Exchanging US $$ for Argentinian pesos

[cruiseluv]

Its my understanding that there's a paralell currency exchange market in Argentina, where the difference in exchange rates can be close to 50% more favorable if you do it in the "paralell market" (which apparently happens in the open in the street!) vs if you do it by getting your pesos at a bank or official exchange house.

Apparently if you pay by CC you also get the "official" exchange.

 

Would appreciate to hear about experiences of exchanging US dollar for pesos in Argentina, specifically in Buenos Aires. Thanks in advance.

[dr__dawggy]

Its my understanding that there's a paralell currency exchange market in Argentina, where the difference in exchange rates can be close to 50% more favorable if you do it in the "paralell market" (which apparently happens in the open in the street!) vs if you do it by getting your pesos at a bank or official exchange house.

Apparently if you pay by CC you also get the "official" exchange.

 

Would appreciate to hear about experiences of exchanging US dollar for pesos in Argentina, specifically in Buenos Aires. Thanks in advance.

 

This web site graphs the difference between the official (set by the state) and the informal or "blue" market rate. Yesterday the official rate was 4.91 pesos per dollar and the blue rate was 7.49.

 

http://www.ambito.com/economia/mercados/monedas/dolar/

 

Exchange houses and bank ATM's offer the official rate or slightly less. There are several ways to find a more favorable rate (Don't expect the blue rate...but something closer to it than the official rate):

 

1.If you are staying in a local hotel they often exchange at a higher rate somewhere between the official and blue rate.

2. If your hotel does not exchange money themselves, they can usually refer you to a reputable local source for completing an exchange.

3. Retail businesses often offer a better rate of exchange for purchases. Ask before you buy.

4. If you plan to stay in BA for any length of time, Xoom offers a more favorable rate for money transferred to one of its offices in Buenos Aires.

5. Look on local web sites such as BA Expats for other sources. They usually have a thread going on the topic of currency exchange.

http://baexpats.org/

 

6. There are shills on the Florida pedestrian street in downtown who will approach you about an exchange....they will take you to a secluded location to complete the transaction (I don't recommend this option. It often works out fine, but there too many potential problems, from outright robbery to receiving fake/forged bills. If you are robbed or swindled in this type transaction, you have no recourse because you are engaged in what is technically an illegal enterprise).

 

Hope this helps.

[cruiseluv]

Thanks dr dawggy, excellent information!