Argentina's new President devalued peso by over 50%. Was $1 USD = 365 pesos. Now $1 USD = 800 pesos! Everything's cheap!

[fstuff1]

https://lite.cnn.com/2023/12/12/economy/argentina-milei-peso-dollar/index.html

 

When I was in Buenos Ares back in Jan 2023, Mastercard and Visa giving almost double the value of the official exchange rate.

Back then $1 USD = 180 pesos so a 1800 peso steak is $10.

But if i charged it, Visa was giving me $1 USD for about 350 pesos. That steak is now a little over $5!

And my Visa (from Costco) had 0% foreign conversion fees.

 

No idea if they're still doing it now.

Edited December 13, 2023 by fstuff1

[terry&mike]

We flew home from Buenos Aires yesterday, and I can attest that charges we made on our US credit cards came through at astonishingly low prices. We had pre-paid our hotel room, but when we checked out the city tax was due, which the front desk quoted us as $2 USD or 695 Argentine Pesos - we put it on our cc and it came through as .81 cents USD. Our Uber to the airport was pre-ride quoted around 16,800 pesos and came through our cc at $18.05 USD. A purchase at a shop that was 6895 pesos came through cc at $7.38 USD. And so on.... Very nice. 

[fstuff1]

4 hours ago, terry&mike said:

We flew home from Buenos Aires yesterday, and I can attest that charges we made on our US credit cards came through at astonishingly low prices. We had pre-paid our hotel room, but when we checked out the city tax was due, which the front desk quoted us as $2 USD or 695 Argentine Pesos - we put it on our cc and it came through as .81 cents USD. Our Uber to the airport was pre-ride quoted around 16,800 pesos and came through our cc at $18.05 USD. A purchase at a shop that was 6895 pesos came through cc at $7.38 USD. And so on.... Very nice. 

Yup. By dumb luck, my 5day hotel stay before my Antarctica cruise in Jan 2023 wasn't prepaid.

I paid by credit card when I checked out and the price was almost 1/2 off. 

 

Glad to see the unadvertised almost double the conversation rate is still in effect for credit cards.

 

But I wouldn't visit Argentina right now. With this 50% devaluation, I expect anger and chaos from it's citizens 

Edited December 13, 2023 by fstuff1

[NorbertsNiece]

Yesterday we got 950 pesos per USD  at a cambio.

[Carolfay]

Should be swell - unless there's rioting in the streets . . .

 

[Jamietravelstheworld]

I've been in Argentina recently, both Buenos Aires and Mendoza. There's no rioting. But while things are cheap for us Americans, this devaluation has been devastating for most Argentineans. They have much less money than they used to.I had Uber rides the other day that were 10-15 minutes long and cost me less than $3.00 but the cost of gas when coverted to gallons and dollars was about $3.50/gallon. In my calculation the Uber driver is losing money at that rate. Even though tipping for transportation is not the norm, I tipped generously. I talked with several locals who were telling me that they've had to move home with their parents to be able to survive - both rent and food-wise. And in some places with US cash I was receiving 1200 pesos to the dollar. (And I think my credit card is giving me around 965 pesos to the dollar.)

[Iriel]

On 2/11/2024 at 7:56 PM, Jamietravelstheworld said:

I've been in Argentina recently, both Buenos Aires and Mendoza. There's no rioting. But while things are cheap for us Americans, this devaluation has been devastating for most Argentineans. They have much less money than they used to.I had Uber rides the other day that were 10-15 minutes long and cost me less than $3.00 but the cost of gas when coverted to gallons and dollars was about $3.50/gallon. In my calculation the Uber driver is losing money at that rate. Even though tipping for transportation is not the norm, I tipped generously. I talked with several locals who were telling me that they've had to move home with their parents to be able to survive - both rent and food-wise. And in some places with US cash I was receiving 1200 pesos to the dollar. (And I think my credit card is giving me around 965 pesos to the dollar.)

 

Thank you for being so respectful towards what we Argentineans are going through.

[Carolfay]

I visited Buenos Aires last week and found it to be a beautiful, exciting city.  I hope to return.  I am saddened by the situation that is making life so challenging for Argentineans.  As tourists, we often see only the attractive facade presented to us.  The reality for residents is all too often obscured.  A local guide on one of my walking tours presented an unvarnished picture of what life is like for many Argentinians, and I hope visitors continue to receive this kind of information - in addition to enjoying the delightful side of this complex country.