Money in Argentina: Understanding cash, credit card, and the blue dollar

Thinking of visiting Argentina? Don’t be caught off guard by its complicated exchange market. At any given time there are a dozen parallel markets for the US dollar (the currency that holds the most value for savings), meaning it can be hard to navigate how much a trip to Argentina will cost.

Throw in the fact that withdrawing money from ATMs and paying using a credit card can be a complicated – if sometimes impossible – endeavor and Argentina can feel like an increasingly complicated place to visit. 

Thanks to their economy plagued by inflation (#2 in the world), Argentines have turned to the US dollar as a de facto yardstick for true value. However, the national currency of Argentina is the Argentine peso (ARS), whose value changes daily. 

Read on for a quick guide on how to prepare your wallet for your next trip, written by an expat who has weathered the past 15 years of economic crises.

Why’s the economy such a mess in Argentina and what does it mean for you? 

When I first moved to Argentina back in 2009, I remember feeling poor. The peso was 3 to the US dollar, and the protectionist government had a tax for everything if you were a foreigner. 

Flights seemed prohibitively expensive, so I ended up on a lot of 24-hour buses to travel across the country. I was studying international economics at the time, and living in Buenos Aires was a crash course in inflation. 

The wild rollercoaster of Argentine economics is unpredictable. Argentina’s inflation rate (249%) has now overtaken Venezuela (99%), much to the horror of the local population, who fear the country is headed in the same direction. 

In the decades following the 2001 economic crisis that bankrupted its citizens, there’s been a political tug-of-war that’s attempted to redirect the course of the economy. 

Up until President Javier Milei’s ascent in 2023, populist regimes refused to repay the country’s debt to the IMF (International Monetary Fund) and neo-liberal president Jorge Macri fumbled economic reforms, further adding to that debt. 

Looking at just numbers, it’s obvious that things have gotten more expensive in Argentina. An empanada that cost $3 pesos in 2009 is now $3,000 pesos. 

However, if Argentina’s been on your radar, you probably heard how cheap it was to travel here. Just a few years ago, you could eat steak and drink Malbec every day of the week. 

President Milei’s attempts to get the economy back on track have reduced the gap between the peso and the US dollar, meaning your budget can only stretch so far now. 

Milei’s Libertarian policies have allowed prices to skyrocket to match inflation. This means the cost of a coffee or sandwich in Buenos Aires is now more expensive than Barcelona or Paris.

What you need to know about the Argentine peso

• The peso holds little value. This is thanks to decades of political mismanagement, debt agreements with entities like the International Monetary Fund, years of trade restrictions (closing off the economy), and an overextended national bank making promises to a nation with 55.5% poverty.
• The largest bill is the $10,000 peso note (equivalent to ~U$8) and the smallest bill in circulation is the $10 peso (equivalent to ~U$ 8 cents).
• The most useful peso notes for tipping are the $2,000 peso and $500 peso (tips are normally 10%). DO NOT tip with USD (that $1 dollar or $5 bill is useless to them as they can’t be easily exchanged or used for savings).

• Some days the peso market will move up or down multiple times during the same day.  In case you get quoted different rates, check this site for the best rate; dollar informal is the same thing as dollar blue)
• It’s predicted that the peso will be roughly $1000 ARS to $1 USD by the end of 2024, thanks to the government’s ongoing efforts to stabilize the economy. Prices, however, always increase during the December-February vacation and high tourism season. So, budget accordingly.

How to get the best bang for your buck in Argentina 

Before you travel

• Calculate your trip’s maximum budget in your local currency. 
  • If you’re coming from the US, then it’s simpler to do the calculations from USD to ARS. However, if you’re in the UK, EU, or use another home currency, you should mentally calculate costs for your trip in USD.

• Make sure you have a high enough limit on your credit cards, and bring the rest in cash.
• If you’re struggling with planning a budget, consider the season you’re arriving in Argentina. If it’s during the high tourist season of November-February then prices will be higher than normal. Lately, daily expenses in Buenos Aires are on par with major European cities. Destinations like Mendoza or Patagonia are also not for tight budgets, even if you plan on backpacking and staying at hostels. 
• Buy a money belt to take on the plane and when carrying cash around the city. The belts designed to go around your waist or attached to your bra are the safest.

How to get the best exchange rate in Argentina: paying with credit card

Expect to put the majority of trip expenses on your credit card.

Using your VISA or Mastercard, you’ll get the MEP dollar rate (check today’s MEP value here). In 2024, the MEP rate averaged 96% of the Blue dollar (the black market rate at exchange houses). So, it’s almost the same rate and you’re not carrying wads of cash.

But how do you know you’re getting charged the MEP rate on your card?

