If you’re planning a trip to Argentina, this is a topic you’re going to want to be properly clued up about! Things can get confusing when trying to exchange money as a tourist in Argentina, but don’t worry! Keep reading to make sure you get the best ‘bang for your buck’ in the 8th largest country of the world!
Why does money get a little confusing in Argentina?
Argentina is a country which is no stranger to inflation. Since the 1980s, Argentina has experienced an average inflation rate of over 200% per year, and consequently, the people of Argentina have somewhat lost confidence in the Argentine peso. At the time of writing, officially, one US dollar will buy you 350 Argentine pesos – a year previously, it would have bought you just 140 pesos. The key word to pay attention to in the sentence you just read, however, is “officially“.
If you try to exchange your hard-earned cash at an official, government-regulated exchange office, your money will be converted according to the official rate. This is where the “dólar blue” (blue dollar) comes in!
What is the "dólar blue"?
The “dólar blue” came to be in Argentina as a result of the instability of the peso. Many Argentines choose to save their money in US dollars, rather than in pesos, in order for their money to not lose its value. The “dólar blue” describes an unofficial, parallel exchange rate between the US dollar and the Argentine peso.
At the time of writing, the current exchange rate for the “dólar blue” means that for every one US dollar that you exchange, you will receive a whopping 720 Argentine pesos!
But how can this be legal?!
Well…it isn’t. At least not strictly speaking. The “dólar blue” is essentially a black market and isn’t controlled by the government, and whilst this may sound like something dodgy, it really isn’t. You can find exchange offices (or, “casas de cambio”) that will exchange your dollars at the unofficial rate all over Argentina. They’re not hidden away, and they’re certainly not going to get you in trouble – everyone does it! The unofficial rate is even used by Western Union for international transfers!
Where can I find an unofficial exchange office?
Like I said, you can find them all over! If you’re staying in Buenos Aires, all you have to do is search “casas de cambio”, and you’ll find a number of different options. If you go to places like “Banco de la Nación” or “Sur Cambio”, however, they will exchange your money at the official rate – so try to avoid these! If you’re in doubt, the best thing to do is to just ask politely about the rate that each exchange office offers. You can find the current exchange rate for the “dólar blue” here: https://dolarhoy.com/cotizaciondolarblue.
Keep in mind that in the unofficial exchange offices, they’re never going to offer the exact rate that you see online – it will always be a little less, usually by 10-20 pesos. This is normal and still a good exchange rate, but any lower than that and you should search elsewhere to see if you can get a better rate!
You may also come across people in the street shouting things like “cambio” or “cambio dólar”. These people are called “arbolitos” (or, “little trees”), and they will offer you an unofficial rate for your cash and take you to a “cueva” (an unofficial exchange office). Take care if you decide to exchange your money in this way, as you don’t want to make it obvious that you’re carrying a lot of money whilst in the street!
Can I exchange other currencies at an unofficial rate?
In some places, yes. I’ve heard of people changing euros at the unofficial rate too, but to be on the safe side, the best way to get the most out of your money is to first change it into US dollars whilst in your home country, and then into pesos when you get to Argentina!
What has your experience been with exchanging money in Argentina? Let us know in the comments! Also, if you have any questions, feel free to ask below or get in touch via our contact page!
very useful article!!!