The official exchange rate right now is at 1 US Dollar = 5.5 Argentine Pesos. This is a good exchange considering only 4 years ago the exchange was 1 usd = 3.5 pesos.
So, no matter what, you’re richer in Argentina than you are in the USA.
Then, you have to consider that Argentina’s black market (they call it the blue market) exchange rate is 1 USD = 8.5 Argentine Pesos. Most places you go are only going to give you 8.1 peso per dollar, but that’s nothing to scoff at.
The black market in Argentina is giving your dollar 35% more value right now. That’s enormous. That makes all of Argentina 35% cheaper than it already is… and it’s already cheap.
How do you exchange your dollars in Argentina’s ‘blue’ market? Easy, just ask your hotel’s front desk where the best, safest place to exchange your dollars is and head over there. It’s very normal and up front down there to exchange dollars and you’re helping people out. You can also exchange them on the street, but we don’t recommend this as there is a lot of counterfeit money floating around in Argentina.
Why is the ‘blue’ market dollar so valuable? Argentina has heavily restricted the exchange of dollars by money changers and others, so Argentines have essentially no legal access to dollars. The Argentine peso is very volatile and Argentines want stable US Dollars so that they can avoid all the inflation and flucuations of the Argie peso. Thus, there is a huge demand for dollars and they’re willing to pay more to get them.
Yep, this means that every Argentine household has a huge pile of dollars under the mattress.
If you’re coming to Argentina this year, make sure you bring a lot of dollars and buy yourself 35% more money for free.
“The official exchange rate was half a cent higher today at banks and exchange offices at 5.445 pesos (buying price) and 5.505 pesos (selling price) after raising one cent yesterday.
Amid a virtually paralyzed parallel market the “blue” dollar was traded steady at 8.53 pesos in transactions restricted to regular customers.” – Buenos Aires Herald on July 30th, 2013
Learn more about South America here: SnowBrains South America