• First, make sure the business is registered as an Argentine company for payment processing. If they hold a foreign account then you will get charged the official dollar rate on your card (about 83% vs 96% with MEP rate). If you’re purchasing travel packages, do so from an Argentine website. 
• If you have a VISA or MasterCard, use this online calculator to determine how much the MEP rate would be and then check your card transaction history a few days later (typically 4-10 days).
• I recommend sticking to credit cards, however, I’ve seen recent complaints from travelers that were charged the official rate on their VISA debit card.

When paying with a card, make sure you watch the transaction go through and ask for a receipt. Restaurants should bring the PosNet charge machine to your table now, by law (to avoid credit card fraud). Just swipe or tap the chip of your card on the machine.

Make sure to call your bank and credit cards to alert them of a travel notice for all the countries you’ll visit on your trip (including Brazil if you visit the other side of Iguazu Falls). The number to call is usually on the back of your card.

Check to see if your bank charges foreign currency exchange or dynamic currency conversion fees (1%-3% of each transaction on your card)

• Banks with NO fees: Charles Schwab, JPMorgan Chase, Capital One 360
• If you plan on using Uber to get around, and your foreign card is linked as a form of payment then you can be subject to these fees for each Uber ride (under U$ 50 cents per trip, in Buenos Aires).

How to get the best exchange rate in Argentina: paying with US dollars

Should I bring US dollars to Argentina? The short answer is YES.

Make sure to exchange money before you travel in order to have a $200 minimum in cash. USD is preferred for easiest exchange, but Euros can be exchanged too.

• ONLY U$100 bills are accepted here, and they must be in pristine condition, printed after 2013
• Use this cash in pesos for tips, taxi rides and park fees that need to be paid in cash (U$200 should be enough for tips for a 7-day trip for 2 people, dining out 2 times a day)

Not all restaurants or small businesses accept foreign credit cards, and may even have a sign asking for CASH ONLY or “sin tarjetas”. 

DO NOT try to withdraw pesos at ATMs: 

• You’ll typically be hit with ~U$10 ATM fees (depending on your bank), and local ATMs limit withdrawals to $60.000 ARS (equivalent to ~U$50).

• Using your debit card in Argentina is discouraged, as it exposes you to fraud not covered by your bank. International debit cards may also not work at local establishments due to their PosNet charge system. 
• Some travelers have even reported that their VISA debit card was not charged at the MEP rate, so it’s best to avoid using it all together.

What happens if you’re stuck with extra pesos at the end of your trip? Spend them! It’s easy to dine out at a nice restaurant for your last meal, or even use them at the airport shops before your flight out. 

Can you save money by paying in cash?

Not all establishments in Buenos Aires offer cash discounts. However, it’s worthwhile asking since you can save 10-30% on the bill by paying in cash. 

You tend to find cash discounts in major cities like Salta, Cordoba, and Mendoza, as well as smaller tourist towns in Patagonia. Some travel agencies can even provide cash discounts on excursions. 

Follow these steps to smoothly ask for a discount:

• At a store: wait until the cashier rings up your purchase and asks “como pagas?” (how will you pay?) Ask if there’s any discount available paying with pesos cash: “hay descuento en efectivo?”
• At a restaurant or bar: get the waiter’s attention to come to the table (making the universal “check” gesture with your hand usually works). When they come to the table, ask if there’s a discount paying in cash. The waiter may need to manually input the discount onto your bill before calculating the new total. I like to tip (10%) on the original cost of the bill as a thank you to the waiter 

Can you put tips on your card?

In recent months the government authorized the payment of tips through credit cards, debit cards, or digital wallets. In my experience, not many restaurants and cafes that I’ve been to have given me the option to leave a tip with my card. 

However, you can rest assured that whatever you tip will go directly to the worker, tax-free.

Thanks to the favorable MEP rate for credit cards, tourists have stopped bringing sufficient cash to leave tips (don’t be one of these people). Tips make up about 50% of total monthly earnings for hospitality workers. 

While it’s not mandatory to tip in Argentina, you’ll notice signs and fine print on the bill that suggest a 10% tip. 

Scams to look out for: When tipping via card, make sure to ask for all of the receipts printed. I read on a recent forum post that a customer at a classic cafe downtown was scammed by the waiter manually adding an extra tip to his card. The waiter brought the PosNet machine to the table but did a quick maneuver in front of the customer to print multiple receipts. 

Can you get tax back when shopping?

Yes, at certified Blue Logo stores (check the windows or sales counter before making a purchase). Save your receipts and keep all original packaging and tags on the items. 

You’ll need to register your purchase online before leaving the country in order to get tax back.

