputable “cuevas” and count your money carefully.
- Carry cash: While a lot of places accept cards, you’re going to get the most out of your money if you have cash. Always carry some cash for daily expenses, as some places do not accept credit cards.
- Avoid ATMs: due to low withdrawal limits and high fees, avoid using ATMs for significant cash withdrawals.
- Plan withdrawals: if using Western Union, avoid peak times like Mondays and Fridays, and use their app to find locations with sufficient cash.
- Backup cash: always keep a reserve of USD or EUR in case of emergencies.
- Keep your USD bills in pristine condition: Argentinians are very picky when it comes to the condition of USD bills. Any bills that have writing on them, earmarks, or that are damaged in any way will be rejected. Also, they sometimes give lower rates for old bills.
- Bring $100 bills: You’re going to get the best rate with $100 bills. $20 and $50 bills get a much lower rate.
Conclusion
Dealing with money in Argentina can be tricky, but once you get the hang of it, you’ll be able to stretch your budget and avoid unnecessary headaches.
Stay on top of the latest exchange rates, make smart choices about where to exchange your money, and you’ll be all set to enjoy your time in Argentina without worrying about your wallet.
