![]() Those who travel to Argentina with foreign cash can exchange it on the black market, such as on Buenos Aires’ Florida Street and still receive considerably more than at a bank or ATM. In practice, the current economic situation in Argentina means it is still largely a cash-only economy for foreigners, because most travelers want to get the best rate possible and atm fees are high. dollars can also be obtained in some banks in Bolivia. dollars, but just like with Western Union, make sure you’re not the last in line. ![]() The one way that travelers or digital nomads can get their hands on dollars is by hoping to a border country, such as hopping across the river to Colonia, Uruguay from Buenos Aires. ![]() Today, using an electronic money transfer service is still a great alternative option because it is legal and provides a higher rate than just using a card and a similar and sometimes better rate than exchanging USD on the black market.īut using Western Union can be a chore and can occasionally turn into an odyssey, so it’s up to travelers to do their own cost-benefit analysis. However, a new option called the MEP rate was introduced in late 2022, which allows foreigners to receive a rate that’s typically 3-10% less than the black market rate. Visitors, just like most Argentines, won’t be able to get foreign currency within Argentina.īanks and ATMs only dispense Argentine pesos, and until 2022, using ATMs was avoided by in-the-know foreigners due them giving the official exchange rate. If you’re planning to visit Argentina and want to exchange money on the black market, keep in mind that USD, Euros, and Brazilian Reales are the only three currencies in demand. Exchanging currency on the black market is a legal grey area but a common practice for locals and a huge benefit for foreigners. Welcome to the thrilling adventure of dealing with money in Argentina. What the Return of the ‘Blue Dollar’ Means for Visitors to Argentina Other money services include Moneygram and Remitly but Western Union dominates the market because of its ease of use, good rates and numerous locations throughout Buenos Aires and cities around the country. Sign Up for Western Union & Get $20 Amazon Credit Luckily visitors can also receive a great rate using some (not all) money transfer services, as you can see by comparing their rates with the official rate.Ĭheck out currency converter to compare the Official rate, Blue rate, and Western Unions Rate: The restrictions create a huge underground demand for foreign currency, since locals also have no way to get a their hands on any reasonable amount of foreign currency through official channels.įor travelers to Argentina this means that USD (and to a lesser extent, Euros or Reals) are worth more cash-in-hand in Argentina than the official government rate given out at banks and ATM bank machines. The restrictions place limits on the amount of foreign currency locals can purchase, thus creating a parallel ‘black’ market for foreign currency.ĭue to the inflationary nature of the Argentine peso, locals prefer to buy and save in foreign currency because Argentine pesos lose significant value sitting in the bank. ![]() dollars, which is created by the government’s own policies to manipulate the currency market.Īrgentina has a tumultuous banking history and beginning in late 2019 the country’s unorthodox currency restrictions (which most also existed from 2012-2015) came back with the return of a Peronist party government. ‘Blue Dollar’ is an euphemism for the black market exchange for U.S. If you don’t know about the ‘ Dólar Blue‘ read on because it can make a huge difference in how much you end up spending on your vacation to Argentina. Getting a grasp on Argentina’s unique economy is important for budget conscious travelers headed to Argentina. Pay attention travelers - Argentina’s ‘ Blue Dollar‘ is back! ![]()
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