How to exchange foreign bills for Argentine pesos

To get the black market exchange rate (or Blue dollar rate), you can either:

Take crisp US$100 bills to Calle Florida

• You’ll hear people walk by whispering “cambio, cambio”) to go to a cueva (an unmarked business location, restaurant, shopping mall, or apartment) where you privately exchange money for pesos cash.

• Ask the street seller “Cuanto?” (how much?) and compare different rates from several sellers before agreeing to follow them to the cueva. 
• It’s probably best to avoid this option if you’re a solo female traveler or worried about getting ripped off.

Use this Google Map to find an arbolito (private exchange service) near your AirBnb or Hotel

While some have storefront locations, others are located inside residential apartments. There’s also an app you can download for iPhone to find these services. 

If you’re staying in Palermo:

• Flash Coin (storefront business) 📍Fitz Roy 2474, Palermo (Mon-Fri 10am-8:30pm) 🇺🇸 🇪🇺🇧🇷
• Soluciones Financieras (inside a retail location) 📍Gorriti 5070, Palermo (Mon-Fri 10am-6pm, Sat 11am-2pm) 🇺🇸 🇪🇺🇧🇷 

If you’re staying downtown:

• Optima Exchange (in the same location as the Western Union)📍Carlos Pellegrini 1171, Retiro (10am-8pm) 🇺🇸 🇪🇺🇷🇺
• Florida 15 (storefront location)📍Florida 15, Microcentro (Mon-Fri 10:30am-5pm) 🇺🇸 🇪🇺

If you’re staying in Recoleta:

• Cambio Recoleta (storefront location)📍Vicente Lopez 1985, Recoleta (Mon-Sat 10am-7pm, Sun 11am-6pm) 🇺🇸 🇪🇺🇧🇷 

Tips for exchanging money

• Make some time to exchange money on DAY 1 of your trip, don’t wait. If you arrive on a Sunday when most are closed, ask your hotel desk if they can exchange money.

• Bring a backpack or other large purse. U$200 in peso notes will be equivalent to ~100-200 bills. 
• Take a taxi to and from the location for optimal safety (people will know that you’re a tourist), and store half the bills in a safe in your hotel. 

Know the daily dollar Blue (or black market exchange rate) before you go (check this site). Because you’re selling USD cash, you’ll be receiving the compra (seller’s) rate (minus the fee charged by the arbolito).

Western Union: what is it and how can you use it?

Western Union (WU) allows you to send international money transfers from a home bank account, debit or credit card, and pick up the cash in local currency in another country. 

Western Union transfers offer the CCL rate (slightly higher than the MEP rate), plus a transaction fee (% calculated on the total transfer amount). If you transfer U$500, the fee is about U$25. 

If you plan on visiting Argentina for more than a week or run out of pesos, you can transfer yourself more money and pick up the cash in pesos at WU locations.

Follow these steps:

• Go to the website and create an account (you can make one before your trip to save time).
• Use your first, middle, and last name as it appears on your passport. 
• Verify your email, home address, home phone number, and identification (if you download the app you must have an Argentine phone number)
• Connect your debit or credit card (to transfer instantly vs 5- days with a bank account) and select the amount to transfer. You can transfer up to ~U$3,000 per month.
• Add yourself as the receiver.
• Choose a pick-up location. Some locations are more desirable than others (they may run out of cash, limit the amount you can pick up, or have hour-long lines); I’ve noted them below. 
• Keep in mind WU locations are closed on Sundays and Argentine holidays (they may be low on cash or have long lines before the holiday).

Tips for picking up cash from Western Union

• Bring your passport to verify your identity. Argentine WU locations won’t accept driver’s licenses as ID.
• Set aside 1-2 hours for a trip to Western Union. Lines in Buenos Aires can take 20-60 minutes, and in smaller cities, they can either move quickly – just 10 minutes – or you’ll be stuck for an hour.
• Bring a backpack or large purse. The maximum transfer amount is ~U$3,000 in the span of one month- that would be 300-1000+ bills in your bag)

• Take a taxi to and from your hotel if you’re concerned about security. In most cities in Patagonia, it’s not dangerous to have cash on you and you can get cash discounts on excursions and restaurants. 
• Don’t wait to get cash until you arrive at your destination city if you’re traveling across the country. Smaller cities often have cash shortages, especially around holidays. Stopping by before the office closes might give you a better chance of picking up cash deposited that day.

Buenos Aires Western Union locations

If you’re staying in Microcentro:

• WU C.S. Montevideo 📍Av. Cordoba 1591, Microcentro (Mon-Fri 9am-6pm, Sat 9am-12:30pm)
  • This location always has cash when others run out

If you’re staying in Recoleta:

• WU Agencia Recoleta 📍Vicente Lopez 1842, Recoleta (Mon-Fri 10am-6:30pm, Sat-Sun 10am-2:30pm)

If you’re staying in Palermo:

• WU C.S. Plaza Italia 📍Guemes 4471, Palermo (9am-6pm Mon-Fri, Sat 9am-12:30pm)
• WU C.S. Palermo I 📍Armenia 2109, Palermo (Mon-Fri 9am-6pm, Sar 9am-2pm)
• WU C.S. Palermo II 📍Vidt 2116, Palermo (Mon-Fri 9am-6pm, Sat 9am-12:30pm) 
• WU C.S. Palermo SOHO 📍Av. Cordoba 4917, Palermo (Mon-Fri 9am-6pm, Sat 9am-12:30pm)

Patagonia Western Union locations

Most towns have several locations, although there are ZERO WU in El Chalten. The transfer limit is lower than in Buenos Aires, usually ~U$200 max. 

Bariloche: 10+ locations located off the main streets of San Martin, Mitre, and Francisco Pascasio Moreno in town

• WU C.S. Bariloche II 📍San Martin 160, Bariloche (Mon-Fri 8am-8pm, Sat 9am-3pm)
• WU C.S. Bariloche IV  📍Mitre 795, Local #3, Bariloche (Mon-Fri 9am-6pm, Sat 9am-12:30pm)
• Correo Bariloche 📍Perito F.P. Moreno 175, Bariloche (Mon-Fri 8am-7pm)
• Klasse II 📍Bestchetd 172, Bariloche (Mon-Fri 9am-5:30pm, Sat 10am-1pm)

Villa La Angostura: three locations in the town

• WU Correo Villa La Angostura 📍Las Fucsias 121, Villa La Angostura (Mon-Fri 8am-7pm)
• WU ECT Kiosco Theo 📍Av. Los Arrayanes 220, Villa La Angostura (Mon-Sat 9am-8pm)

• WU Kiosco Memo 📍Maestro Perez 589, Villa La Angostura (Mon-Sat 10am-10pm)

San Martin de los Andes: three+ locations in the town, off the main street of Gral Roca

• WU Correo San Martin de los Andes 📍Pte Gral J. A. Roca 690, San Martin De Los Andes (Mon-Fri 8am-7pm)
• WU Sugar Point 📍Gral Roca 1343, San Martin De Los Andes (Mon-Fri 8am-8pm, Sat 10am-2pm)
•  WU Efectivo Rapido 📍Eduardo Elordi 640, San Martin De Los Andes (Mon-Fri 9am-7pm, Sat 10am-1pm) 

El Calafate: three locations located off the main street in town

• WU Correo El Calafate 📍Av. Del Libertador Gral San Martin 1133, El Calafate (Mon-Fri 8am-4:30pm)
• WU Pagos Calafate 📍Av. Del Libertador 1359, El Calafate (Mon-Fri 9am-8pm, Sat 9am-1pm)
• WU FTE Solutions 2 📍Av. Del Libertador , El Calafate (Mon-Sat 10am-6pm) 

Ushuaia: three locations located near the cruise ships, museums, and off the main tourist street

• WU C.S. Ushuaia 📍Jainen 178, Ushuaia (Mon-Sat 10am-7pm)
• WU C.S. Carrefour Ushuaia 📍12 de Octubre 169, Ushuaia (Mon-Sat 8am-10pm)
• WU Correo Ushuaia 📍Gral Jose de San Martin 309, Ushuaia (Mon-Fri 9am-5:30pm)

Mendoza Western Union locations

Mendoza Capital: 10+ locations off main street San Martin 

• WU C.S. Mendoza IV 📍Montevideo 47, Mendoza (Mon-Fri 9am-9pm, Sat 9am-1pm)
• WU Servitransfer 📍San Martin 1173, Mendoza (Mon-Fri 9am-6:30pm, Sat 9am-1pm)
• WU Comodo Bolso de Comercio Central 📍Av España 1092, Mendoza (Mon-Fri 8am-8pm)

Salta Western Union locations

Salta Capital: 10+ locations in the city center

• WU C.S. Asistido Salta 📍Entre Rios 1816, Salta (Mon-Sat 8am-10pm) 
• WU C.S. Salta II 📍Gral Martin Guemes 694, Salta (Mon-Fri 9am-6pm, Sat 9am-12:30pm)
• WU C.S. Carrefour Salta 📍20 De Febrero 37, Salta (Mon-Sat 8am-10pm)

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Despite its (at times!) complicated economy, Argentina is still up there as one of the most spectacular counties to visit in South America. Discover the best time to visit Argentina here, our insider guide to the best places to visit in the country, and our top tips for staying safe on your trip.